When the crowdfunding company Mosaic launched its first return-on-investment solar projects to the public earlier this month, it sold out all three projects in less than 24 hours with over $300,000 invested.
Recognizing the pent-up demand for investing in solar, Mosaic is now collaborating with 16 organizations in the solar industry to speed up the process of getting solar projects in need of funding onto its portal.
Collaborators, including Standard & Poor’s and DuPont, are working with Mosaic to standardize risk assessment and develop a score – similar to a credit rating – for each solar project. Currently, Mosaic has an investment committee and works with attorneys, technical experts and insurance specialists to evaluate every project before deciding to finance it. The company says standardizing the way that solar projects are evaluated will speed the rate of financing.
Mosaic has also brought Marco Krapels, an executive vice president at Rabobank with 20 years of banking experience, including renewable energy project finance, onto its Board of Directors.
To date, Mosaic has raised $1.1 million 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.