Crowd funding in Solar Energy
Solar Energy is the biggest force of energy democratization which allows citizens to become completely independent of the electricity grid. The traditional model of generating power through fossil fuel plants of huge capacities and transmitting this power through the grid to homes and offices is changing due to solar energy. Solar Panels can be put on roofs and gardens of homes and can make an establishment completely self sufficient in energy. Progressive governments particularly in Europe have been heavily supporting this initiative providing subsidies and incentives to accelerate this trend. Now with solar panel prices crashing by 80% in the last 3-4 years, solar power prices have become sufficiently cheap for them to compete with fossil fuel prices in many places.
However funding of solar power projects remains a problem given that it takes almost 2-4x times the capital required by fossil fuel power plants. This initial hurdle makes it difficult for homeowners to take advantage of the falling costs of crystalline silicon solar modules. However entrepreneurs are using the power of crowds to even help with funding. A Company called Solar Mosaic is levering the power of Internet to fund solar projects with small contributions. People who want to go green but do not have the large investment amount to put up a solar power system can now pool their contributions to build a solar power project. Solar Mosaic has raised more than $350,000 from over 400 investors to create five rooftop solar power plants. The system once built also gives a decent return to the contributors. This is a win win concept as it not only help the contributors in fighting global warming but also gives them a financial return.
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Light from the solar system is a wonderful and unique fuel of energy generation because it does not require transportation and is without cost for everybody. The only requirement is solar cell which has got the capability to generate energy without creating any pollution & energy storage system to be used following sunset. In a rural house hold where requirement of energy is limited to lightening and people are dependent on kerosene, the solar generation of energy is a wonderful alternative. The total cost of this unit is so low that it can be provided through microfinance channel where repayment can be made by the cost of Kerosene purchase and hence no extra burden to the poor consumer. Amical is working in the sector of financial inclusion and managing more than thousand franchise customer service points in rural sector of central and eastern UP. We are catering more than two million households. We know the individual financial capability of this area. Hence we have decided to get these populations free of Kerosene on self payment model but this mission is not possible without funding. Kerosene is a dangerous chemical and create number of health hazards and air pollution and hence its non existence is essential for the wellbeing of living world. It’s a green world mission.