Spring Labs to develop property lien registry for leading PACE lenders to proactively comply with recent regulation
LOS ANGELES, Oct. 1, 2019 /PRNewswire/ — Spring Labs, which is developing the Spring Protocol, a network designed to transform how information and data are shared globally, announces today that four of the nation’s leading Property Assessed Clean Energy (PACE) financing providers have selected Spring Labs to develop a national property lien registry for PACE financing. Ygrene Energy Fund California, LLC, Renovate America, Inc., Energy Efficient Equity, Inc. and PACE Funding Group, LLC will use the blockchain based platform to query the registry in real-time to obtain PACE assessment information, which will enable the PACE consortium to proactively comply with recent laws and regulations regarding PACE assessment tracking. Spring Labs was selected by the PACE consortium over established players due to its innovative technology that addresses competitive sensitivity and information security.
“Having the ability to query a registry of PACE financing applications and assessments in real time represents an enhancement for the industry,” said Stephen Tich, COO at Ygrene. “This registry will further enable the PACE industry to offer the most comprehensive and flexible clean energy financing solutions, benefiting our contractors and customers.”
“This registry marks yet another significant milestone in the growth of residential PACE,” said Colin Bishopp, executive director of PACENation, the non-profit organization that advocates for expanded access to PACE financing. “It’s exciting to see innovative technology and innovative home improvement financing come together for the benefit of American property owners. Kudos to Spring Labs, E3, PACEfunding, Renovate America and Ygrene for forging this partnership and making PACE financing an even stronger option for homeowners.”
“The registry will improve the overall experience for our home owners and contractors and deliver greater efficiency for Renovate America and the other PACE providers,” said Michael Mildenberger, CRO at Renovate America. “We are very pleased to be partnering with Spring Labs in this innovative and very important industry developed consortium.”
PACE financing is a means of financing energy efficiency upgrades or renewable energy installations for residential, commercial and industrial property owners, collectively savings hundreds of millions of dollars on utility bills, reducing greenhouse gas emissions, and creating thousands of clean-energy jobs. PACE has proven to be a successful tool for supporting public policy initiatives, all without the use of public tax dollars or credits.
“Earlier this year, we announced partnerships with numerous industry leaders to develop products to combat consumer lending and small business fraud and to enhance identity validation,” said Adam Jiwan, CEO at Spring Labs. “We are pleased to announce our latest product utilizing the Spring Protocol, a lien registry for the PACE industry. We believe that this technology can form the foundations of a blockchain-based national mortgage registry.”
Spring Labs previously announced its partnership with leading consumer direct and small business lenders — including GMF Financial, SoFi and OnDeck — to combat fraud and help validate identity.
Ygrene’s award-winning PACE program, with built-in consumer protections, is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, resiliency, renewables, water conservation, storm protection and seismic upgrades. PACE has proven to be a successful tool for supporting public policy initiatives, all without the use of public tax dollars or credits. By providing over $1 billion of private capital to more than 550 local communities, Ygrene has created thousands of jobs and invested millions into local economies across the U.S. Learn more at ygrene.com.
About Renovate America
Renovate America partners with state and local governments to offer communities the HERO Program. HERO is the leading residential PACE program in the U.S. and has financed more than $1.8 billion of home improvements. HERO is on track to save its customers more than $3 billion in energy and water bills, and has created more than 15,000 clean-energy jobs. This unique public-private partnership offers consumers access to financing for more than 60 types of products that reduce energy and water consumption, without the need for government funding. The HERO Program has received a number of recognitions including a Climate Leadership Certificate for Innovative Partnerships by the U.S. Environmental Protection Agency, inclusion in the 2016 White House Water Summit, the Governor’s Environmental and Economic Leadership Award in California, and the Urban Land Institute Best of the Best.
About Energy Efficient Energy, Inc
Energy Efficient Equity, Inc., known as E3, is a growing specialty lender providing secured financing in the Property Assessed Clean Energy (PACE) for both residential and commercial properties. PACE refers to state-authorized programs operated at the city and county levels to finance permanent energy efficient property upgrades such as solar, HVAC, windows, and roofing via a voluntary property tax assessment. Founded in 2015, E3 has grown to become a leading player in the PACE space behind a seasoned management team with extensive specialty finance experience.
About PACE Funding Group, LLC
PACE Funding Group is a full service PACE program based out of Los Gatos, California. Their financing is available throughout the States of California and Florida for a variety of pre-approved energy efficiency improvements to homes and buildings including but not limited to solar electric, solar thermal, HVAC, roofing, windows/doors and water conservation equipment, as well as seismic- and hurricane-hardening. PACE Funding Group has the highest consumer protection standards in the industry which benefit not only homeowners and municipalities but also origination partners. For more information, see the company’s website www.pacefunding.com.
About Spring Labs
Spring Labs (Springcoin Inc.) is a technology company building the Spring Protocol, a blockchain-based network that enables network participants to exchange valuable information without sharing underlying source data. The initial use case for the Spring Protocol will facilitate the exchange of identity, fraud, and risk information among financial institutions to create a more efficient, transparent, and secure ecosystem for consumer financial data than the one that exists today. Spring Labs was founded in 2017 and has its offices in Los Angeles and Chicago. To learn more, visit https://www.springlabs.com