SolarAid uses SunFunder crowdfunding service to finance solar lighting in Zambia
Howard Lake | 24 September 2012 | News
SolarAid is using US-based crowdfunding site SunFunder to try to bring solar power to over 20,000 people in Eastern Zambia.
The site is not generating donations but loans. Supporters can use it to invest money in the project in amounts that start at £15 ($25). The total target is $10,000, which will finance the purchase of 781 solar-powered lights. These lights will be sold to Zambian families who currently live without power.
Investors who place money into a project are repaid over a period of six months to two years, earning back their contribution plus interest-based “Impact Points” that can be used to reinvest in new projects. Investors are also able to track their project’s performance and impact.
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In the first few hours of announcing the fund, over $2,000 was pledged by individuals.
A few days later it is 31% funded by 32 people.
Richard Turner, Director of Fundraising for SolarAid, said: “These brilliant little lights can transform the lives of a family by reducing the amount they spend on kerosene, and providing a safe clean light to use. We just need the capital to buy these magical lights and get them to remote areas. Sunfunder can help make that happen and we are delighted to be partnering with this amazing initiative.
“It’s another option that we can offer to people in addition to donating or fundraising to directly support our work”.
www.sunfunder.com/projects/view/29
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.