Filled Under: Exxon
Back in September, I wrote about Mosaic, a forward thinking company based in Oakland, CA that puts people together with solar projects. The idea is to fund projects via crowd sourcing and pay investors interest on the loans they make. For as little as $25, you can invest in any number of projects that are posted on the company’s site.
When I first ran across the idea, it appealed to me on several levels. I am a firm believer in solar energy and had solar panels installed on my condo. Doing so has lowered my utility bills by about $1,000 annually. I was familiar with crowd sourcing, having participated in KIVA loans for several years, but earning income was a new twist that intrigued me. I investigated Mosaic and decided to stick my toe in the water to see what would happen. I am fortunate to have a nest egg to usher me through my golden years and I sold some stock in Exxon—something I have been doing slowly over time to avoid paying huge capital gains taxes—and invested $2,500 divided evenly between two projects. One of the projects, U.S. Foods in Albuquerque, NM, pays 5.75% over 120 months. The other is a bee farm in Red Bluff, CA and that one pays 5.5% over a period of 144 months.
On October 22, I was notified that U.S. Foods was fully funded and had signed the note. My payback was soon to begin! I have not yet received notification that the bee farm has signed their note, but upon checking the Mosaic site, it should be soon because the loan is now fully funded.
Today I am reporting that I have received my first payment from U.S. Foods in the amount of $13.57. That represents my interest earned as well as repayment of part of the principal on the loan.
If U.S. Foods is any indication of how this thing works, I should be getting a payment from the bee farm next month. I have no doubt that I will. The bee farm is round 2 of a project that was fully funded and has been up and running since before I invested in the second phase.
I know it doesn’t sound like a lot, but when you consider the interest rate I’m earning, it’s a great deal more than I made in dividends from Exxon, which pays under 3% annually. Not to mention that I believe—no, I am certain—that not only are fossil fuels harming our environment, they are part of the past. I wish to go forward into a sustainable future and I think it’s great that I can put my money where my mouth is and make money while doing so. As I said in my first article, it gives a whole new meaning to going green. I feel good about investing in green energy and making a bit of green by doing so. You can be sure that I will be looking into more projects and investing more of my money with a company that is on the cutting edge of a new direction for small investors.
Ann Werner is a blogger and the author of CRAZY and Dreams and Nightmares. You can view her work at ARK Stories.
Visit her on Twitter @MsWerner and Facebook