Solar Mosaic, an Oakland, Calif.-based solar finance company, has launched its first project, which will create over 140 kW of PV on the roofs of organizations across Oakland that serve low-income communities.
Instead of financing the solar installations through banks, which increases project costs because of their high lending rates, Solar Mosaic uses an online peer-to-peer lending system that allows individuals to invest in solar projects in their communities, the company explains. For as little as $100, investors can create local jobs, help a community center save money and get paid back.
The Asian Resource Center (ARC), in the heart of Chinatown, is the first site in Oakland to use the Solar Mosaic platform. The ARC's 28.8 kW solar installation will save the building an estimated $112,684 over the lifetime of the lease, according to Solar Mosaic.
