Californian Spring Labs has launched its network targeting the Property Assessed Clean Energy (PACE) loans industry. The initiative significantly reduces fraud in this loan segment while maintaining confidentiality.
PACE loans are part of a government-supported mechanism to finance energy efficiency and renewable energy improvements in private property, such as solar panel installations. The loans allow property owners to finance the up-front cost of an improvement and repay it through property tax bills. The model is unusual because the debt is connected to the property and not the individual. That means it can be gamed because contractors often make the loan applications and receive the money to fund their work.
The PACE loan industry currently operates in California, Florida, and Missouri and has funded over $6 billion of cumulative loans, with an annual loan volume of $1 billion.
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