Crowdfunding has made a major impact on how creative industries and innovative new products are being funded right around the U.S. Major crowdfunding site Kickstarter had close to US$1 billion dollars pledged last year and almost half the projects pitched got off the ground. Solar Mosaic is turning the model, where individual investors can make small contributions towards a larger project, to the solar field and is set to change how photovoltaics are funded in California and beyond.
A proof of concept phase, or "beta phase" in startup parlance, raised over $350,000 to install five solar projects on the roofs of community organizations, with over 400 people investing money at zero interest. Already, some of those people are beginning to receive back the money that they put in. Mosaic recently raised $2.5 million from venture capital investors and was awarded a $2 million from the U.S. Department of Energy to take their crowdfunding solar model to scale.