Mosaic, an online marketplace that connects investors to solar projects, has begun offering investments 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, the company says.
‘Energy investing has traditionally been a bank-only game, but already, hundreds of people from across the United States have invested to finance solar projects through Mosaic,’ says CEO Dan Rosen. ‘We expect millions more to follow.’
Although the Securities & Exchange Commission has not yet adopted rules implementing the crowdfunding provisions of the JOBS Act (signed into law last April), Mosaic says it is ‘pursuing other avenues’ for crowdfunding clean energy ahead of the adoption of final rules.