SolarCity, one of the country’s largest solar leasing firms, will launch a new online investment platform to allow people to support and participate in solar in a new way.
“People want to support clean energy development. Customers are seeing the benefits of getting solar for their homes but they would like to participate in other ways as well,” said SolarCity CEO Lyndon Rive
“Previously, only institutional investors could participate in the financing of most solar assets,” said Rive. “With our investment platform, we’re hoping to allow far more individuals and smaller organizations to participate in the transformation to a cleaner, more distributed infrastructure.”
SolarCity has acquired financial technology firm Common Assets, which has developed the new investment platform that will allow individuals to invest in solar – an industry that isn’t just booming financially, but also provides a social and environmental benefit.
“Unlike crowdfunding and community solar approaches that typically aggregate investors to provide loans for individual projects, SolarCity plans to offer debt investments backed by diversified portfolios of solar assets,” said Tim Newell, CEO of Common Assets and now SolarCity’s vice president of financial products.
“SolarCity’s financial products will provide an exciting new opportunity for people to make an impact—both for their own financial future and our global future—by investing in the shift to solar energy,” he said.