Renewable Energy Funding Fees… A Part of Doing Business Or A Rip Off?
Renewable energy funding is a new and exciting arena and holds a bright future of many new companies. But for start ups it can be a nightmare. The world of renewable energy financing is a dark and mysterious world and one which causes anxiety and angst. 50% of the companies we speak to who paid up front fees have yet to receive funding. Up front renewable energy funding fees average anywhere from $15 to $50k and obviously depend largely on the amount of equity you seek.
It is impossible to say how many renewable energy funding start-ups have paid up front fees and have received no funds (as few like to publicize their errors in judgment or admit to being duped).
Identifying reliable renewable energy financing sources is difficult and time consuming and is usually harder to find when funding options are limited. It doesn’t matter whether you are a successful entrepreneur or a start up…every financier wants fees to begin with as this is a very time consuming, intense business.
But it is also a world where the lack of clear rules in non-bank funding prevail. In six of our last seven phone conversations, the companies had paid fees (one as high as $75,000) and received nothing. Needless to say, they are adamant about not paying anymore fees. “We have no problems with your fees but we will only pay them at closing,” is what we were repeatedly told. But that’s against the norm we thought as everyone else is collecting up front fees.
So what are the industry fee and rules & regulations for renewable energy funding? None, sorry to say, as every deal is different and unique. And each deal depends on whether you are talking grants, angels, private equity, hard money or venture capital.
While the majority of the renewable energy financing world is honest and professional, fraud can be found as our industry is so ‘hot’ and unregulated. Up front alternative energy funding fee fraud is extremely difficult to track especially when projects are half way around the globe. And while not fraud, quite frankly there are others that are just vultures looking to pick up fees especially law firms who advertise their expertise in funding renewable energy projects.
So what can be done? Three things: continue paying up front fees; keep looking for a no fee angel investor; or talk to us.
Here is renewable energy financing fee plan that most people think is reasonable and fair. Its recently ran it by a few clients and were immediately told it was a win win for all.
But…we do not want to give our competition our plan. Make sense? So all we ask is you sign a one page ND Agreement and we can talk…And who knows…maybe get you the renewable energy funding you need in 30-45 days.
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