Affordable housing properties across the state are going solar using Mosaic. Mosaic connects investors to solar projects in need of financing. Once the solar projects are in operation ad producing electricity, it generates revues by selling power to the solar companies. As the project earns revues, investors are paid back with interest. Project investors can invest as little as $25 and expect to receive an average rate of return of 4.5% annually for ten years.
To date Mosaic has raised more than $1 million for 12 different projects. One funded project is non-profit senior housing community in Salinas, California. The 120 unit community will install 392 solar panels thanks to investors. Rehabilitated from an antiquated motel into elegant, energy-efficient and affordable apartments, this community was designed with sustainability in mind from the very beginning. It took 293 investors to pull together the $95 thousand dollars to make the project possible; investors can expect to see a 4.5% return on investment. A senior affordable housing community in San Bruno, California also funded a similar project. Installing 400 solar panels, this solar project is estimated to produce enough clean energy to avoid the carbon equivalent of taking 20 cars off the road.
For more information on Mosaic visit their website here: https://joinmosaic.com/.
