Coop Uses Crowdfunding to Create Additional Wind Power
East River Electric Cooperative (EREC), a supplier of electric power for rural areas of South Dakota and Minnesota, is using crowdfunding to add more wind power to its portfolio. Crowdfunding is a new method through which many writers, artists, designers, and entrepreneurs get their projects funded by strangers. EREC crowdfunded from the communities it serves to finance a portion of a wind farm project and received investments from more than 600 of its customers. Each investor bought shares at $15,000, which work like a bank’s certificate of deposit, offering a 7% return every six months, with additional accelerated depreciation benefits for farmers leveraging assets. Even car manufacturers are getting in on the investment. Chevrolet purchased Renewable Energy Certificates from the partnership as part of its Chevy Carbon Reduction initiative, which seeks to support unique energy projects with local impacts. Click here to read the full story.
