Property Assessed Clean Energy (PACE) Loss Reserve Program
Program Activity
Enrollment
After the PACE Loss Reserve Program’s launch, in June 2014 the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) initially enrolled eight PACE programs with a total of 17,401 residential PACE financings valued at over $350 million. To date, 145,450 residential PACE financings valued at about $3.46 billion are covered by the PACE Loss Reserve.
Enrolled PACE programs must report to CAEATFA on the size and status of their portfolios in March for activity from July–December of the previous year, and in October for activity from January–December of the same year. Each eligible financing included in the semi-annual reports is enrolled in and covered by the loss reserve. PACE administrators that applied to the PACE Loss Reserve Program on or before June 9, 2014, were allowed to have their entire existing portfolios included under the reserve to maximize the Program’s effectiveness. To allow new PACE programs to enroll without delaying their operations, the loss reserve also covers financings originated up to 30 days before their enrollment date.
Estimated Environmental Savings
Enrolled PACE programs must provide estimated environmental savings resulting from PACE financings enrolled in the PACE Loss Reserve Program with each October semi-annual report, to the extent that information is available.
The table below details the estimated environmental savings from financings originated through June 30, 2017, as reported by enrolled PACE programs.
| Program Name | Estimated Environmental Savings from Enrolled Financings |
|---|---|
| mPOWER Placer |
21,429,442 KWh saved annually 3,964.4 MTCO2 saved annually |
| mPOWER Folsom |
463,012 KWh saved annually 85.7 MTCO2 MTCO2 saved annually |
| Berkeley FIRST | 54,408 kWh annually |
| Sonoma County Energy Independence Program |
20,201,411 kWh over lifetime 69,600 MTCO2 over lifetime 130,726 Therms over lifetime |
| CaliforniaFIRST |
9,268,480 kWh generated annually 4,576,453 kWh saved annually 333,522 therms saved annually 13,461,767 gal saved annually |
| WRCOG HERO Program |
189,358,151 kWh saved annually 109,334,791 gal saved annually |
| SANBAG HERO Program |
20,156,283 kWh saved annually 15,781,445 gal saved annually |
| California HERO Program |
359,929,583 kWh saved annually 258,012,129 gal saved annually |
| LA HERO Program |
159,816,875 kWh saved annually 148,745,389 gal saved annually |
| CaliforniaFIRST in Los Angeles County |
3,056,919 kWh generated annually 3,815,368 saved annually 278,056 therms annually 13,609,917 gal annually |
| Ygrene Works Program |
7.894 MW generated over lifetime 857,613,335 kWh saved over lifetime 151,559 K MTCO2 saved over lifetime 545,613,335 gal saved over lifetime |
| PACEfunding |
63,984 kWh saved annually 4,909 therms saved annually 18,000 gal saved annually |
Financing Statistics
The following data is based on information about enrolled PACE financings issued from July 1, 2014 through December 31, 2016, as reported by participating PACE programs.
| Low | 20th Percentile | Median | 80th Percentile | High | |
|---|---|---|---|---|---|
| Principal Amount | $1,051.04 | $11,988.28 | $19,612.41 | $32,467.23 | $765,651.38 |
| Annual Assessment Amount | $114.13 | $1,442.75 | $2,383.88 | $3,933.01 | $86,002.83 |
| Term | 5 years | 10 Years | 15 years | 20 Years | 30 years |
Claims
To date, CAEATFA has not received any claims on the loss reserve. During Program development, CAEATFA staff initially estimated that the loss reserve would last between eight to twelve years. CAEATFA is currently working with financial advisors to help determine the Program’s potential long-term liability and longevity based on Program activity to date.