I really appreciate the question. Yes, a certain amount is spent on administration, but we have to see what the administration achieves. The administration is not just regarding the loan administration. We have a whole suite of concierge services, such as homeowner outreach, underwriting, rebate administration and customer support. There is really a service layer that comes with that type of project. It is not just managing the loan; it's also accompanying what is brought along to the clients.
As for administering this full suite of services, including loans, mature PACE programs currently average around 16%. I know that can appear high for administrative costs, but you have to take into account the customer support. We're taking clients by the hand. We're also developing the market for the contractors. We're de-risking the markets and having lists of people who can do the work in a way that's credible.
The whole service layer turns homeowner interest into completed retrofits. It really helps them to act. If not, it would be too complex sometimes. It enables the action to just go ahead with the project.