California Alternative Energy and Advanced Transportation Financing Authority

Property Assessed Clean Energy (PACE) Loss Reserve Program

Program Activity

Enrollment

After the PACE Loss Reserve Programís 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, 81,707 residential PACE financings valued at about $1.8 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 JulyĖDecember of the previous year, and in October for activity from JanuaryĖDecember 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 Programís 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
mPOWER Placer 429,378 KWh annually
79.4 MTCO2 annually
mPOWER Folsom 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
CaliforniaFIRST 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

Financing Statistics

The following data is based on information about enrolled PACE financings issued from July 1, 2014 through June 30, 2016, as reported by participating PACE programs.

  Low 20th Percentile Median 80th Percentile High
Principal Amount $1,051.04 $12,026.63 $19,566.94 $32,090.18 $479,739.07
Annual Assessment Amount $114.13 $1,490.89 $2,438.65 $3,997.09 $67,537.73
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. Now that the Program has been active for almost one year, CAEATFA is currently working with financial advisors to help determine the Programís potential long-term liability and longevity based on Program activity to date.