New on-demand rooftop solar investment platform
From pv magazine USA
Startup Legends Solar has unveiled a new early-access product, Legends Rooftop, which is an online, on-demand solar investment platform. The platform allows people to purchase anywhere from one solar panel to an entire array on a remote commercial rooftop. It is pitched as a way for millennial investors to access the benefits of solar.
Users select how many panels they want to invest in, with the smallest investment starting at a few hundred dollars. The platform tracks the performance of the panels and banks the energy savings created by the solar project in the user’s account. Withdrawals can be made at any time, said Legends Solar.
The company said there are some risks in the investment, including poor weather conditions, failure of payment by the “offtaker” or power purchaser, unexpected maintenance, or natural disasters and physical damage. It said that hospitals and universities are usually very consistent offtakers.
“With Legends Solar, you can invest in a single remotely located panel, or a whole rooftop’s worth, even without the suburban minimansion and white picket fence,” said Legends Solar CEO Lassor Feasley.
SDC Energy will serve as a financial partner for Legends Solar. The company has performed hundreds of solar financings in the past.
“The team at Legends Solar has challenged us to reimagine our approach to raising equity for new solar facilities,” said SDC Energy President Charles Schaffer. “We look forward to unlocking the solar asset class for a wider and more diverse set of retail investors. By doing this, we will accelerate the transition to a carbon free society and spread its financial benefits more equitably.”
The tool tracks solar production, the amount of carbon abated, total cash earned, and dividend payments.
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