Press Release

DBRS Publishes Commentary on Residential PACE Delinquency Trends

February 22, 2018

DBRS, Inc. (DBRS) published the commentary titled “Residential PACE Delinquency Trends.” In this commentary, DBRS examines delinquency trends for Property Assessed Clean Energy (PACE) obligations. Highlights of the commentary include:

-- While PACE is a relatively new asset class, there is sufficient data to analyze performance in recent years;
-- The limited performance history shows strong performance with very low delinquency levels around 2% to 4% at the peak, declining to less than 1% within 12 months;
-- PACE delinquency metrics are lower than general aggregate property tax and single-family residential only property tax delinquency levels. PACE also shows consistent performance and very low volatility across tax years; and
-- Healthier performance relative to all residential tax payors may reflect self-selection of PACE homeowners to improve their properties.

A full copy of this commentary is available by contacting us at