California Alternative Energy and Advanced Transportation Financing Authority

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.