Solar Mosaic, a solar finance company, has declared the launch of a solar project linking the investors in solar projects with that of the community building owners who look forward to install and use solar power.
Asian Resource Center Solar Installation. Credit: Solar Mosaic
The new project will assist those who are looking forward to availing solar power yet have problem either with the higher level of investment or due to unsuited type of roofs. The solar project devised by Solar Mosaic will produce over 140 kW of solar power by erecting solar modules over the roof tops of institutions that serve low-income communities.
Solar Mosaic instead of arranging bank loans that comes with higher level of interest, which in turn increases the installation costs utilizes a peer-to-peer type of online lending system that enables individual investors to invest in solar projects installed in their communities. The project while admitting investments as low as $100 from the investors will also generate more local jobs and enable the community center to accumulate money and receive it back.
The Asian Resource Center (ARC), located in the center of Chinatown is the first community site in Oakland to avail solar facility by collecting money utilizing the Solar Mosaic platform. The not for profit Resource Center is involved in a number of social causes such as environmental justice, health care, affordable housing and others. The 28.8 kW solar installation completed over the building will allow the ARC to save around $112,684 during the lifetime of the lease period thus allowing it to lead the way for more such solar installations to generate more job opportunities and clean energy all over Oakland.