Yesterday, Spring Labs, which is developing a network that it says will transform how information and data are shared globally, announced that four 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.
In an interview with Bloomberg, Tich said that the group of lending organizations were worried about property owners and contractors having more than one lien on a property. “It was something that we could all agree to and we don’t always agree,” he told Bloomberg.
“The registry will improve the overall experience for our homeowners 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.”