Revolving solar fund has domino effect

March 6, 2014 | By Barbara Vergetis Lundin

The second solar crowdfunded solar project is being celebrated in California. Developed by RE-volv, the project was made possible by a revolving fund for community-based solar -- the first of its kind in the country.

Credit: Aussiegall/Wikimedia Commons

The latest project was at the Kehilla Community Synagogue in Piedmont. Upfront costs were financed through an Indiegogo campaign that raised more than $56,000 from people in 20 states and seven countries.

"I am thrilled that with support from people all over the country and all over the world we've been able to build this 22 kW solar project," said Andreas Karelas, founder and executive director of RE-volv. "As Kehilla makes a monthly lease payment to RE-volv we'll reinvest these funds in up to three additional community-based solar energy projects."

As Kehilla saves 15 percent on its electricity bill, the solar lease payments it makes to RE-volv will be reinvested to finance three additional community-based solar projects, each of which will fund three more, creating a positive feedback loop of solar energy investments.

RE-volv, a nonprofit organization which empowers people to finance community-based solar energy projects by donating to a revolving fund, has received support from the San Francisco Foundation, the Rose Foundation, the Yahoo Employee Foundation, and The National Audubon Society through its Toyota Together Green Fellowship.

For more:
- get the facts

http://www.fierceenergy.com/story/revolving-solar-fund-has-domino-effect/2014-03-06