We hope to operate a secondary market, may introduce some other form of periodic liquidity.

Ideally yes, you will own a real individual panel. But we may settle on a different structure if necessary from a regulatory or tax perspective (its a long story).

There's owning the panel, but someone also has to own the inverter, the transmission equipment, the land (rent and/or property tax), etc.

If it is structured as a share of a collective, it might be easier to take those expenses out.