Mosaic, a startup allowing people to invest in solar projects, announced today that it has received regulatory approval for its next wave of crowdfunding efforts in California, worth a total of $100 million in investment.
The site opened to the public back in January with three projects that were fully backed in fewer than 24 hours. In total, the company says that it has raised $1.1 million from more than 1,000 investors to fund 12 rooftop solar power plants. Co-founder and President Billy Parish added that after Mosaic made the announcement this morning, it launched a project that needed $157,000 in funding, and it raised the amount in six hours.
Mosaic investors choose the projects that they want to back, and they can invest as little as $25. Once those projects start earning revenue, the investors are paid back with interest. The company estimates that investors will see a 4.5 percent return on average.
Each project on Mosaic has to be approved by regulators, Parish said, but getting that approval is “less time/cost-intensive now.” As for that $100 million in just-approved projects, Parish said we can expect more to be listed on the Mosaic site soon.
And here’s a new promotional video that Mosaic released today.