Abstract

For almost a decade, crowdfunding has been developing dynamically all around the world. However, the impact of this financial technology innovation in specific areas of social and entrepreneurial activity is still under-investigated. This article reviews the multiple uses of crowdfunding for support of innovation in the area of green, i.e., sustainable and renewable energy, and energy efficacy. Basing on exploratory study composed of the review of academic and industry literature, analysis of data available on crowdfunding platforms, as well as observations and interviews conducted during industry events, the author presents the most popular models of crowdfunding applied in the area of green energy. The study shows that two models are particularly widespread.
First, intervention in the earlier stage of demonstration/niche market formulation through the reward-based platforms - Kickstarter and alike. Second, use of highly specialized crowd-investing (loan or equity-based) platforms for the diffusion of mature technologies. After reviewing most popular models of platforms and projects' dynamics, the author analyses the potential and obstacles for broader use of crowdfunding for the support of innovation in green energy sector in the context of broader participation in energy transition.

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