While these estimates, as with any new market, are a good sign for the future of community solar, there are challenges to overcome before community solar can be harnessed to its full potential. In this chapter, we analyse the main legal and regulatory challenges facing the Community solar industry and give advice on how project promoters can address these challenges in a way that maximises the development potential of successful community solar projects. Two exceptions to registration are most often available to community solar developers. First, federal securities laws contain a waiver from federal registration for an offer made entirely in a state by an issuer organized or founded in that state. However, this exception provides only one exception to federal law; It would be necessary for a municipal solar company to also identify and claim an appropriate state exception. Therefore, if shared solar subscriptions are considered securities, the parties could maintain compliance with the securities by offering subscriptions only to persons or entities that have accredited investor status (such underwriting agreements may also contain for this purpose assurances and guarantees of the participants in the subscription). . . .