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