Clean Power One of Solar Mosaic’s projects, The Asian Resource Center in Oakland, Calif.

Published on June 19th, 2012 | by Joshua S Hill

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Solar Mosaic Receives $2 Million for Solar Financing Platform

June 19th, 2012 by  

A sort of “Kickstarter for solar power,” Solar Mosaic has received $2 million in funding from the U.S. Department of Energy, which the company believes will help take them mainstream.

The company is building an online crowdfunding platform that Americans will be able to use to create and fund solar projects, and is part of the SunShot Initiative that Department of Energy Secretary Steven Chu described as similar to President Kennedy’s “Moon Shot” challenge. In short, the SunShot goal is to get the cost of solar below $1 a watt by 2020. “Financing is a major part of getting the cost of solar down. There is a huge difference between borrowing at 12% vs. 10% vs. 8%,” Secretary Chu said.

One of Solar Mosaic’s projects, The Asian Resource Center in Oakland, Calif.

The $2 million grant — along with the $2.5 million they have raised from venture capitalists — will allow Mosaic the opportunity to expand and scale their model.

“Our mission is to create shared prosperity through clean energy,” said Mosaic’s President, Billy Parish. “Mosaic is the place where people can create clean energy, local jobs, and make a massive impact together.”

Mosaic plans to allow Americans the opportunity to finance solar projects in communities around the country, something that will not only increase the amount of solar installations in the wild, but will also increase jobs in the sector and help stimulate local economies. Pushing the cost of solar installations down by allowing others to help pay will make solar a more reasonable option for more homeowners.

For other recent SunShot announcements, check out:

  1. EnergySage Awarded $500,000 SunShot Grant
  2. Clean Power Finance Gets $1.5 Million to Reduce “Soft Costs” of Going Solar
  3. $10 Million Prize for Companies that Can Install 5,000 New Rooftop Solar Panel Systems for $2/Watt

Source: Solar Mosaic

 
 
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I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.



  • Bob_Wallace

    It’s a way for ordinary people to invest in solar projects.  

    By pooling relatively modest amounts of money from a large number of people funds will be made available to install solar.  

    Right now the cost of financing solar projects can be quite high and that makes them more expensive.  By pooling money from people who view more solar important enough to accept a lower return on investment SM can make sweeter financing for projects.

    That’s not to say that SM totally has their stuff together yet.  But what they are doing is interesting and if they can show some decent results I’m going to stick in some money.

    If you go to their site you can get on the email list to be notified of their next project funding cycle.

    I’m also looking for a way to assist (donate) to one of the companies doing very small scale storage in under developed parts of the world, if anyone has a good lead please let me know.  I’d like to put some capital into their efforts so that they can reach more people faster and have the payments from those installations fund even more installations.

    I’m not interested in an organization in which the money is rapidly flowing to operators’ pockets.

    • Platypuscat

      There is an organization called Green Empowerment that seems neat. Sometimes it appears that their cost/watt is pretty high for installed projects, but it is more expensive to install renewables in the countries where they work, anyway, so who knows.

  • Jim

    I’m still not quite sure what SolarMosaic is.

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