A few months ago I profiled Solar Mosaic, an Oakland solar finance company that is connecting building owners with small change investors to fund solar installations. The model depends on small contributions to finance a big project that can pay off in a huge way. Everyone contributes and everyone benefits. Today Solar Mosaic announced its first site in Oakland that will benefit from its innovative peer-to-peer service--the Asian Resource Center (ARC).
ARC is located just down the street from me in Oakland's Chinatown. ARC is a non-profit center that is home to several vital social justice organizations. Through Solar Mosaic, ARC will install 28.8 kW of solar power, which they say will save an estimated $112,684 over the lifetime of ARC's lease.
From the press release:
"We're excited to finally figure out a way to create cleaner energy and reduce our overall utility costs at the ARC," says Mary Lucero-Durst, Director of Asset Management at the East Bay Asian Local Development Corporation, which owns and manages the building. "This will help us keep rents below market and enable our non-profit and small business tenants to keep serving the greater Oakland community."
Oakland's Energy and Climate Action Plan requires the city to reduce its greenhouse gas emissions by 36 percent below 2005 levels within 10 years. The city has a goal of reducing emissions 85 percent of 2005 levels by 2050.
Check out www.solarmosaic.com/arc for more information.