Source: The New York Times Opinionator
If you wanted to get large numbers of people actively engaged in helping to solve global warming, how might you go about it? For years, the main approach in the environmental movement has been to sound the alarm bell and implore people to consume less, switch to green products, recycle, and speak up to companies and politicians. It hasn’t always been an easy sell. However, if the approach of a promising Oakland-based start-up takes hold, there may be another line of action that could become available to ordinary people: directly financing renewable energy.
In January, a company called Mosaic, made a splash in the renewable energy world when it introduced a crowd-funding platform that makes it possible for small, non-accredited investors to earn interest financing clean energy projects. When Mosaic posted its first four investments online – solar projects offering 4.5 percent returns to investors who could participate with loans as small as $25 — the company’s co-founder, Billy Parish, thought it would take a month to raise the $313,000 required. Within 24 hours, 435 people had invested and the projects were sold out. The company had spent just $1,000 on marketing. All told, Mosaic has raised $1.1 million for a dozen solar projects to date. Now it is connecting with other solar developers to identify new projects for financing. More than 10,000 people have already signed on and are standing by to invest.