Solar crowdfunding project Mosaic sells out in under 24 hours
Yesterday we told you about the launch of Mosaic, a new Kickstarter-style service that makes it easy to invest in rooftop solar projects. Today comes news that it’s already sold out shares in all of its public projects. Talk about pent-up demand!
From a company press release:
Mosaic, an online marketplace that connects investors to high-quality solar projects, sold out its first four projects in less than 24 hours with over 400 investors putting in between $25 and $30,000. In total, investors put in over $313,000 with an average investment of nearly $700. …
To date, Mosaic has raised $1.1M from more than 700 investors to finance twelve rooftop solar power plants in California, Arizona and New Jersey. Mosaic’s latest projects were available to residents of California and New York as well as accredited investors from around the country. …
Mosaic’s first investment offerings for New York and California residents are in solar projects on affordable housing apartments for low-income residents in California and offer a 4.5% annual return, net of servicing fees, with terms of approximately nine years.
Mosaic still has one project left that’s open to “accredited investors who meet certain financial suitability requirements.” If you don’t know whether you’re an accredited investor, it’s a pretty good bet that you’re not.
While waiting for the federal government to democratize investing rules and let more people participate in Mosaic-style projects, the company says it’s “pursuing other avenues for crowdfunding clean energy.” Stay tuned.