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, 131,200 residential PACE financings valued at about $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, 2019, as reported by enrolled PACE programs.
| Program Name | Estimated Environmental Savings from Enrolled Financings |
|---|---|
| mPOWER Placer |
23,598,985 kWh saved annually 4,365.8 MTCO2 saved annually |
| mPOWER Folsom |
556,453 kWh saved annually 102.9 MTCO2 saved annually |
| Berkeley FIRST | 54,408 kWh annually |
| Sonoma County Energy Independence Program |
22,500,112 kWh over lifetime 92,124 MTCO2 over lifetime 145,562 therms over lifetime |
| CaliforniaFIRST |
59,818,324 kWh generated annually 28,306,573 kWh saved annually 2,062,924 therms saved annually 67,496,702 gal saved annually |
| WRCOG HERO Program |
218,393,023 kWh saved annually 149,586,910 gal saved annually |
| SANBAG HERO Program |
132,465,508 kWh saved annually 81,867,045 gal saved annually |
| California HERO Program |
515,537,086 kWh saved annually 343,274,821 gal saved annually |
| AllianceNRG |
6,936,336 kWh generated annually 348,597 kWh saved annually 5,737 therms saved annually 727,985 gal saved annually |
| LA HERO Program |
193,754,502 kWh saved annually 205,885,983 gal saved annually |
| CaliforniaFIRST in Los Angeles County |
14,506,621 kWh generated annually 15,220,620 saved annually 1,109,247 therms saved annually 52,217,846 gal saved annually |
| Ygrene Works Program | 56 MW saved over lifetime 3,800,000,000 kWh saved over lifetime 956,000 MTCO2 saved over lifetime 3,300,000,000 gal saved over lifetime |
| PACEFunding (CSCDA) |
13,682,456 kWh generated annually 1,404,887 kWh saved annually 34,256 therms saved annually 12,471,000 gal saved annually 11,942 therms saved annually 4,186,000 gal saved annually |
| California Municipal Finance Authority |
842,733,379 kWh generated over lifetime 759,073,846 kWh saved over lifetime 160,386 MTCO2 saved over lifetime 963,441,499 gal saved over lifetime |
| Spruce PACE |
336,585 kWh generated annually 1,312 kWh saved annually |
| CSCDA HERO |
20,487,145 kWh saved annually 15,089,214 gal saved annually |
| Figtree PACE Program | 1,460,415 kWh saved annually |
| mPOWER Pioneer |
4,355,114 kWh saved annually 805.7 MTCO2 saved annually |
| PACEFunding (WRCOG) | 463,835 kWh generated annually 37,393 kWh saved annually 1,376 therms saved annually 374,000 gal saved annually |
| PACEFunding (LA County) | 402,221 kWh generated annually 125,431 kWh saved annually 2,561 therms saved annually 636,270 gal saved annually |
| CaliforniaFIRST (WRCOG) | 242,596 kWh generated annually 3,705 kWh saved annually 270 therms saved annually 57,837 gal saved annually |
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.