Property Assessed Clean Energy (PACE) Loss Reserve Program
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, 115,322 residential PACE financings valued at about $2.68 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, 2016, as reported by enrolled PACE programs.
|Program Name||Estimated Environmental Savings from Enrolled Financings|
429,378 KWh annually
79.4 MTCO2 annually
16,534,408 KWh annually
3,058.9 MTCO2 annually
|Berkeley FIRST||54,408 kWh annually|
|Sonoma County Energy Independence Program||
10,928,827 kWh over lifetime
58,964.85 MTCO2 over lifetime
94,593 Therms over lifetime
18,933,880 kWh generated annually
7,894,463 kWh saved annually
575,332 Therms annually
11,425,764 gal annually
|WRCOG HERO Program||
120,925,639 kWh annually
24,555,058 gal annually
|SANBAG HERO Program||
60,882,289 kWh annually
13,456,125 gal annually
|California HERO Program||
89,361,397 kWh annually
45,173,529 gal annually
|AllianceNRG Program||23,126 kWh annually|
|LA HERO Program||
6,102,724 kWh annually
8,608,965 gal annually
|CaliforniaFIRST in Los Angeles County||
4,458,851 kWh generated annually
2,241,737 saved annually
163,373 Therms annually
5,108,368 gal annually
|Ygrene Works Program||
10.5 MW generated over lifetime
1.1 Billion kWh saved over lifetime
202K MTCO2 saved over lifetime
758M gal over lifetime
|PACEfunding||59,003 kWh annually|
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|
|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. Now that the Program has been active for almost three 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.