Scaling energy efficiency equitably with Eco Financing: the Enervee-Peach partnership

Enervee is a climate tech company on a mission to make energy efficiency accessible to all. By combining data science, behavioral insights, and digital marketing, Enervee helps consumers buy energy-efficient appliances like washer/dryers, refrigerators, water heaters, and air conditioners to reduce emissions and save on utility bills. With the Inflation Reduction Act incentivizing energy-efficient measures, Enervee’s online marketplace matches consumers with energy-efficient appliances and applies eligible tax rebates and discounts at the point of sale. To overcome the barrier of high upfront costs, Enervee offers Eco Financing—a five-year installment loan option—to help make energy efficiency affordable for all consumers, including those with less-than-perfect credit.

"Eco Financing is all about democratizing access to energy-efficient products," says Matthias Kurwig, Enervee Co-founder and CEO. "We believe everyone should have the opportunity to make energy-smart choices, and with Eco Financing, we're making that possible."

In 2023, Enervee sought a new servicing partner for its existing loan portfolio, leading them to Peach—a reliable, flexible, and compliance-driven solution that met the needs of Enervee’s capital partners.

Key servicing requirements

Enervee's requirements for Peach included:

• Precise interest accrual and payment application
• Automated data reporting to capital markets partners and credit bureaus
• Borrower portal with robust self-service capabilities
• Advanced analytics and reporting dashboards
• Integrated payment processing with real-time bank account balance checks to avoid NSF issues
• Migration capability to transfer existing loans to Peach’s system and recreate full loan histories

Additional opportunities identified

As the partnership deepened, Enervee and Peach identified additional opportunities to reduce costs and streamline operations:

• Integrated payment processing: Peach allowed Enervee to reduce maintenance costs and simplify investor settlements by replacing a previous payment processing vendor.
• Credit bureau reporting: Enervee bypassed a third-party credit reporting platform by using Peach's built-in Metro 2® capabilities.
• Automated compliance: Peach's Compliance Guard™ module allowed Enervee to demonstrate adherence to state and federal regulations, a critical value-add given today’s regulatory environment.

Implementation and migration

The implementation kicked off in late October 2023. New originations on Peach began in mid-December, and the migration of existing loans was completed in January 2024—12 weeks after signature. Enervee's sponsor bank, Lewis & Clark Bank, reviewed and approved the accuracy of the migration.

"Metaphorically speaking, Enervee changed engines on a moving train without losing any cargo. This truly speaks to Peach’s ability to deliver," says Matthias Kurwig.

A growing partnership

As Enervee scales its consumer marketplace nationally, backed by Eco Financing that makes energy-efficient appliances more affordable, the company needed a loan servicing platform capable of handling growing complexity, volume, and compliance requirements. Peach has delivered on all these fronts.

"Peach has proven to be a highly configurable, accurate, and reliable loan servicing platform that has quickly adjusted to our growing needs," says Kurwig. "This allows us to focus less on the mechanics of loan processing and more on meeting the needs of our customers and marketplace partners."