Solar Mosaic Receives $2 Million for Solar Financing Platform
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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.
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:
- EnergySage Awarded $500,000 SunShot Grant
- Clean Power Finance Gets $1.5 Million to Reduce “Soft Costs” of Going Solar
- $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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