As the world becomes more conscious of the need for sustainable energy, investing in renewable energy sources such as solar power has become increasingly popular.
What Was Legends Solar?
While investing in solar energy deployments has traditionally been reserved for large institutions or wealthy individuals, Legends Solar aimed to change that by bringing “Online Solar Investing” to the masses.
Legends Solar was created by four co-founders alongside a network of investors, vendors, and partners to build rooftop solar energy projects and provide them as investments to individual investors.
Legends had a unique vision to allow investors to monitor the performance of their investment in real-time through their online dashboard. From their website, it was planned to show investors the earnings per hour, power generation, and carbon emissions averted from the solar panels they invested in.
Despite their efforts and the interest they received from potential investors, earlier this week Legends Solar announced that they are pausing their operations. In an email that went out to waitlisted investors, Legends stated that they had struggled to efficiently source solar facilities to package and sell as investments.
What Does This Mean For Investors?
Since Legends Solar never fully launched their investment platform, no investor dollars or assets are affected.
While for those on Legend’s waitlist, this news likely comes as a disappointment, there are other options available for investing in solar power. Energea is a somewhat similar offering.
Energea allows you to buy “shares” of different solar energy portfolios. Currently they have portfolios holding assets in Brazil, Africa, and the United States. The projected rate of return for their US portfolio is also close to the 7.3% Legends Solar was hoping to provide. However, it lacks the real-time monitoring Dashboard that Legends was building.
If you’d like to learn more about Energea, take a look at this comprehensive introduction to Energea. They also have a generous referral program. You can use our referral link to get $50 in bonus shares after completing the onboarding process.