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, 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.