February 6, 2014
The state’s Clean Energy Finance & Investment Authority announced Thursday it has created a $5 million loan pool with a California financing firm to attract several investors to bankroll residential solar installations.
CEFIA put in $5 million with Oakland, Calif.-based Mosiac for an online crowdsourcing platform where accredited investors can contribute funding that Connecticut solar installers can use to finance residential installations.
West Hartford’s Hampshire Foundation has contributed $1 million to the pool.
Boston’s Sungage Financial offers an online application process for homeowners, as it designed the loan product, terms of which are based on projected electricity savings.
For now, Mosaic can only sell investments to non-accredited investors in California and New York, though that could eventually change because of a federal crowdfunding law passed in 2011, spokeswoman Katie Ullman said.
California installer SolarCity, which has an operations center in Rocky Hill, announced a similar online investment platform for solar arrays in January.