California Alternative Energy and Advanced Transportation Financing Authority

Property Assessed Clean Energy (PACE) Loss Reserve Program

Program Activity


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, 146,311 residential PACE financings valued at about $3.3 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, 2018, as reported by enrolled PACE programs.

Program Name Estimated Environmental Savings from Enrolled Financings
mPOWER Placer 23,563,788 kWh saved annually
4,359.3 MTCO2 saved annually
mPOWER Folsom 576,419 kWh saved annually
106.6 MTCO2 saved annually
Berkeley FIRST 54,408 kWh annually
Sonoma County Energy Independence Program 21,093,682 kWh over lifetime
80819.81 MTCO2 over lifetime
136,722 therms over lifetime
CaliforniaFIRST 6,052,538 kWh generated annually
3,427,358 kWh saved annually
249,779 therms saved annually
5,623,050 gal saved annually
WRCOG HERO Program 7,146,704 kWh saved annually
8,386,906 gal saved annually
SANBAG HERO Program 86,518,606 kWh saved annually
55,474,490 gal saved annually
California HERO Program 38,038,299 kWh saved annually
17,754,926 gal saved annually
AllianceNRG 3,558,750 kWh generated annually
171,244 kWh saved annually
3,191 therms saved annually
651,033 gal saved annually
LA HERO Program 13,010,236 kWh saved annually
16,614,069 gal saved annually
CaliforniaFIRST in Los Angeles County 821,837 kWh generated annually
1,642,745 saved annually
119,720 therms saved annually
4,594,209 gal saved annually
Ygrene Works Program 130,430,406 kWh saved annually
33,135 MTCO2 saved annually
91,058,678 gal saved annually
PACEfunding 6,454,273 kWh generated annually
500,471 kWh saved annually
11,942 therms saved annually
4,186,000 gal saved annually
Spruce PACE 279,435 kWh generated annually
1,432 kWh saved annually
CSCDA HERO 5,961,776 kWh saved annually
4,177,620 gal saved annually
Figtree 1,460,415 kWh annually
mPower Pioneer 1,741,274 kWh saved annually
322.1 MTCO2 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


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 technical advisors to help determine the Program’s potential long-term liability and longevity based on Program activity to date.