Sunnova Energy International (NOVA) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38995
Entity Registrant Name	Sunnova Energy International Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-1192746
Entity Address, Address Line One	20 East Greenway Plaza, Suite 540
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
City Area Code	281
Local Phone Number	892-1588
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NOVA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,981,666
Entity Central Index Key	0001772695
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 231,711	$ 212,832
Accounts receivable—trade, net		35,756	40,767
Accounts receivable—other		163,724	253,350
Other current assets, net of allowance of $4,649 and $4,659 as of March 31, 2024 and December 31, 2023, respectively		386,222	429,299
Total current assets		817,413	936,248
Property and equipment, net		6,042,158	5,638,794
Customer notes receivable, net of allowance of $111,576 and $111,818 as of March 31, 2024 and December 31, 2023, respectively		3,890,835	3,735,986
Intangible assets, net		126,539	134,058
Other assets		938,629	895,885
Total assets	[1]	11,815,574	11,340,971
Current liabilities:
Accounts payable		374,861	355,791
Accrued expenses		87,626	122,355
Current portion of long-term debt		493,496	483,497
Other current liabilities		146,449	133,649
Total current liabilities		1,102,432	1,095,292
Long-term debt, net		7,273,736	7,030,756
Other long-term liabilities		1,117,617	1,086,011
Total liabilities	[1]	9,493,785	9,212,059
Commitments and contingencies
Redeemable noncontrolling interests		187,312	165,872
Stockholders' equity:
Common stock, 123,971,555 and 122,466,515 shares issued as of March 31, 2024 and December 31, 2023, respectively, at $0.0001 par value		12	12
Additional paid-in capital—common stock		1,766,966	1,755,461
Accumulated deficit		(162,973)	(228,583)
Total stockholders' equity		1,604,005	1,526,890
Noncontrolling interests		530,472	436,150
Total equity		2,134,477	1,963,040
Total liabilities, redeemable noncontrolling interests and equity		$ 11,815,574	$ 11,340,971
[1]The consolidated assets as of March 31, 2024 and December 31, 2023 include $5,568,816 and $5,297,816, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $63,777 and $54,674 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—trade, net of $15,729 and $13,860 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—other of $145,886 and $187,607 as of March 31, 2024 and December 31, 2023, respectively; other current assets of $631,951 and $693,772 as of March 31, 2024 and December 31, 2023, respectively; property and equipment, net of $4,615,433 and $4,273,478 as of March 31, 2024 and December 31, 2023, respectively; and other assets of $96,040 and $74,425 as of March 31, 2024 and December 31, 2023, respectively. The consolidated liabilities as of March 31, 2024 and December 31, 2023 include $249,869 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $156,518 and $197,072 as of March 31, 2024 and December 31, 2023, respectively; accrued expenses of $532 and $157 as of March 31, 2024 and December 31, 2023, respectively; other current liabilities of $11,684 and $7,269 as of March 31, 2024 and December 31, 2023, respectively; and other long-term liabilities of $81,135 and $73,518 as of March 31, 2024 and December 31, 2023, respectively.

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Other current asset, allowance		$ 4,649	$ 4,659
Customer notes receivable, allowance		$ 111,576	$ 111,818
Common stock, issued (in shares)		123,971,555	122,466,515
Common stock, par value (in USD per share)		$ 0.0001	$ 0.0001
Assets	[1]	$ 11,815,574	$ 11,340,971
Cash		231,711	212,832
Accounts receivable—trade, net		35,756	40,767
Accounts receivable—other		163,724	253,350
Other current assets		386,222	429,299
Property and equipment, net		6,042,158	5,638,794
Other assets		938,629	895,885
Liabilities	[1]	9,493,785	9,212,059
Accounts payable		374,861	355,791
Accrued expenses		87,626	122,355
Other current liabilities		146,449	133,649
Other long-term liabilities		1,117,617	1,086,011
Primary beneficiary
Assets		5,568,816	5,297,816
Cash		63,777	54,674
Accounts receivable—trade, net		15,729	13,860
Accounts receivable—other		145,886	187,607
Other current assets		631,951	693,772
Property and equipment, net		4,615,433	4,273,478
Other assets		96,040	74,425
Liabilities		249,869	278,016
Accounts payable		156,518	197,072
Accrued expenses		532	157
Other current liabilities		11,684	7,269
Other long-term liabilities		$ 81,135	$ 73,518
[1]The consolidated assets as of March 31, 2024 and December 31, 2023 include $5,568,816 and $5,297,816, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $63,777 and $54,674 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—trade, net of $15,729 and $13,860 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—other of $145,886 and $187,607 as of March 31, 2024 and December 31, 2023, respectively; other current assets of $631,951 and $693,772 as of March 31, 2024 and December 31, 2023, respectively; property and equipment, net of $4,615,433 and $4,273,478 as of March 31, 2024 and December 31, 2023, respectively; and other assets of $96,040 and $74,425 as of March 31, 2024 and December 31, 2023, respectively. The consolidated liabilities as of March 31, 2024 and December 31, 2023 include $249,869 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $156,518 and $197,072 as of March 31, 2024 and December 31, 2023, respectively; accrued expenses of $532 and $157 as of March 31, 2024 and December 31, 2023, respectively; other current liabilities of $11,684 and $7,269 as of March 31, 2024 and December 31, 2023, respectively; and other long-term liabilities of $81,135 and $73,518 as of March 31, 2024 and December 31, 2023, respectively.

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 160,904	$ 161,696
Operating expense:
Cost of revenue—depreciation	42,156	28,197
Cost of revenue—inventory sales	21,892	51,779
Cost of revenue—other	39,348	19,224
Operations and maintenance	36,945	10,739
General and administrative	117,111	101,261
Other operating income	(12,326)	(723)
Total operating expense, net	245,126	210,477
Operating loss	(84,222)	(48,781)	$ (81,500)
Interest expense, net	84,601	85,607
Interest income	(35,696)	(24,788)
Other (income) expense	(24)	236
Loss before income tax	(133,103)	(109,836)
Income tax (benefit) expense	(43,028)	510
Net loss	(90,075)	(110,346)	$ (130,300)
Net loss attributable to redeemable noncontrolling interests and noncontrolling interests	(20,115)	(29,263)
Net loss attributable to stockholders	$ (69,960)	$ (81,083)
Net loss per share attributable to stockholders - basic (in USD per share)	$ (0.57)	$ (0.70)
Net loss per share attributable to stockholders - diluted (in USD per share)	$ (0.57)	$ (0.70)
Weighted average common shares outstanding - basic (in shares)	122,894,548	115,073,975
Weighted average common shares outstanding - diluted (in shares)	122,894,548	115,073,975

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (90,075)	$ (110,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	50,759	32,671
Impairment and loss on disposals, net	21,718	647
Amortization of intangible assets	7,108	7,108
Amortization of deferred financing costs	8,288	5,171
Amortization of debt discount	6,656	3,512
Non-cash effect of equity-based compensation plans	13,587	9,515
Non-cash direct sales revenue	(13,750)	(12,161)
Provision for current expected credit losses and other bad debt expense	1,674	11,858
Unrealized (gain) loss on derivatives	(30,698)	23,616
Unrealized gain on fair value instruments and equity securities	(12,339)	(487)
Other non-cash items	11,065	3,261
Changes in components of operating assets and liabilities:
Accounts receivable	48,507	20,837
Other current assets	(6,585)	(43,060)
Other assets	(52,524)	(80,308)
Accounts payable	16,591	(10,618)
Accrued expenses	(39,083)	(11,588)
Other current liabilities	8,104	(3,470)
Other long-term liabilities	(14,639)	(15,485)
Net cash used in operating activities	(65,636)	(169,327)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(398,768)	(289,296)
Payments for investments and customer notes receivable	(114,044)	(274,362)
Proceeds from customer notes receivable	50,538	36,111
Proceeds from investments in solar receivables	2,259	2,132
Other, net	1,332	1,120
Net cash used in investing activities	(458,683)	(524,295)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	729,499	604,240
Payments of long-term debt	(475,190)	(188,724)
Payments on notes payable	(2,507)	0
Payments of deferred financing costs	(12,625)	(6,832)
Proceeds from issuance of common stock, net	1,884
Proceeds from issuance of common stock, net		(1,488)
Contributions from redeemable noncontrolling interests and noncontrolling interests	301,728	174,951
Distributions to redeemable noncontrolling interests and noncontrolling interests	(105,240)	(8,554)
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests	(8,517)	(4,511)
Proceeds from sales of investment tax credits for redeemable noncontrolling interests and noncontrolling interests	88,776	0
Other, net	(370)	(211)
Net cash provided by financing activities	517,438	568,871
Net decrease in cash, cash equivalents and restricted cash	(6,881)	(124,751)
Cash, cash equivalents and restricted cash at beginning of period	494,402	545,574
Cash, cash equivalents and restricted cash at end of period	487,521	420,823
Restricted cash included in other current assets	(28,765)	(52,699)
Restricted cash included in other assets	(227,045)	(157,240)
Cash and cash equivalents at end of period	231,711	210,884
Non-cash investing and financing activities:
Change in accounts payable and accrued expenses related to purchases of property and equipment	37,944	(142)
Distributions payable to redeemable noncontrolling interests and noncontrolling interests	(40,604)	563
Supplemental cash flow information:
Cash paid for interest	104,889	69,033
Cash paid for income taxes	$ 166	$ 510

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital - Common Stock	Accumulated Deficit	Noncontrolling Interests
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2022	$ 165,737
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net loss	(20,404)
Contributions from redeemable noncontrolling interests and noncontrolling interests	60,203
Distributions to redeemable noncontrolling interests and noncontrolling interests	(1,448)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(2,605)
Equity in subsidiaries attributable to parent	(21,528)
Other, net	(453)
Redeemable noncontrolling interest, ending balance at Mar. 31, 2023	179,502
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022			114,939,079
Stockholders' equity, beginning balance at Dec. 31, 2022	1,721,713	$ 1,273,076	$ 11	$ 1,637,847	$ (364,782)	$ 448,637
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(89,942)	(81,083)			(81,083)	(8,859)
Issuance of stock, net (in shares)			645,580
Issuance of common stock, net	(1,624)	(1,624)	$ 1	(1,625)
Contributions from redeemable noncontrolling interests and noncontrolling interests	114,748					114,748
Distributions to redeemable noncontrolling interests and noncontrolling interests	(7,106)					(7,106)
Costs related to [redeemable noncontrolling interests and noncontrolling interests]	(1,460)					(1,460)
Equity in subsidiaries attributable to parent	21,528	78,893			78,893	(57,365)
Equity-based compensation expense	9,515	9,515		9,515
Other, net	(110)					(110)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023			115,584,659
Stockholders' equity, ending balance at Mar. 31, 2023	1,767,262	1,278,777	$ 12	1,645,737	(366,972)	488,485
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2023	165,872
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net loss	(13,893)
Contributions from redeemable noncontrolling interests and noncontrolling interests	160,153
Distributions to redeemable noncontrolling interests and noncontrolling interests	(92,115)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(3,097)
Distributions payable to redeemable noncontrolling interests and noncontrolling interests	42,463
Investment tax credit sales	43,661
Equity in subsidiaries attributable to parent	(115,732)
Other, net	0
Redeemable noncontrolling interest, ending balance at Mar. 31, 2024	187,312
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023			122,466,515
Stockholders' equity, beginning balance at Dec. 31, 2023	1,963,040	1,526,890	$ 12	1,755,461	(228,583)	436,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(76,182)	(69,960)			(69,960)	(6,222)
Issuance of stock, net (in shares)			1,505,040
Issuance of common stock, net	(1,878)	(1,878)	$ 0	(1,878)
Contributions from redeemable noncontrolling interests and noncontrolling interests	141,575					141,575
Distributions to redeemable noncontrolling interests and noncontrolling interests	(13,125)					(13,125)
Costs related to [redeemable noncontrolling interests and noncontrolling interests]	(7,599)					(7,599)
Distributions payable to redeemable noncontrolling interests and noncontrolling interests	(1,860)					(1,860)
Investment tax credit sales	1,390					1,390
Equity in subsidiaries attributable to parent	115,732	135,569			135,569	(19,837)
Equity-based compensation expense	13,383	13,383		13,383
Other, net	1	1			1
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024			123,971,555
Stockholders' equity, ending balance at Mar. 31, 2024	$ 2,134,477	$ 1,604,005	$ 12	$ 1,766,966	$ (162,973)	$ 530,472

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation We are an industry-leading energy services company focused on making clean energy more accessible, reliable and affordable for homeowners and businesses, serving over 438,000 customers in more than 50 United States ("U.S.") states and territories. Sunnova Energy Corporation was incorporated in Delaware on October 22, 2012 and formed Sunnova Energy International Inc. ("SEI") as a Delaware corporation on April 1, 2019. We completed our initial public offering on July 29, 2019 (our "IPO"); and in connection with our IPO, all of Sunnova Energy Corporation's ownership interests were contributed to SEI. Unless the context otherwise requires, references in this report to "Sunnova," the "Company," "we," "our," "us," or like terms, refer to SEI and its consolidated subsidiaries. We partner with local dealers and contractors who originate, design and install our customers' solar energy systems, energy storage systems and related products and services on our behalf, as well as other sustainable home solutions, such as home security and monitoring, smart home devices, modern heating, ventilation and air conditioning, generators, upgraded roofing, water systems, water heaters, main panel upgrades and electric vehicle chargers. Our focus on our dealer and contractor model enables us to leverage our dealers' and contractors' specialized knowledge, connections and experience in local markets to drive customer origination while providing our dealers and contractors with access to high quality products at competitive prices, as well as technical oversight and expertise. We believe this structure provides operational flexibility, reduces exposure to labor shortages and lowers fixed costs relative to true vertically integrated models. We offer customers products to power and improve the energy efficiency and sustainability of their homes and businesses with affordable solar energy and related products and services. We are able to offer energy generation savings compared to utility-based retail rates with little to no up-front expense to the customer in conjunction with solar and solar plus energy storage products, and, in the case of the latter, are able to also provide energy resiliency. Our customer agreements typically are structured as either a legal-form lease (a "lease") of a solar energy system and/or energy storage system to the customer, the sale of the solar energy system's output to the customer under a power purchase agreement ("PPA") or the purchase of a solar energy system, energy storage system and/or accessory either with financing provided by us (a "loan") or paid in full by the customer (a "sale"); however, we also offer service plans and repair services for systems we did not originate. We make it possible in some states for a customer to obtain a new roof and/or other ancillary products. We also allow customers originated through our homebuilder channel the option of purchasing the system when the customer closes on the purchase of a new home. The initial term of our customer agreements is typically between 10 and 25 years, during which time we provide or arrange for ongoing services to customers, including monitoring, maintenance and warranty services. Our lease and PPA agreements typically include an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options. Our ancillary products include both cash sales and loans with an initial term between one year and 20 years. Customer payments and rates can be fixed for the duration of the customer agreement or escalated at a pre-determined percentage annually. We also receive tax benefits and other incentives from leases and PPAs, a portion of which we finance through tax equity, non-recourse debt structures and hedging arrangements in order to fund our upfront costs, overhead and growth investments. Our future success depends in part on our ability to raise capital from third-party investors and commercial sources. Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements ("interim financial statements") include our consolidated balance sheets, statements of operations, statements of redeemable noncontrolling interests and equity and statements of cash flows and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") from records maintained by us. We have condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. As such, these interim financial statements should be read in conjunction with our 2023 annual audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K filed with the SEC on February 22, 2024. Our interim financial statements reflect all normal recurring adjustments necessary, in our opinion, to state fairly our financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period because of our continual growth, seasonal fluctuations in demand for power, timing of maintenance and other expenditures, changes in interest expense and other factors. Our interim financial statements include our accounts and those of our subsidiaries in which we have a controlling financial interest. In accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation , we consolidate any VIE of which we are the primary beneficiary. We form VIEs with our investors in the ordinary course of business to facilitate the funding and monetization of certain attributes associated with our solar energy systems. The typical condition for a controlling financial interest is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve holding a majority of the voting interests. A primary beneficiary is defined as the party that has (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. We do not consolidate a VIE in which we have a majority ownership interest when we are not considered the primary beneficiary. We have considered the provisions within the contractual arrangements that grant us power to manage and make decisions that affect the operation of our VIEs, including determining the solar energy systems contributed to the VIEs, and the installation, operation and maintenance of the solar energy systems. We consider the rights granted to the other investors under the contractual arrangements to be more protective in nature rather than substantive participating rights. As such, we have determined we are the primary beneficiary of our VIEs and evaluate our relationships with our VIEs on an ongoing basis to determine whether we continue to be the primary beneficiary. We have eliminated all intercompany transactions in consolidation.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Included below are updates to significant accounting policies disclosed in our 2023 annual audited consolidated financial statements. Use of Estimates The application of GAAP in the preparation of the interim financial statements requires us to make estimates and assumptions that affect the amounts reported in the interim financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates. Accounts Receivable Accounts Receivable—Trade. Accounts receivable—trade primarily represents trade receivables from customers that are generally collected in the subsequent month. Accounts receivable—trade is recorded net of an allowance for credit losses, which is based on our assessment of the collectability of customer accounts based on the best available data at the time. We review the allowance by considering factors such as historical experience, customer credit rating, contractual term, aging category and current economic conditions that may affect a customer's ability to pay to identify customers with potential disputes or collection issues. We write off accounts receivable when we deem them uncollectible. The following table presents the changes in the allowance for credit losses recorded against accounts receivable—trade, net in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 2,559 $ 1,676 Provision for current expected credit losses 1,826 928 Write off of uncollectible accounts (1,478) (779) Recoveries 99 62 Other, net (67) — Balance at end of period $ 2,939 $ 1,887 Accounts Receivable—Other. Accounts receivable—other primarily represents receivables from ITC sales and receivables from our dealers or other parties related to the sale of inventory and the use of inventory procured by us. The following table presents the changes in the allowance for credit losses recorded against accounts receivable—other in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 13,045 $ — Provision for current expected credit losses 581 671 Write off of uncollectible accounts (6,850) — Balance at end of period $ 6,776 $ 671 Inventory Inventory is stated at the lower of cost and net realizable value using the first-in, first-out method. Inventory primarily represents (a) raw materials, such as energy storage systems, photovoltaic modules, inverters, meters and modems, (b) homebuilder construction in progress and (c) other associated equipment purchased. These materials are typically procured by us and used by our dealers, sold to our dealers or held for use as original parts on new solar energy systems or replacement parts on existing solar energy systems. We remove these items from inventory and record the transaction in typically one of these manners: (a) expense to operations and maintenance expense when installed as a replacement part for a solar energy system, (b) recognize in accounts receivable—other when procured by us and used by our dealers, (c) expense to cost of revenue—inventory sales if sold directly to a dealer or other party, (d) capitalize to property and equipment when installed on an existing home or business, (e) expense to cost of revenue—other when installed on a new home or business as part of a cash sale or (f) capitalize to property and equipment when placed in service under the homebuilder program. We periodically evaluate our inventory for unusable and obsolete items based on assumptions about future demand and market conditions. Based on this evaluation, provisions are made to write inventory down to net realizable value. The following table presents the detail of inventory as recorded in other current assets in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Energy storage systems and components $ 55,110 $ 83,178 Homebuilder construction in progress 42,668 36,461 Modules and inverters 31,246 27,143 Meters and modems 1,732 1,793 Total $ 130,756 $ 148,575 Fair Value of Financial Instruments Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or a liability. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: • Level 1—Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2—Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy must be determined based on the lowest level input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability. Our financial instruments include cash, cash equivalents, accounts receivable, customer notes receivable, investments in solar receivables, accounts payable, accrued expenses, long-term debt, interest rate swaps and caps and contingent consideration. The carrying values of accounts receivable, accounts payable and accrued expenses approximate the fair values due to the fact that they are short-term in nature (Level 1). We estimate the fair value of our customer notes receivable based on interest rates currently offered under the loan program with similar maturities and terms (Level 3). We estimate the fair value of our investments in solar receivables based on a discounted cash flows model that utilizes market data related to solar irradiance, production factors by region and projected electric utility rates in order to build up revenue projections (Level 3). In addition, lease-related revenue and maintenance and service costs were supported through the use of available market studies and data. We estimate the fair value of our fixed-rate long-term debt based on an analysis of debt with similar book values, maturities and required market yields based on current interest rates (Level 3). We determine the fair values of the interest rate derivative transactions based on a discounted cash flow method using contractual terms of the transactions and counterparty credit risk as key inputs. The floating interest rate is based on observable rates consistent with the frequency of the interest cash flows (Level 2). For contingent consideration, we estimate the fair value of the installation earnout using the Monte Carlo model based on the forecasted placements for the installations and the microgrid earnout using a scenario-based methodology based on the probabilities of the microgrid earnout, both using Level 3 inputs. See Note 6, Customer Notes Receivable, Note 7, Long-Term Debt and Note 8, Derivative Instruments. The following tables present our financial instruments measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Financial assets: Investments in solar receivables $ 67,942 $ — $ — $ 67,942 Derivative assets 54,226 — 54,226 — Total $ 122,168 $ — $ 54,226 $ 67,942 Financial liabilities: Contingent consideration $ 4,685 $ — $ — $ 4,685 Total $ 4,685 $ — $ — $ 4,685 As of December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Financial assets: Investments in solar receivables $ 69,334 $ — $ — $ 69,334 Derivative assets 55,471 — 55,471 — Total $ 124,805 $ — $ 55,471 $ 69,334 Financial liabilities: Contingent consideration $ 19,916 $ — $ — $ 19,916 Total $ 19,916 $ — $ — $ 19,916 Changes in the fair value of our investments in solar receivables are included in other operating income/expense in the consolidated statements of operations. The following table summarizes the change in the fair value of our financial assets accounted for at fair value on a recurring basis using Level 3 inputs as recorded in other current assets and other assets in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 69,334 $ 72,171 Additions — 969 Settlements (2,335) (2,173) Gain (loss) recognized in earnings 943 (245) Balance at end of period $ 67,942 $ 70,722 Changes in the fair value of our contingent consideration are included in other operating expense/income Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 19,916 $ 26,787 Settlements (3,859) (10,779) Gain recognized in earnings (11,372) (968) Balance at end of period $ 4,685 $ 15,040 The following table summarizes the significant unobservable inputs used in the valuation of our liabilities as of March 31, 2024 using Level 3 inputs: Unobservable Weighted Liabilities: Contingent consideration - installation earnout Volatility 30.00% Revenue risk premium 15.70% Risk-free discount rate 5.03% Contingent consideration - microgrid earnout Probability of success 10.00% Risk-free discount rate 5.03% Significant increases or decreases in the volatility, revenue risk premium, probability of success or risk-free discount rate in isolation could result in a significantly higher or lower fair value measurement. Revenue The following table presents the detail of revenue as recorded in the unaudited condensed consolidated statements of operations: Three Months Ended 2024 2023 (in thousands) PPA revenue $ 30,075 $ 21,746 Lease revenue 50,555 31,343 Inventory sales revenue 23,574 59,914 Service revenue 1,039 3,817 Direct sales revenue 13,750 12,161 Solar renewable energy certificate revenue 8,408 7,791 Cash sales revenue 21,954 16,819 Loan revenue 11,176 7,143 Other revenue 373 962 Total $ 160,904 $ 161,696 We recognize revenue from contracts with customers as we satisfy our performance obligations at a transaction price reflecting an amount of consideration based upon an estimated rate of return, net of cash incentives. We express this rate of return as the solar rate per kilowatt hour ("kWh") in the customer contract. The amount of revenue we recognize does not equal customer cash payments because we satisfy performance obligations ahead of cash receipt or evenly as we provide continuous access on a stand-ready basis to the solar energy system. We reflect the differences between revenue recognition and cash payments received in accounts receivable, other assets or deferred revenue, as appropriate. Revenue allocated to remaining performance obligations represents contracted revenue we have not yet recognized and includes deferred revenue as well as amounts that will be invoiced and recognized as revenue in future periods. Contracted but not yet recognized revenue was approximately $6.0 billion as of March 31, 2024, of which we expect to recognize approximately 4% over the next 12 months. We do not expect the annual recognition to vary significantly over approximately the next 19 years as the vast majority of existing customer agreements have at least 19 years remaining, given the average age of the fleet of solar energy systems under contract is less than four years. Certain customers may receive cash incentives. We defer recognition of the payment of these cash incentives and recognize them over the life of the contract as a reduction to revenue. The deferred payment is recorded in other assets for customers who receive the cash incentives under our lease and PPA agreements, and as a contra-liability in other long-term liabilities for customers who receive the cash incentives under our loan agreements. PPA Revenue. Customers purchase electricity from us under PPAs. Pursuant to ASC 606, we recognize revenue based upon the amount of electricity delivered as determined by remote monitoring equipment at solar rates specified under the PPAs. All customers must pass our credit evaluation process. The PPAs generally have a term of 20 or 25 years with an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options. Lease Revenue . We are the lessor under lease agreements for solar energy systems and energy storage systems, which do not meet the definition of a lease under ASC 842 and are accounted for as contracts with customers under ASC 606. We recognize revenue on a straight-line basis over the contract term as we satisfy our obligation to provide continuous access to the solar energy system. All customers must pass our credit evaluation process. The lease agreements generally have a term of 20 or 25 years with an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options. In most cases, we provide customers under our lease agreements a performance guarantee that each solar energy system will achieve a certain specified minimum solar energy production output, which is a significant proportion of its expected output. The specified minimum solar energy production output may not be achieved due to natural fluctuations in the weather or equipment failures from exposure and wear and tear outside of our control, among other factors. We determine the amount of the guaranteed output based on a number of different factors, including: (a) the specific site information related to the tilt of the panels, azimuth (a horizontal angle measured clockwise in degrees from a reference direction) of the panels, size of the system, and shading on site; (b) the calculated amount of available irradiance (amount of energy for a given flat surface facing a specific direction) based on historical average weather data and (c) the calculated amount of energy output of the solar energy system. While actual irradiance levels can significantly change year over year due to natural fluctuations in the weather, we expect the levels to average out over the term of a lease and to approximate the levels used in determining the amount of the performance guarantee. Generally, weather fluctuations are the most likely reason a solar energy system may not achieve a certain specified minimum solar energy production output. If the solar energy system does not produce the guaranteed production amount, we are required to refund a portion of the previously remitted customer payments, where the repayment is calculated as the product of (a) the shortfall production amount and (b) the dollar amount (guaranteed rate) per kWh that is fixed throughout the term of the contract. These remittances of a customer's payments, if needed, are payable as early as the first anniversary of the solar energy system's placed in service date and then every annual period thereafter. See Note 13, Commitments and Contingencies. Inventory Sales Revenue . Inventory sales revenue represents revenue from the direct sale of inventory to our dealers or other parties. We recognize the related revenue under ASC 606 upon shipment or upon sale when a bill and hold agreement is in place. Shipping and handling costs are included in cost of revenue—inventory sales in the consolidated statements of operations. Service Revenue. Service revenue includes sales of service plans and repair services. Service plans are available to customers whose solar energy system was not originally sold by Sunnova. We recognize revenue from service plan contracts on a straight-line basis over the life of the contract, which is typically 10 years. We recognize revenue from repair services in the period in which the service was performed. Direct Sales Revenue. Direct sales revenue includes revenue from the direct sale of solar energy systems and energy storage systems to customers with financing provided by us. We recognize revenue from the direct sale of solar energy systems and energy storage systems in the period in which the systems are placed in service. Solar Renewable Energy Certificate Revenue. Each solar renewable energy certificate ("SREC") represents the environmental benefit of one megawatt hour (1,000 kWh) generated by a solar energy system. SRECs can be sold separate from the actual electricity generated by the renewable-based generation source. We account for the SRECs we generate from our solar energy systems as governmental incentives with no costs incurred to obtain them and do not consider those SRECs output of the underlying solar energy systems. We classify these SRECs as inventory held until sold and delivered to third parties. As we did not incur costs to obtain these governmental incentives, the inventory carrying value for the SRECs was $0 as of March 31, 2024 and December 31, 2023. We enter into economic hedges related to expected production of SRECs through forward contracts. While these fixed price forward contracts serve as an economic hedge against spot price fluctuations for the SRECs, the contracts do not qualify for hedge accounting and are not designated as cash flow hedges or fair value hedges. The contracts require us to physically deliver the SRECs upon settlement. We recognize the related revenue under ASC 606 upon satisfaction of the performance obligation to transfer the SRECs to the stated counterparty. Payments are typically received within one month of transferring the SREC to the counterparty. The costs related to the sales of SRECs are generally limited to broker fees (recorded in cost of revenue—other), which are only paid in connection with certain transactions. In certain circumstances we are required to purchase SRECs on the open market to fulfill minimum delivery requirements under our forward contracts. Cash Sales Revenue. Cash sales revenue represents revenue from a customer's purchase of a solar energy system from us typically when purchasing a new home. We recognize the related revenue under ASC 606 upon verification of the home closing. Loan Revenue. See discussion of loan revenue in the " Loans " section below. Other Revenue. Other revenue includes certain state and utility incentives. We recognize revenue from state and utility incentives in the periods in which they are earned. Loans We offer a loan program, under which the customer finances the purchase of a solar energy system, energy storage system and/or accessory through a customer agreement, typically for a term of 10, 15 or 25 years. We recognize cash payments received from customers on a monthly basis under our loan program (a) as interest income, to the extent attributable to earned interest on the contract that financed the customer's purchase; (b) as a reduction of a note receivable on the balance sheet, to the extent attributable to a return of principal (whether scheduled or prepaid) on the contract that financed the customer's purchase; and (c) as revenue, to the extent attributable to payments for operations and maintenance services provided by us. To qualify for the loan program, a customer must pass our credit evaluation process, which requires the customer to have a minimum FICO ® score of 600 to 780 depending on certain circumstances, and we secure the loans with the solar energy systems, energy storage systems or accessories financed. The credit evaluation process is performed once for each customer at the time the customer is entering into the customer agreement with us. Our investments in solar energy systems, energy storage systems and/or accessories related to the loan program that are not yet placed in service are recorded in other assets in the consolidated balance sheets and are transferred to customer notes receivable upon being placed in service. Customer notes receivable are recorded at amortized cost, net of an allowance for credit losses (as described below), in other current assets and customer notes receivable in the consolidated balance sheets. Accrued interest receivable related to our customer notes receivable is recorded in accounts receivable—trade, net in the consolidated balance sheets. Interest income from customer notes receivable is recorded in interest income in the consolidated statements of operations. The amortized cost of our customer notes receivable is equal to the principal balance of customer notes receivable outstanding and does not include accrued interest receivable. Customer notes receivable continue to accrue interest until they are written off against the allowance, which occurs when the balance is 180 days or more past due unless the balance is in the process of collection. Customer notes receivable are considered past due one day after the due date based on the contractual terms of the loan agreement. In all cases, customer notes receivable balances are placed on a nonaccrual status or written off at an earlier date when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously written off and expected to be written off. Accrued interest receivable for customer notes receivable placed on a nonaccrual status is recorded as a reduction to interest income. Interest received on such customer notes receivable is accounted for on a cash basis until the customer notes receivable qualifies for the return to accrual status. Customer notes receivable are returned to accrual status when there is no longer any principal or interest amounts past due and future payments are reasonably assured. The allowance for credit losses is deducted from the customer notes receivable amortized cost to present the net amount expected to be collected. It is measured on a collective (pool) basis when similar risk characteristics (such as financial asset type, customer credit rating, contractual term and vintage) exist. In determining the allowance for credit losses, we identify customers with potential disputes or collection issues and consider our historical level of credit losses and current economic trends that might impact the level of future credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics, such as differences in underwriting standards. Expected credit losses are estimated over the contractual term of the loan agreements based on the best available data at the time and adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: (a) we have a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual customer or (b) the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by us. Expected credit losses are recorded in general and administrative expense in the consolidated statements of operations. See Note 6, Customer Notes Receivable. Deferred Revenue Deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes (a) payments for unfulfilled performance obligations that will be recognized on a straight-line basis over the remaining term of the respective customer agreements, net of any cash incentives earned by the customers, (b) down payments and partial or full prepayments from customers and (c) differences due to the timing of energy production versus billing for certain types of PPAs. Deferred revenue was $615.6 million as of December 31, 2022. The following table presents the detail of deferred revenue as recorded in other current liabilities and other long-term liabilities in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Loans $ 972,453 $ 930,999 PPAs and leases 63,615 55,651 Solar receivables 4,273 4,339 Other 15 14 Total (1) $ 1,040,356 $ 991,003 (1) Of this amount, $59.0 million and $50.8 million is recorded in other current liabilities as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, we recognized revenue of $13.9 million and $7.9 million, respectively, from amounts recorded in deferred revenue at the beginning of the respective years. Contract Assets and Contract Liabilities Billing practices are governed by the contract terms of each project based upon costs incurred, production or predetermined schedules. Billings do not necessarily correlate with revenue recognized using the percentage-of-completion method to reflect the transfer of control over time. Contract assets include unbilled amounts typically resulting from revenue under contracts when the percentage-of-completion method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Retainage, included in contract assets, represents the amounts withheld from billings by our clients pursuant to provisions in the contracts and may not be paid to us until the completion of specific tasks or the completion of the project and, in some instances, for even longer periods. Retainage may also be subject to restrictive conditions such as performance guarantees. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. The payment terms of our contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. As of March 31, 2024 and December 31, 2023, contract assets were $279,000 and contract liabilities were $3.9 million and $3.8 million, respectively. The increase in contract liabilities was due to the timing of advance payments partially offset by revenue recognized during the period. During the three months ended March 31, 2024 and 2023, we recognized revenue of an insignificant amount and $0, respectively, from amounts recorded in contract liabilities at the beginning of the respective years. Equity-Based Compensation We account for equity-based compensation, which requires the measurement and recognition of compensation expense related to the fair value of equity-based compensation awards. Equity-based compensation expense includes the compensation cost for all share-based awards granted to employees, consultants and members of our board of directors. We use the Black-Scholes option-pricing model to measure the fair value of stock options at the measurement date. For restricted stock units that will be settled in cash, we use the closing price of our common stock on the measurement date to measure the fair value at the measurement date and record in other current liabilities in the consolidated balance sheets. For restricted stock units that will be settled in common stock, we use the closing price of our common stock on the grant date to measure the fair value at the measurement date and record in additional paid-in capital—common stock in the consolidated balance sheets. We account for forfeitures as they occur. Equity-based compensation expense is recorded in general and administrative expense in the consolidated statements of operations. See Note 11, Equity-Based Compensation. Self-Insurance In January 2023, we changed our health insurance policy for qualifying employees in the U.S. from a fully-insured policy to a self-insured policy in order to administer insurance coverage to our employees at a lower cost to us. The change in insurance policy did not have a significant impact on our consolidated financial statements and related disclosures. Under the self-insured policy, we maintain stop-loss coverage from a third party that limits our exposure to large claims. We record a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, we utilize a third-party actuary to estimate a range of expected losses, which are based on an analysis of historical data. Assumptions are monitored and adjusted when warranted by changing circumstances. We record our liability for estimated losses under our self-insured policy in accrued liabilities in the consolidated balance sheets. As of March 31, 2024 and December 31, 2023, our liability for self-insured claims was $4.9 million and $3.5 million, respectively, which represents our best estimate of the future cost of claims incurred as of that date. We believe we have adequate reserves for these claims as of March 31, 2024; however, the actual value of such claims could be significantly affected if future occurrences and claims differ from these assumptions. Sales of Investment Tax Credits ("ITCs") We enter into tax credit purchase and sale agreements with third-party purchasers to sell to such third-party purchasers, for cash, the Section 48(a) ITCs generated by certain solar energy systems that have or will be placed in service, subject to certain conditions set forth therein. We account for ITCs using the flow-through method, which states the tax benefit is to be recognized when the ITC is realizable. During the three months ended March 31, 2024 and 2023, we recognized income tax benefit of $44.2 million and $0, respectively, related to estimated future sales of ITCs for the remaining part of the year. For tax credit purchase and sale agreements entered into by certain of our consolidated tax equity partnerships, we record our share of the sale as income tax benefit in the unaudited condensed consolidated statements of operations and the tax equity investor's share as an increase to redeemable noncontrolling interests or noncontrolling interests in the unaudited condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, accounts receivable from ITC sales of $144.9 million and $200.7 million, respectively, is recorded in accounts receivable—other in the unaudited condensed consolidated balance sheets. During the three months ended March 31, 2024 and 2023, we recognized ITC sales of $48.0 million and $0, respectively, of which $3.0 million and $0, respectively, is recorded in income tax (benefit) expense and $45.0 million and $0, respectively, is recorded in redeemable noncontrolling interests and noncontrolling interests. New Accounting Guidance New accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted as of the specified effective date. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, to refine and ensure a broader and more transparent representation of segment-related financial activities. This ASU is effective for annual periods beginning in January 2024 and interim periods beginning in January 2025. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to improve the transparency and effectiveness of income tax disclosures, including rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning in January 2025. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The following table presents the detail of property and equipment, net as recorded in the unaudited condensed consolidated balance sheets: Useful Lives As of As of (in years) (in thousands) Solar energy systems and energy storage systems 35 $ 5,953,572 $ 5,443,796 Construction in progress 464,875 530,180 Asset retirement obligations 30 84,554 78,538 Software and business technology systems 3 133,331 130,300 Computers and equipment 3-5 7,715 7,503 Leasehold improvements 3-6 6,379 6,170 Furniture and fixtures 7 1,172 1,172 Vehicles 4-5 1,640 1,640 Other 5-6 419 419 Property and equipment, gross 6,653,657 6,199,718 Less: accumulated depreciation (611,499) (560,924) Property and equipment, net $ 6,042,158 $ 5,638,794 The amounts included in the above table for solar energy systems and energy storage systems and substantially all the construction in progress relate to our customer contracts (including PPAs and leases). These assets had accumulated depreciation of $531.7 million and $489.7 million as of March 31, 2024 and December 31, 2023, respectively.

Detail of Certain Balance Sheet

Detail of Certain Balance Sheet Captions	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Detail of Certain Balance Sheet Captions	Detail of Certain Balance Sheet Captions The following table presents the detail of other current assets as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Inventory $ 130,756 $ 148,575 Current portion of customer notes receivable 185,098 176,562 Restricted cash 28,765 62,188 Prepaid assets 27,884 25,996 Deferred receivables 5,568 7,601 Current portion of investments in solar receivables 7,330 7,457 Other 821 920 Total $ 386,222 $ 429,299 The following table presents the detail of other assets as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Construction in progress - customer notes receivable $ 123,508 $ 159,066 Restricted cash 227,045 219,382 Exclusivity and other bonus arrangements with dealers, net 174,512 166,359 Investments in solar receivables 60,612 61,877 Straight-line revenue adjustment, net 66,585 62,941 Other 286,367 226,260 Total $ 938,629 $ 895,885 The following table presents the detail of other current liabilities as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Interest payable $ 65,988 $ 67,647 Deferred revenue 59,044 50,815 Current portion of operating and finance lease liability 4,471 4,231 Current portion of performance guarantee obligations 3,061 2,667 Other 13,885 8,289 Total $ 146,449 $ 133,649

AROs

AROs	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
AROs	Asset Retirement Obligations ("ARO") AROs consist primarily of costs to remove solar energy system assets and costs to restore the solar energy system sites to the original condition, which we estimate based on current market rates. For each solar energy system, we recognize the fair value of the ARO as a liability and capitalize that cost as part of the cost basis of the related solar energy system. The related assets are depreciated on a straight-line basis over 30 years, which is the estimated average time a solar energy system will be installed in a location before being removed, and the related liabilities are accreted to the full value over the same period of time. We revise our estimated future liabilities based on recent actual experiences, including third party cost estimates, average size of solar energy systems and inflation rates, which we evaluate at least annually. Changes in our estimated future liabilities are recorded as either a reduction or addition in the carrying amount of the remaining unamortized asset and the ARO and either decrease or increase our depreciation and accretion expense amounts prospectively. The following table presents the changes in AROs as recorded in other long-term liabilities in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 96,227 $ 69,869 Additional obligations incurred 6,032 3,355 Accretion expense 1,477 1,081 Other (24) (13) Balance at end of period $ 103,712 $ 74,292

Customer Notes Receivable

Customer Notes Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Customer Notes Receivable	Customer Notes Receivable We offer a loan program, under which the customer finances the purchase of a solar energy system, energy storage system and/or accessory through a customer agreement for a term of 10, 15 or 25 years. The following table presents the detail of customer notes receivable as recorded in the unaudited condensed consolidated balance sheets and the corresponding fair values: As of As of (in thousands) Customer notes receivable $ 4,192,158 $ 4,029,025 Allowance for credit losses (116,225) (116,477) Customer notes receivable, net $ 4,075,933 $ 3,912,548 Estimated fair value, net $ 3,987,979 $ 3,800,754 The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 116,477 $ 81,248 Provision for current expected credit (gains) losses (252) 10,211 Balance at end of period $ 116,225 $ 91,459 As of March 31, 2024 and December 31, 2023, we invested $123.5 million and $159.1 million, respectively, in loan solar energy systems, energy storage systems and/or accessories not yet placed in service. For the three months ended March 31, 2024 and 2023, interest income related to our customer notes receivable was $31.0 million and $20.1 million, respectively. As of March 31, 2024 and December 31, 2023, accrued interest receivable related to our customer notes receivable was $8.7 million and $14.3 million, respectively. As of March 31, 2024 and December 31, 2023, there was $44.3 million and $34.2 million, respectively, of customer notes receivable not accruing interest and there was $966,000 and $754,000, respectively, of allowance recorded for loans on nonaccrual status. For the three months ended March 31, 2024 and 2023, interest income of $0 was recognized for loans on nonaccrual status and accrued interest receivable of $41,000 and $13,000, respectively, was written off by reversing interest income. We consider the performance of our customer notes receivable portfolio and its impact on our allowance for credit losses. We also evaluate the credit quality based on the aging status and payment activity. The following table presents the aging of the amortized cost of customer notes receivable: As of As of (in thousands) 1-90 days past due $ 188,377 $ 164,150 91-180 days past due 45,568 40,428 Greater than 180 days past due 95,226 77,110 Total past due 329,171 281,688 Not past due 3,862,987 3,747,337 Total $ 4,192,158 $ 4,029,025 As of March 31, 2024 and December 31, 2023, the amortized cost of our customer notes receivable more than 90 days past due but not on nonaccrual status was $96.5 million and $83.3 million, respectively. The following table presents the amortized cost by origination year of our customer notes receivable based on payment activity: Amortized Cost by Origination Year 2024 2023 2022 2021 2020 Prior Total (in thousands) Payment performance: Performing $ 205,656 $ 1,455,795 $ 1,319,753 $ 683,536 $ 208,689 $ 223,503 $ 4,096,932 Nonperforming (1) — 18,422 36,661 20,629 5,903 13,611 95,226 Total $ 205,656 $ 1,474,217 $ 1,356,414 $ 704,165 $ 214,592 $ 237,114 $ 4,192,158 (1) A nonperforming loan is a loan in which the customer is in default and has not made any scheduled principal or interest payments for 181 days or more.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Our subsidiaries with long-term debt include Sunnova Energy Corporation, Sunnova EZ-Own Portfolio, LLC ("EZOP"), Sunnova Helios II Issuer, LLC ("HELII"), Sunnova RAYS I Issuer, LLC ("RAYSI"), Sunnova Helios III Issuer, LLC ("HELIII"), Sunnova TEP Holdings, LLC ("TEPH"), Sunnova Sol Issuer, LLC ("SOLI"), Sunnova Helios IV Issuer, LLC ("HELIV"), Sunnova Asset Portfolio 8, LLC ("AP8"), Sunnova Sol II Issuer, LLC ("SOLII"), Sunnova Helios V Issuer, LLC ("HELV"), Sunnova Sol III Issuer, LLC ("SOLIII"), Sunnova Helios VI Issuer, LLC ("HELVI"), Sunnova Helios VII Issuer, LLC ("HELVII"), Sunnova Helios VIII Issuer, LLC ("HELVIII"), Sunnova Sol IV Issuer, LLC ("SOLIV"), Sunnova Helios IX Issuer, LLC ("HELIX"), Sunnova Helios X Issuer, LLC ("HELX"), Sunnova Inventory Supply, LLC ("IS"), Sunnova Sol V Issuer, LLC ("SOLV"), Sunnova Helios XI Issuer, LLC ("HELXI"), Sunnova Helios XII Issuer, LLC ("HELXII"), Sunnova Asset Portfolio 9, LLC ("AP9"), Sunnova Hestia I Borrower, LLC ("HESI"), Sunnova Sol VI Issuer, LLC ("SOLVI") and Sunnova Helios XIII Issuer, LLC ("HELXIII"). The following table presents the detail of long-term debt, net as recorded in the unaudited condensed consolidated balance sheets: Three Months Ended As of March 31, 2024 Year Ended As of December 31, 2023 Long-term Current Long-term Current (in thousands, except interest rates) SEI 0.25% convertible senior notes 0.71 % $ 575,000 $ — 0.71 % $ 575,000 $ — 2.625% convertible senior notes 3.04 % 600,000 — 3.03 % 600,000 — Debt discount, net (17,870) — (19,174) — Deferred financing costs, net (695) — (748) — Sunnova Energy Corporation Notes payable 19.38 % — 577 7.07 % — 3,084 5.875% senior notes 6.55 % 400,000 — 6.53 % 400,000 — 11.75% senior notes 12.29 % 400,000 — 12.02 % 400,000 — Debt discount, net (12,722) — (13,288) — Deferred financing costs, net (11,356) — (12,119) — EZOP Revolving credit facility 9.47 % 390,171 — 8.72 % 511,000 — Debt discount, net (261) — (302) — HELII Solar asset-backed notes 5.64 % 190,508 9,111 5.64 % 194,933 9,065 Debt discount, net (23) — (24) — Deferred financing costs, net (2,771) — (2,926) — RAYSI Solar asset-backed notes 5.58 % 103,686 6,450 5.55 % 105,096 6,349 Debt discount, net (696) — (753) — Deferred financing costs, net (2,888) — (3,004) — HELIII Solar loan-backed notes 4.46 % 84,477 9,873 4.43 % 86,232 9,983 Debt discount, net (1,180) — (1,250) — Deferred financing costs, net (1,133) — (1,200) — TEPH Revolving credit facility 9.80 % 1,024,850 — 10.03 % 1,036,600 — Debt discount, net (1,015) — (1,168) — SOLI Solar asset-backed notes 3.93 % 332,368 13,454 3.91 % 335,874 12,965 Debt discount, net (71) — (74) — Deferred financing costs, net (5,511) — (5,769) — HELIV Solar loan-backed notes 4.16 % 95,837 10,700 4.16 % 97,458 10,854 Debt discount, net (382) — (417) — Deferred financing costs, net (1,798) — (1,955) — AP8 Revolving credit facility 9.18 % — 215,000 9.42 % — 215,000 SOLII Solar asset-backed notes 1.41 % 219,974 6,697 3.90 % 221,955 7,195 Debt discount, net (54) — (56) — Deferred financing costs, net (3,790) — (3,948) — HELV Solar loan-backed notes 2.51 % 132,508 13,286 2.49 % 134,473 13,496 Debt discount, net (504) — (540) — Deferred financing costs, net (1,956) — (2,094) — SOLIII Solar asset-backed notes 2.84 % 253,438 14,533 2.81 % 257,545 15,762 Debt discount, net (98) — (102) — Deferred financing costs, net (4,679) — (4,871) — HELVI Solar loan-backed notes 2.10 % 157,539 13,313 2.10 % 159,901 13,521 Debt discount, net (30) — (32) — Deferred financing costs, net (2,204) — (2,345) — HELVII Solar loan-backed notes 2.54 % 122,132 10,060 2.53 % 123,494 10,221 Debt discount, net (29) — (31) — Deferred financing costs, net (1,697) — (1,797) — HELVIII Solar loan-backed notes 3.64 % 240,479 19,681 3.62 % 243,020 19,995 Debt discount, net (4,130) — (4,355) — Deferred financing costs, net (3,220) — (3,395) — SOLIV Solar asset-backed notes 5.95 % 322,526 8,574 5.90 % 325,612 8,464 Debt discount, net (8,998) — (9,440) — Deferred financing costs, net (6,443) — (6,759) — HELIX Solar loan-backed notes 5.67 % 195,236 13,592 5.64 % 196,174 15,246 Debt discount, net (2,886) — (3,027) — Deferred financing costs, net (2,667) — (2,798) — HELX Solar loan-backed notes 7.55 % 202,073 14,644 7.38 % 200,842 19,996 Debt discount, net (15,988) — (17,015) — Deferred financing costs, net (2,855) — (3,064) — IS Revolving credit facility 9.22 % 34,100 — 8.90 % 31,300 — SOLV Solar asset-backed notes 6.82 % 310,531 7,890 6.93 % 312,844 7,775 Debt discount, net (14,632) — (15,491) — Deferred financing costs, net (6,310) — (6,682) — HELXI Solar loan-backed notes 6.48 % 245,454 29,504 6.29 % 247,251 31,240 Debt discount, net (11,557) — (12,007) — Deferred financing costs, net (4,891) — (5,195) — HELXII Solar loan-backed notes 6.98 % 209,739 25,375 6.71 % 210,263 26,661 Debt discount, net (12,401) — (13,065) — Deferred financing costs, net (4,153) — (4,135) — AP9 Revolving credit facility 18.73 % 16,035 — 19.30 % 12,118 — Debt discount, net (494) — (572) — HESI Solar loan-backed notes 4.04 % 211,331 26,988 10.94 % 213,432 26,625 Debt discount, net (7,337) — (7,616) — Deferred financing costs, net (6,740) — (7,058) — SOLVI Solar asset-backed notes 6.31 % 221,811 4,188 — — Debt discount, net (12,194) — — — Deferred financing costs, net (5,091) — — — HELXIII Solar loan-backed notes 5.93 % 202,235 20,006 — — Debt discount, net (7,412) — — — Deferred financing costs, net (4,490) — — — Total $ 7,273,736 $ 493,496 $ 7,030,756 $ 483,497 Availability. As of March 31, 2024, we had $860.8 million of available borrowing capacity under our various financing arrangements, consisting of $484.8 million under the EZOP revolving credit facility, $286.2 million under the TEPH revolving credit facility, $15.9 million under the IS revolving credit facility, $49.0 million under the AP9 revolving credit facility and $25.0 million under the BMB revolving credit facility. There was no available borrowing capacity under any of our other financing arrangements. As of March 31, 2024, we were in compliance with all debt covenants under our financing arrangements. Weighted Average Effective Interest Rates. The weighted average effective interest rates disclosed in the table above are the weighted average stated interest rates for each debt instrument plus the effect on interest expense for other items classified as interest expense, such as the amortization of deferred financing costs, amortization of debt discounts and commitment fees on unused balances for the period of time the debt was outstanding during the indicated periods. EZOP Debt . In February 2024, we amended the EZOP revolving credit facility to, among other things, (a) reflect certain assignments of commitments occurring within the Atlas Lender Group (as defined by such revolving credit facility) without increasing the existing commitments, and the assignment of the role of the Atlas funding agent for the Atlas Lender Group, (b) amend the thresholds for certain "Amortization Events" (as defined by such revolving credit facility) and (c) modify the "Liquidity Reserve Account Required Balance" (as defined by such revolving credit facility). In March 2024, we amended the EZOP revolving credit facility to, among other things, (a) amend the Advance Rate, Excess Concentration Amount (in each case, as defined by such revolving credit facility) and certain related definitions and (b) amend the eligibility criteria for the Solar Loans (as defined by such revolving credit facility). We currently do not have the resources to repay this facility when it becomes due in November 2025. However, we believe we will be able to satisfy this obligation through a refinancing of the facility. Although we believe it is probable we will refinance this facility, there can be no assurance about our ability to do so. TEPH Debt . In February 2024, we amended the TEPH revolving credit facility to, among other things, reflect an assignment of commitments occurring within the Atlas Lender Group (as defined by such revolving credit facility) without increasing the existing commitments and the appointment of a new Atlas funding agent for the Atlas Lender Group. We currently do not have the resources to repay this facility when it becomes due in November 2025. However, we believe we will be able to satisfy this obligation through a refinancing of the facility. Although we believe it is probable we will refinance this facility, there can be no assurance about our ability to do so. AP8 Debt . We currently do not have the resources to repay this facility when it becomes due in September 2024. However, we believe we will be able to satisfy this obligation through either a refinancing of the facility or an amendment and extension and have commenced discussions with this lender group. Although we believe it is probable we will refinance or extend this facility, there can be no assurance about our ability to do so. The AP8 revolving credit facility is non-recourse to Sunnova Energy Corporation. Absent a refinancing or extension, a failure to pay the principal and interest on the AP8 revolving credit facility when due would result in an event of default that enables the requisite lenders to demand immediate payment or exercise other remedies, such as charging default interest. If the lenders were to demand immediate repayment, the non-recourse borrower would not have sufficient liquidity to meet its obligations when they come due and the lenders would be able to seek foreclosure of the collateral at AP8. While we believe such event at AP8, if it were to occur, would not by itself have a material impact on our consolidated business operations or expected cash flows, it may affect the availability or terms of future financings for us and we may expend additional funds or incur additional obligations over the shorter term to ensure compliance with the terms of the AP8 revolving credit facility. SOLVI Debt . In February 2024, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLVI, a special purpose entity, that issued $194.5 million in aggregate principal amount of Series 2024-1 Class A solar asset-backed notes, $16.5 million in aggregate principal amount of Series 2024-1 Class B solar asset-backed notes and $15.0 million in aggregate principal amount of Series 2024-1 Class C solar asset-backed notes (collectively, the "SOLVI Notes") with a maturity date of January 2059. The SOLVI Notes were issued at a discount of 4.66%, 7.08% and 13.98% for the Class A, Class B and Class C notes, respectively, and bear interest at an annual rate equal to 5.65%, 7.00% and 9.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by the solar energy systems and the related asset receivables of SOLVI's subsidiaries are used to service the quarterly principal and interest payments on the SOLVI Notes and satisfy SOLVI's expenses, and any remaining cash can be distributed to Sunnova SOL VI Depositor, LLC, SOLVI's sole member. In connection with the SOLVI Notes, certain of our affiliates receive a fee for managing the solar energy systems and servicing the related asset receivables pursuant to a transaction management agreement and management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage the solar energy systems and service the related asset receivables pursuant to a transaction management agreement and management and servicing agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLVI pursuant to the sale and contribution agreement. SOLVI is also required to maintain certain reserve accounts for the benefit of the holders of the SOLVI Notes, each of which must remain funded at all times to the levels specified in the SOLVI Notes. The indenture requires SOLVI to track the debt service coverage ratio (such ratio, the "DSCR") of (a) the amount of certain payments received from customers, certain performance based incentives, certain energy credits and any applicable insurance proceeds as of a specific date to (b) interest and scheduled principal due on the SOLVI Notes as of such date, with the potential to enter into an early amortization period if the DSCR drops below a certain threshold. The holders of the SOLVI Notes have no recourse to our other assets except as expressly set forth in the SOLVI Notes. HELXIII Debt. In February 2024, we pooled and transferred eligible solar loans and home improvement loans and the related receivables into HELXIII, a special purpose entity, that issued $166.0 million in aggregate principal amount of Series 2024-A Class A loan-backed notes, $33.9 million in aggregate principal amount of Series 2024-A Class B loan-backed notes and $27.1 million in aggregate principal amount of Series 2024-A Class C loan-backed notes (collectively, the "HELXIII Notes") with a maturity date of February 2051. The HELXIII Notes were issued at a discount of 2.77%, 2.83% and 7.18% for the Class A, Class B and Class C notes, respectively, and bear interest at an annual rate of 5.30%, 6.00% and 7.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans and home improvement loans are used to service the monthly principal and interest payments on the HELXIII Notes and satisfy HELXIII's expenses, and any remaining cash can be distributed to Sunnova Helios XIII Depositor, LLC, HELXIII's sole member. In connection with the HELXIII Notes, certain of our affiliates receive a fee for managing the solar energy systems and servicing the loans pursuant to management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage the solar energy systems and service the loans pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible loans eventually sold to HELXIII pursuant to the related sale and contribution agreement. HELXIII is also required to maintain certain reserve accounts for the benefit of the holders of the HELXIII Notes, each of which must be funded at all times to the levels specified in the HELXIII Notes. The holders of the HELXIII Notes have no recourse to our other assets except as expressly set forth in the HELXIII Notes. Fair Values of Long-Term Debt . The fair values of our long-term debt and the corresponding carrying amounts are as follows: As of March 31, 2024 As of December 31, 2023 Carrying Estimated Carrying Estimated (in thousands) SEI 0.25% convertible senior notes $ 575,000 $ 525,613 $ 575,000 $ 528,927 SEI 2.625% convertible senior notes 600,000 573,142 600,000 582,463 Sunnova Energy Corporation notes payable 577 577 3,084 3,084 Sunnova Energy Corporation 5.875% senior notes 400,000 365,469 400,000 369,522 Sunnova Energy Corporation 11.75% senior notes 400,000 405,000 400,000 411,996 EZOP revolving credit facility 390,171 390,171 511,000 511,000 HELII solar asset-backed notes 199,619 190,852 203,998 198,590 RAYSI solar asset-backed notes 110,136 99,097 111,445 102,480 HELIII solar loan-backed notes 94,350 84,768 96,215 87,982 TEPH revolving credit facility 1,024,850 1,024,850 1,036,600 1,036,600 SOLI solar asset-backed notes 345,822 302,703 348,839 310,928 HELIV solar loan-backed notes 106,537 94,302 108,312 96,603 AP8 revolving credit facility 215,000 215,000 215,000 215,000 SOLII solar asset-backed notes 226,671 187,047 229,150 192,589 HELV solar loan-backed notes 145,794 129,066 147,969 132,533 SOLIII solar asset-backed notes 267,971 225,794 273,307 235,318 HELVI solar loan-backed notes 170,852 149,053 173,422 153,836 HELVII solar loan-backed notes 132,192 117,336 133,715 120,413 HELVIII solar loan-backed notes 260,160 235,016 263,015 241,599 SOLIV solar asset-backed notes 331,100 315,978 334,076 325,816 HELIX solar loan-backed notes 208,828 196,646 211,420 203,375 HELX solar loan-backed notes 216,717 214,023 220,838 221,655 IS revolving credit facility 34,100 34,100 31,300 31,300 SOLV solar asset-backed notes 318,421 308,776 320,619 317,481 HELXI solar loan-backed notes 274,958 267,125 278,491 275,323 HELXII solar loan-backed notes 235,114 234,834 236,924 242,091 AP9 revolving credit facility 16,035 16,035 12,118 12,118 HESI solar loan-backed notes 238,319 241,742 240,057 249,318 SOLVI solar asset-backed notes 225,999 227,628 — — HELXIII solar loan-backed notes 222,241 222,698 — — Total (1) $ 7,987,534 $ 7,594,441 $ 7,715,914 $ 7,409,940 (1) Amounts exclude the net deferred financing costs (classified as debt) and net debt discounts of $220.3 million and $201.7 million as of March 31, 2024 and December 31, 2023, respectively. For the notes payable, EZOP, TEPH, AP8, IS and AP9 debt, the estimated fair values approximate the carrying amounts primarily due to the variable nature of the interest rates of the underlying instruments. For the convertible senior notes, senior notes and the HELII, RAYSI, HELIII, SOLI, HELIV, SOLII, HELV, SOLIII, HELVI, HELVII, HELVIII, SOLIV, HELIX, HELX, SOLV, HELXI, HELXII, HESI, SOLVI and HELXIII debt, we determined the estimated fair values based on an analysis of debt with similar book values, maturities and required market yields based on current interest rates.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest Rate Swaps and Caps on EZOP Debt. During the three months ended March 31, 2024 and 2023, EZOP entered into interest rate swaps and caps for an aggregate notional amount of $73.1 million and $153.0 million, respectively, to economically hedge its exposure to the variable interest rates on a portion of the outstanding EZOP debt. No collateral was posted for the interest rate swaps and caps as they are secured under the EZOP revolving credit facility. In August 2023, the notional amount of the interest rate swaps and caps began decreasing to match EZOP's estimated monthly principal payments on the debt. During the three months ended March 31, 2024 and 2023, EZOP unwound interest rate swaps and caps with an aggregate notional amount of $511.7 million and $0, respectively, and recorded a realized loss of $1.2 million and a realized gain of $4.8 million, respectively. Interest Rate Swaps and Caps on TEPH Debt. During the three months ended March 31, 2024 and 2023, TEPH entered into interest rate swaps and caps for an aggregate notional amount of $340.0 million and $119.6 million, respectively, to economically hedge its exposure to the variable interest rates on a portion of the outstanding TEPH debt. No collateral was posted for the interest rate swaps and caps as they are secured under the TEPH revolving credit facility. In October 2025, the notional amount of the interest rate swaps and caps will begin decreasing to match TEPH's estimated quarterly principal payments on the debt. During the three months ended March 31, 2024 and 2023, TEPH unwound interest rate swaps and caps with an aggregate notional amount of $362.6 million and $0, respectively, and recorded a realized gain of $3.5 million and $1.9 million, respectively. Interest Rate Swaps and Caps on AP8 Debt. During the three months ended March 31, 2024 and 2023, AP8 entered into interest rate swaps and caps for an aggregate notional amount of $0 and $75.0 million, respectively, to economically hedge its exposure to the variable interest rates on a portion of the outstanding AP8 debt. No collateral was posted for the interest rate swaps and caps as they are secured under the AP8 revolving credit facility. The notional amount of the interest rate swaps and caps is locked for the life of the contract. During the three months ended March 31, 2024 and 2023, AP8 unwound interest rate swaps and caps with an aggregate notional amount of $0 and recorded a realized gain of $620,000 and $3,000, respectively. Interest Rate Swaps and Caps on AP9 Debt. During the three months ended March 31, 2024 and 2023, AP9 entered into interest rate swaps and caps for an aggregate notional amount of $0 to economically hedge its exposure to the variable interest rates on a portion of the outstanding AP9 debt. No collateral was posted for the interest rate swaps and caps as they are secured under the AP9 revolving credit facility. In September 2025, the notional amount of the interest rate swaps and caps will begin decreasing to match AP9's estimated monthly principal payments on the debt. During the three months ended March 31, 2024 and 2023, AP9 unwound interest rate swaps and caps with an aggregate notional amount of $0 and recorded a realized gain of $90,000 and $0, respectively. The following table presents a summary of the outstanding derivative instruments: As of March 31, 2024 As of December 31, 2023 Effective Termination Fixed Aggregate Effective Termination Fixed Aggregate (in thousands, except interest rates) EZOP July 2023 - March 2024 June 2028 - November 2035 2.000% $ 372,000 July 2023 - December 2023 December 2028 - November 2035 2.000% $ 489,581 TEPH February 2023 - March 2024 October 2031 - October 2041 3.000% - 4.202% 974,600 July 2022 - December 2023 October 2031 - October 2041 2.620% - 4.202% 994,403 AP8 November 2022 - August 2023 September 2025 4.250% 215,000 November 2022 - August 2023 September 2025 4.250% 215,000 AP9 September 2023 September 2027 4.250% 25,000 September 2023 September 2027 4.250% 25,000 Total $ 1,586,600 $ 1,723,984 The following table presents the fair value of the interest rate swaps and caps as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Other assets $ 54,226 $ 55,471 We did not designate the interest rate swaps and caps as hedging instruments for accounting purposes. As a result, we recognize changes in fair value immediately in interest expense, net. The following table presents the impact of the interest rate swaps and caps as recorded in the unaudited condensed consolidated statements of operations: Three Months Ended 2024 2023 (in thousands) Realized gain $ (3,050) $ (6,707) Unrealized (gain) loss (30,698) 23,616 Total $ (33,748) $ 16,909

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate is 32% and 0% for the three months ended March 31, 2024 and 2023, respectively. Total income tax differs from the amounts computed by applying the statutory income tax rate to loss before income tax primarily as a result of our valuation allowance and income tax benefit from the sale of ITCs. For interim reporting, we apply a forecasted annualized effective tax rate to year-to-date loss before income tax. We assessed whether we had any significant uncertain tax positions taken in a filed tax return, planned to be taken in a future tax return or claim, or otherwise subject to interpretation and determined there were none not more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position, or prospectively approved when such approval may be sought in advance. Should a provision for any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to accrue for such in our income tax accounts. There were no such accruals as of March 31, 2024 and December 31, 2023 and we do not expect a significant change in gross unrecognized tax benefits in the next twelve months. Our tax years after 2013 remain subject to examination by the IRS and by the taxing authorities in the states and territories in which we operate.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests and Noncontrolling Interests	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests and Noncontrolling Interests	Redeemable Noncontrolling Interests and Noncontrolling Interests Redeemable Noncontrolling Interests In February 2024, we admitted a tax equity investor as the Class A member of Sunnova TEP 8-D, LLC ("TEP8D"), a subsidiary of Sunnova TEP 8-D Manager, LLC, which is the Class B member of TEP8D. The Class A member of TEP8D made a total capital commitment of $195.0 million. In February 2024, the Class A member of Sunnova TEP 7-F, LLC increased its capital commitment from approximately $134.9 million to approximately $190.8 million. In March 2024, the Class A member of Sunnova TEP 7-E, LLC increased its capital commitment from $51.0 million to approximately $51.2 million. Noncontrolling Interests In February 2024, the Class A member of Sunnova TEP 7-A, LLC increased its capital commitment from approximately $59.0 million to approximately $61.4 million.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation In February 2024, the aggregate number of shares of common stock that may be issued pursuant to awards under the 2019 Long-Term Incentive Plan (the "LTIP") was increased by 2,960,908, an amount that, together with the shares remaining available for grant under the LTIP, is equal to 6,123,326 shares, or approximately 5% of the number of shares of common stock outstanding as of December 31, 2023. Stock Options The following table summarizes stock option activity: Number Weighted Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2023 4,018,149 $ 17.61 4.97 $ 5,542 Granted 1,817,193 $ 7.02 9.93 $ 4.31 Exercised (11,357) $ 1.85 $ 118 Forfeited (87,259) $ 17.99 $ 10.31 Outstanding, March 31, 2024 5,736,726 $ 14.28 6.32 $ — Exercisable, March 31, 2024 2,712,597 $ 17.31 2.84 $ — Vested and expected to vest, March 31, 2024 5,736,726 $ 14.28 6.32 $ — Non-vested, March 31, 2024 3,024,129 $ 6.69 The number of stock options that vested during the three months ended March 31, 2024 and 2023 was 148,859 and 16,816, respectively. The grant date fair value of stock options that vested during the three months ended March 31, 2024 and 2023 was $2.2 million and $309,000, respectively. As of March 31, 2024, there was $14.9 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over the remaining weighted average period of 2.45 years. Restricted Stock Units The following table summarizes restricted stock unit activity: Number of Weighted Outstanding, December 31, 2023 2,384,205 $ 16.60 Granted 5,514,576 $ 6.33 Vested (1,776,290) $ 10.21 Forfeited (345,241) $ 10.85 Outstanding, March 31, 2024 5,777,250 $ 9.06 The number of restricted stock units that vested during the three months ended March 31, 2024 and 2023 was 1,776,290 and 740,979, respectively. The grant date fair value of restricted stock units that vested during the three months ended March 31, 2024 and 2023 was $18.1 million and $13.5 million, respectively. As of March 31, 2024, there was $45.1 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over the remaining weighted average period of 1.92 years. Employee Stock Purchase Plan ("ESPP") As of March 31, 2024 and December 31, 2023, the number of shares of common stock issued under the ESPP was 35,160.

Basic and Diluted Net Loss Per

Basic and Diluted Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Share	Basic and Diluted Net Loss Per Share The following table sets forth the computation of our basic and diluted net loss per share: Three Months Ended 2024 2023 (in thousands, except share and per share amounts) Net loss attributable to stockholders—basic and diluted $ (69,960) $ (81,083) Net loss per share attributable to stockholders—basic and diluted $ (0.57) $ (0.70) Weighted average common shares outstanding—basic and diluted 122,894,548 115,073,975 The following table presents the weighted average shares of common stock equivalents that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive: Three Months Ended 2024 2023 Equity-based compensation awards 7,935,379 5,037,823 Convertible senior notes 34,150,407 34,150,407

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal. We are a party to a number of lawsuits, claims and governmental proceedings that are ordinary, routine matters incidental to our business. In addition, in the ordinary course of business, we periodically have disputes with dealers and customers. We do not expect the outcomes of these matters to have, either individually or in the aggregate, a material adverse effect on our financial position or results of operations. Performance Guarantee Obligations. As of March 31, 2024, we recorded $6.0 million related to our guarantee of certain specified minimum solar energy production output under our leases and loans, of which $3.1 million is recorded in other current liabilities and $2.9 million is recorded in other long-term liabilities in the unaudited condensed consolidated balance sheet. As of December 31, 2023, we recorded $6.8 million related to these guarantees, of which $2.7 million is recorded in other current liabilities and $4.1 million is recorded in other long-term liabilities in the unaudited condensed consolidated balance sheet. The changes in our aggregate performance guarantee obligations are as follows: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 6,753 $ 4,845 Accruals 1,913 1,015 Settlements (2,669) (2,731) Balance at end of period $ 5,997 $ 3,129 Operating and Finance Leases . We lease real estate and certain office equipment under operating leases and vehicles and certain other office equipment under finance leases. The following table presents the detail of lease expense as recorded in general and administrative expense in the unaudited condensed consolidated statements of operations: Three Months Ended 2024 2023 (in thousands) Operating lease expense $ 753 $ 692 Finance lease expense: Amortization expense 418 230 Interest on lease liabilities 49 18 Short-term lease expense 83 27 Variable lease expense 305 233 Total $ 1,608 $ 1,200 The following table presents the detail of right-of-use assets and lease liabilities as recorded in other assets other current liabilities other long-term liabilities As of As of (in thousands) Right-of-use assets: Operating leases $ 12,740 $ 13,247 Finance leases 4,497 4,085 Total right-of-use assets $ 17,237 $ 17,332 Current lease liabilities: Operating leases $ 2,961 $ 2,883 Finance leases 1,510 1,348 Long-term leases liabilities: Operating leases 13,296 14,005 Finance leases 1,787 1,631 Total lease liabilities $ 19,554 $ 19,867 Other information related to leases was as follows: Three Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 878 $ 764 Operating cash flows from finance leases $ 49 $ 18 Financing cash flows from finance leases $ 371 $ 211 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 90 $ — Finance leases $ 831 $ 83 As of As of Weighted average remaining lease term (years): Operating leases 5.27 5.51 Finance leases 3.11 3.12 Weighted average discount rate: Operating leases 4.06 % 4.06 % Finance leases 6.29 % 6.26 % Future minimum lease payments under our non-cancelable leases as of March 31, 2024 were as follows: Operating Finance (in thousands) Remaining 2024 $ 2,667 $ 1,312 2025 3,458 1,158 2026 3,240 707 2027 3,304 400 2028 3,372 20 2029 and thereafter 2,113 — Total 18,154 3,597 Amount representing interest (1,821) (300) Amount representing leasehold incentives (76) — Present value of future payments 16,257 3,297 Current portion of lease liability (2,961) (1,510) Long-term portion of lease liability $ 13,296 $ 1,787 Guarantees or Indemnifications . We enter into contracts that include indemnifications and guarantee provisions. In general, we enter into contracts with indemnities for matters such as breaches of representations and warranties and covenants contained in the contract and/or against certain specified liabilities. Examples of these contracts include dealer agreements, debt agreements, asset purchases and sales agreements, service agreements and procurement agreements. We are unable to estimate our maximum potential exposure under these agreements until an event triggering payment occurs. Dealer Commitments. As of March 31, 2024 and December 31, 2023, the net unamortized balance of payments to dealers for exclusivity and other similar arrangements was $174.5 million and $166.4 million, respectively. Under these agreements, we paid $9.6 million and $24.6 million during the three months ended March 31, 2024 and 2023, respectively. We could be obligated to make maximum payments, excluding additional amounts payable on a per watt basis if even higher thresholds are met, as follows: Dealer (in thousands) Remaining 2024 $ 65,579 2025 57,079 2026 36,904 2027 30,000 2028 — 2029 and thereafter — Total $ 189,562 Purchase Commitments. In April 2024, we amended an agreement with a supplier in which we agreed to purchase approximately $255.0 million of solar energy systems from May 2024 through March 2025. Under this agreement, we purchased $6.8 million and $78.4 million during the three months ended March 31, 2024 and 2023, respectively. Software and Business Technology Commitments. We have certain long-term contractual commitments related to software and business technology services and licenses. Future commitments as of March 31, 2024 were as follows: Software and Business Technology Commitments (in thousands) Remaining 2024 $ 15,115 2025 7,389 2026 6,137 2027 7,405 2028 515 2029 and thereafter 515 Total $ 37,076

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events TEPH Debt . In April 2024, additional lenders joined the TEPH revolving credit facility and the aggregate commitment amount was increased from $1.3 billion to $1.4 billion. IS Debt . In April 2024, we amended the IS revolving credit facility to, among other things, (a) change the date on which payments are made to borrower from the collections account from monthly to weekly and (b) increase the applicable margin by 0.75% which results in a revised margin of (i) 3.25% for term SOFR loans and (ii) 2.25% for base rate loans.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (69,960)	$ (81,083)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
William J. Berger [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended March 31, 2024, William J. Berger, Chief Executive Officer, adopted a trading plan (the "10b5-1 Plan") intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The 10b5-1 Plan, which commences on July 30, 2024 and ends on August 30, 2024, authorizes an agent to sell such securities as are necessary to satisfy tax withholding obligations, commissions and any fees, arising exclusively from the vesting of up to 119,047 restricted stock units.
Name	William J. Berger
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 31, 2024
Arrangement Duration	31 days
Aggregate Available	119,047

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements ("interim financial statements") include our consolidated balance sheets, statements of operations, statements of redeemable noncontrolling interests and equity and statements of cash flows and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") from records maintained by us. We have condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. As such, these interim financial statements should be read in conjunction with our 2023 annual audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K filed with the SEC on February 22, 2024. Our interim financial statements reflect all normal recurring adjustments necessary, in our opinion, to state fairly our financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period because of our continual growth, seasonal fluctuations in demand for power, timing of maintenance and other expenditures, changes in interest expense and other factors. Our interim financial statements include our accounts and those of our subsidiaries in which we have a controlling financial interest. In accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation , we consolidate any VIE of which we are the primary beneficiary. We form VIEs with our investors in the ordinary course of business to facilitate the funding and monetization of certain attributes associated with our solar energy systems. The typical condition for a controlling financial interest is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve holding a majority of the voting interests. A primary beneficiary is defined as the party that has (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. We do not consolidate a VIE in which we have a majority ownership interest when we are not considered the primary beneficiary. We have considered the provisions within the contractual arrangements that grant us power to manage and make decisions that affect the operation of our VIEs, including determining the solar energy systems contributed to the VIEs, and the installation, operation and maintenance of the solar energy systems. We consider the rights granted to the other investors under the contractual arrangements to be more protective in nature rather than substantive participating rights. As such, we have determined we are the primary beneficiary of our VIEs and evaluate our relationships with our VIEs on an ongoing basis to determine whether we continue to be the primary beneficiary. We have eliminated all intercompany transactions in consolidation.
Use of Estimates	Use of Estimates The application of GAAP in the preparation of the interim financial statements requires us to make estimates and assumptions that affect the amounts reported in the interim financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates.
Accounts Receivable	Accounts Receivable Accounts Receivable—Trade. Accounts Receivable—Other.
Inventory	Inventory
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or a liability. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: • Level 1—Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2—Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy must be determined based on the lowest level input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability. Our financial instruments include cash, cash equivalents, accounts receivable, customer notes receivable, investments in solar receivables, accounts payable, accrued expenses, long-term debt, interest rate swaps and caps and contingent consideration. The carrying values of accounts receivable, accounts payable and accrued expenses approximate the fair values due to the fact that they are short-term in nature (Level 1). We estimate the fair value of our customer notes receivable based on interest rates currently offered under the loan program with similar maturities and terms (Level 3). We estimate the fair value of our investments in solar receivables based on a discounted cash flows model that utilizes market data related to solar irradiance, production factors by region and projected electric utility rates in order to build up revenue projections (Level 3). In addition, lease-related revenue and maintenance and service costs were supported through the use of available market studies and data. We estimate the fair value of our fixed-rate long-term debt based on an analysis of debt with similar book values, maturities and required market yields based on current interest rates (Level 3). We determine the fair values of the interest rate derivative transactions based on a discounted cash flow method using contractual terms of the transactions and counterparty credit risk as key inputs. The floating interest rate is based on observable rates consistent with the frequency of the interest cash flows (Level 2). For contingent consideration, we estimate the fair value of the installation earnout using the Monte Carlo model based on the forecasted placements for the installations and the microgrid earnout using a scenario-based methodology based on the probabilities of the microgrid earnout, both using Level 3 inputs. See Note 6, Customer Notes Receivable, Note 7, Long-Term Debt and Note 8, Derivative Instruments. other operating expense/income
Revenue / Loans / Deferred Revenue	Revenue We recognize revenue from contracts with customers as we satisfy our performance obligations at a transaction price reflecting an amount of consideration based upon an estimated rate of return, net of cash incentives. We express this rate of return as the solar rate per kilowatt hour ("kWh") in the customer contract. The amount of revenue we recognize does not equal customer cash payments because we satisfy performance obligations ahead of cash receipt or evenly as we provide continuous access on a stand-ready basis to the solar energy system. We reflect the differences between revenue recognition and cash payments received in accounts receivable, other assets or deferred revenue, as appropriate. Revenue allocated to remaining performance obligations represents contracted revenue we have not yet recognized and includes deferred revenue as well as amounts that will be invoiced and recognized as revenue in future periods. Contracted but not yet recognized revenue was approximately $6.0 billion as of March 31, 2024, of which we expect to recognize approximately 4% over the next 12 months. We do not expect the annual recognition to vary significantly over approximately the next 19 years as the vast majority of existing customer agreements have at least 19 years remaining, given the average age of the fleet of solar energy systems under contract is less than four years. Certain customers may receive cash incentives. We defer recognition of the payment of these cash incentives and recognize them over the life of the contract as a reduction to revenue. The deferred payment is recorded in other assets for customers who receive the cash incentives under our lease and PPA agreements, and as a contra-liability in other long-term liabilities for customers who receive the cash incentives under our loan agreements. PPA Revenue. Customers purchase electricity from us under PPAs. Pursuant to ASC 606, we recognize revenue based upon the amount of electricity delivered as determined by remote monitoring equipment at solar rates specified under the PPAs. All customers must pass our credit evaluation process. The PPAs generally have a term of 20 or 25 years with an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options. Lease Revenue . We are the lessor under lease agreements for solar energy systems and energy storage systems, which do not meet the definition of a lease under ASC 842 and are accounted for as contracts with customers under ASC 606. We recognize revenue on a straight-line basis over the contract term as we satisfy our obligation to provide continuous access to the solar energy system. All customers must pass our credit evaluation process. The lease agreements generally have a term of 20 or 25 years with an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options. In most cases, we provide customers under our lease agreements a performance guarantee that each solar energy system will achieve a certain specified minimum solar energy production output, which is a significant proportion of its expected output. The specified minimum solar energy production output may not be achieved due to natural fluctuations in the weather or equipment failures from exposure and wear and tear outside of our control, among other factors. We determine the amount of the guaranteed output based on a number of different factors, including: (a) the specific site information related to the tilt of the panels, azimuth (a horizontal angle measured clockwise in degrees from a reference direction) of the panels, size of the system, and shading on site; (b) the calculated amount of available irradiance (amount of energy for a given flat surface facing a specific direction) based on historical average weather data and (c) the calculated amount of energy output of the solar energy system. While actual irradiance levels can significantly change year over year due to natural fluctuations in the weather, we expect the levels to average out over the term of a lease and to approximate the levels used in determining the amount of the performance guarantee. Generally, weather fluctuations are the most likely reason a solar energy system may not achieve a certain specified minimum solar energy production output. If the solar energy system does not produce the guaranteed production amount, we are required to refund a portion of the previously remitted customer payments, where the repayment is calculated as the product of (a) the shortfall production amount and (b) the dollar amount (guaranteed rate) per kWh that is fixed throughout the term of the contract. These remittances of a customer's payments, if needed, are payable as early as the first anniversary of the solar energy system's placed in service date and then every annual period thereafter. See Note 13, Commitments and Contingencies. Inventory Sales Revenue . Inventory sales revenue represents revenue from the direct sale of inventory to our dealers or other parties. We recognize the related revenue under ASC 606 upon shipment or upon sale when a bill and hold agreement is in place. Shipping and handling costs are included in cost of revenue—inventory sales in the consolidated statements of operations. Service Revenue. Service revenue includes sales of service plans and repair services. Service plans are available to customers whose solar energy system was not originally sold by Sunnova. We recognize revenue from service plan contracts on a straight-line basis over the life of the contract, which is typically 10 years. We recognize revenue from repair services in the period in which the service was performed. Direct Sales Revenue. Direct sales revenue includes revenue from the direct sale of solar energy systems and energy storage systems to customers with financing provided by us. We recognize revenue from the direct sale of solar energy systems and energy storage systems in the period in which the systems are placed in service. Solar Renewable Energy Certificate Revenue. Each solar renewable energy certificate ("SREC") represents the environmental benefit of one megawatt hour (1,000 kWh) generated by a solar energy system. SRECs can be sold separate from the actual electricity generated by the renewable-based generation source. We account for the SRECs we generate from our solar energy systems as governmental incentives with no costs incurred to obtain them and do not consider those SRECs output of the underlying solar energy systems. We classify these SRECs as inventory held until sold and delivered to third parties. As we did not incur costs to obtain these governmental incentives, the inventory carrying value for the SRECs was $0 as of March 31, 2024 and December 31, 2023. We enter into economic hedges related to expected production of SRECs through forward contracts. While these fixed price forward contracts serve as an economic hedge against spot price fluctuations for the SRECs, the contracts do not qualify for hedge accounting and are not designated as cash flow hedges or fair value hedges. The contracts require us to physically deliver the SRECs upon settlement. We recognize the related revenue under ASC 606 upon satisfaction of the performance obligation to transfer the SRECs to the stated counterparty. Payments are typically received within one month of transferring the SREC to the counterparty. The costs related to the sales of SRECs are generally limited to broker fees (recorded in cost of revenue—other), which are only paid in connection with certain transactions. In certain circumstances we are required to purchase SRECs on the open market to fulfill minimum delivery requirements under our forward contracts. Cash Sales Revenue. Cash sales revenue represents revenue from a customer's purchase of a solar energy system from us typically when purchasing a new home. We recognize the related revenue under ASC 606 upon verification of the home closing. Loan Revenue. See discussion of loan revenue in the " Loans " section below. Other Revenue. Other revenue includes certain state and utility incentives. We recognize revenue from state and utility incentives in the periods in which they are earned. Loans We offer a loan program, under which the customer finances the purchase of a solar energy system, energy storage system and/or accessory through a customer agreement, typically for a term of 10, 15 or 25 years. We recognize cash payments received from customers on a monthly basis under our loan program (a) as interest income, to the extent attributable to earned interest on the contract that financed the customer's purchase; (b) as a reduction of a note receivable on the balance sheet, to the extent attributable to a return of principal (whether scheduled or prepaid) on the contract that financed the customer's purchase; and (c) as revenue, to the extent attributable to payments for operations and maintenance services provided by us. To qualify for the loan program, a customer must pass our credit evaluation process, which requires the customer to have a minimum FICO ® score of 600 to 780 depending on certain circumstances, and we secure the loans with the solar energy systems, energy storage systems or accessories financed. The credit evaluation process is performed once for each customer at the time the customer is entering into the customer agreement with us. Our investments in solar energy systems, energy storage systems and/or accessories related to the loan program that are not yet placed in service are recorded in other assets in the consolidated balance sheets and are transferred to customer notes receivable upon being placed in service. Customer notes receivable are recorded at amortized cost, net of an allowance for credit losses (as described below), in other current assets and customer notes receivable in the consolidated balance sheets. Accrued interest receivable related to our customer notes receivable is recorded in accounts receivable—trade, net in the consolidated balance sheets. Interest income from customer notes receivable is recorded in interest income in the consolidated statements of operations. The amortized cost of our customer notes receivable is equal to the principal balance of customer notes receivable outstanding and does not include accrued interest receivable. Customer notes receivable continue to accrue interest until they are written off against the allowance, which occurs when the balance is 180 days or more past due unless the balance is in the process of collection. Customer notes receivable are considered past due one day after the due date based on the contractual terms of the loan agreement. In all cases, customer notes receivable balances are placed on a nonaccrual status or written off at an earlier date when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously written off and expected to be written off. Accrued interest receivable for customer notes receivable placed on a nonaccrual status is recorded as a reduction to interest income. Interest received on such customer notes receivable is accounted for on a cash basis until the customer notes receivable qualifies for the return to accrual status. Customer notes receivable are returned to accrual status when there is no longer any principal or interest amounts past due and future payments are reasonably assured. The allowance for credit losses is deducted from the customer notes receivable amortized cost to present the net amount expected to be collected. It is measured on a collective (pool) basis when similar risk characteristics (such as financial asset type, customer credit rating, contractual term and vintage) exist. In determining the allowance for credit losses, we identify customers with potential disputes or collection issues and consider our historical level of credit losses and current economic trends that might impact the level of future credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics, such as differences in underwriting standards. Expected credit losses are estimated over the contractual term of the loan agreements based on the best available data at the time and adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: (a) we have a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual customer or (b) the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by us. Expected credit losses are recorded in general and administrative expense in the consolidated statements of operations. See Note 6, Customer Notes Receivable. Deferred Revenue
Self-Insurance	Self-Insurance In January 2023, we changed our health insurance policy for qualifying employees in the U.S. from a fully-insured policy to a self-insured policy in order to administer insurance coverage to our employees at a lower cost to us. The change in insurance policy did not have a significant impact on our consolidated financial statements and related disclosures. Under the self-insured policy, we maintain stop-loss coverage from a third party that limits our exposure to large claims. We record a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, we utilize a third-party actuary to estimate a range of expected losses, which are based on an analysis of historical data. Assumptions are monitored and adjusted when warranted by changing circumstances. We record our liability for estimated losses under our self-insured policy in accrued liabilities in the consolidated balance sheets. As of March 31, 2024 and December 31, 2023, our liability for self-insured claims was $4.9 million and $3.5 million, respectively, which represents our best estimate of the future cost of claims incurred as of that date. We believe we have adequate reserves for these claims as of March 31, 2024; however, the actual value of such claims could be significantly affected if future occurrences and claims differ from these assumptions.
New Accounting Guidance	New Accounting Guidance New accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted as of the specified effective date. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, to refine and ensure a broader and more transparent representation of segment-related financial activities. This ASU is effective for annual periods beginning in January 2024 and interim periods beginning in January 2025. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to improve the transparency and effectiveness of income tax disclosures, including rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning in January 2025. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Changes in the allowance for credit losses	The following table presents the changes in the allowance for credit losses recorded against accounts receivable—trade, net in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 2,559 $ 1,676 Provision for current expected credit losses 1,826 928 Write off of uncollectible accounts (1,478) (779) Recoveries 99 62 Other, net (67) — Balance at end of period $ 2,939 $ 1,887 following table presents the changes in the allowance for credit losses recorded against accounts receivable—other in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 13,045 $ — Provision for current expected credit losses 581 671 Write off of uncollectible accounts (6,850) — Balance at end of period $ 6,776 $ 671 The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 116,477 $ 81,248 Provision for current expected credit (gains) losses (252) 10,211 Balance at end of period $ 116,225 $ 91,459
Schedule of inventory	The following table presents the detail of inventory as recorded in other current assets in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Energy storage systems and components $ 55,110 $ 83,178 Homebuilder construction in progress 42,668 36,461 Modules and inverters 31,246 27,143 Meters and modems 1,732 1,793 Total $ 130,756 $ 148,575
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following tables present our financial instruments measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Financial assets: Investments in solar receivables $ 67,942 $ — $ — $ 67,942 Derivative assets 54,226 — 54,226 — Total $ 122,168 $ — $ 54,226 $ 67,942 Financial liabilities: Contingent consideration $ 4,685 $ — $ — $ 4,685 Total $ 4,685 $ — $ — $ 4,685 As of December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Financial assets: Investments in solar receivables $ 69,334 $ — $ — $ 69,334 Derivative assets 55,471 — 55,471 — Total $ 124,805 $ — $ 55,471 $ 69,334 Financial liabilities: Contingent consideration $ 19,916 $ — $ — $ 19,916 Total $ 19,916 $ — $ — $ 19,916
Schedule of Changes in Fair Value of Financial Assets on a Recurring Basis	The following table summarizes the change in the fair value of our financial assets accounted for at fair value on a recurring basis using Level 3 inputs as recorded in other current assets and other assets in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 69,334 $ 72,171 Additions — 969 Settlements (2,335) (2,173) Gain (loss) recognized in earnings 943 (245) Balance at end of period $ 67,942 $ 70,722
Schedule of changes in fair value of liabilities accounted for an a recurring basis	The following table summarizes the change in the fair value of our financial liabilities accounted for at fair value on a recurring basis using Level 3 inputs as recorded in other long-term liabilities in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 19,916 $ 26,787 Settlements (3,859) (10,779) Gain recognized in earnings (11,372) (968) Balance at end of period $ 4,685 $ 15,040 The following table summarizes the significant unobservable inputs used in the valuation of our liabilities as of March 31, 2024 using Level 3 inputs: Unobservable Weighted Liabilities: Contingent consideration - installation earnout Volatility 30.00% Revenue risk premium 15.70% Risk-free discount rate 5.03% Contingent consideration - microgrid earnout Probability of success 10.00% Risk-free discount rate 5.03% Significant increases or decreases in the volatility, revenue risk premium, probability of success or risk-free discount rate in isolation could result in a significantly higher or lower fair value measurement.
Disaggregation of revenue	The following table presents the detail of revenue as recorded in the unaudited condensed consolidated statements of operations: Three Months Ended 2024 2023 (in thousands) PPA revenue $ 30,075 $ 21,746 Lease revenue 50,555 31,343 Inventory sales revenue 23,574 59,914 Service revenue 1,039 3,817 Direct sales revenue 13,750 12,161 Solar renewable energy certificate revenue 8,408 7,791 Cash sales revenue 21,954 16,819 Loan revenue 11,176 7,143 Other revenue 373 962 Total $ 160,904 $ 161,696
Deferred revenue schedule	The following table presents the detail of deferred revenue as recorded in other current liabilities and other long-term liabilities in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Loans $ 972,453 $ 930,999 PPAs and leases 63,615 55,651 Solar receivables 4,273 4,339 Other 15 14 Total (1) $ 1,040,356 $ 991,003 (1) Of this amount, $59.0 million and $50.8 million is recorded in other current liabilities as of March 31, 2024 and December 31, 2023, respectively.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and equipment	The following table presents the detail of property and equipment, net as recorded in the unaudited condensed consolidated balance sheets: Useful Lives As of As of (in years) (in thousands) Solar energy systems and energy storage systems 35 $ 5,953,572 $ 5,443,796 Construction in progress 464,875 530,180 Asset retirement obligations 30 84,554 78,538 Software and business technology systems 3 133,331 130,300 Computers and equipment 3-5 7,715 7,503 Leasehold improvements 3-6 6,379 6,170 Furniture and fixtures 7 1,172 1,172 Vehicles 4-5 1,640 1,640 Other 5-6 419 419 Property and equipment, gross 6,653,657 6,199,718 Less: accumulated depreciation (611,499) (560,924) Property and equipment, net $ 6,042,158 $ 5,638,794

Detail of Certain Balance She_2

Detail of Certain Balance Sheet Captions (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of other current assets	The following table presents the detail of other current assets as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Inventory $ 130,756 $ 148,575 Current portion of customer notes receivable 185,098 176,562 Restricted cash 28,765 62,188 Prepaid assets 27,884 25,996 Deferred receivables 5,568 7,601 Current portion of investments in solar receivables 7,330 7,457 Other 821 920 Total $ 386,222 $ 429,299
Schedule of other assets	The following table presents the detail of other assets as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Construction in progress - customer notes receivable $ 123,508 $ 159,066 Restricted cash 227,045 219,382 Exclusivity and other bonus arrangements with dealers, net 174,512 166,359 Investments in solar receivables 60,612 61,877 Straight-line revenue adjustment, net 66,585 62,941 Other 286,367 226,260 Total $ 938,629 $ 895,885
Schedule of other current liabilities	The following table presents the detail of other current liabilities as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Interest payable $ 65,988 $ 67,647 Deferred revenue 59,044 50,815 Current portion of operating and finance lease liability 4,471 4,231 Current portion of performance guarantee obligations 3,061 2,667 Other 13,885 8,289 Total $ 146,449 $ 133,649

AROs (Tables)

AROs (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of changes in AROs	The following table presents the changes in AROs as recorded in other long-term liabilities in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 96,227 $ 69,869 Additional obligations incurred 6,032 3,355 Accretion expense 1,477 1,081 Other (24) (13) Balance at end of period $ 103,712 $ 74,292

Customer Notes Receivable (Tabl

Customer Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Fair values of notes receivable and corresponding carrying amounts	The following table presents the detail of customer notes receivable as recorded in the unaudited condensed consolidated balance sheets and the corresponding fair values: As of As of (in thousands) Customer notes receivable $ 4,192,158 $ 4,029,025 Allowance for credit losses (116,225) (116,477) Customer notes receivable, net $ 4,075,933 $ 3,912,548 Estimated fair value, net $ 3,987,979 $ 3,800,754
Changes in the allowance for credit losses	The following table presents the changes in the allowance for credit losses recorded against accounts receivable—trade, net in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 2,559 $ 1,676 Provision for current expected credit losses 1,826 928 Write off of uncollectible accounts (1,478) (779) Recoveries 99 62 Other, net (67) — Balance at end of period $ 2,939 $ 1,887 following table presents the changes in the allowance for credit losses recorded against accounts receivable—other in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 13,045 $ — Provision for current expected credit losses 581 671 Write off of uncollectible accounts (6,850) — Balance at end of period $ 6,776 $ 671 The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in the unaudited condensed consolidated balance sheets: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 116,477 $ 81,248 Provision for current expected credit (gains) losses (252) 10,211 Balance at end of period $ 116,225 $ 91,459
Financing receivable, past due	The following table presents the aging of the amortized cost of customer notes receivable: As of As of (in thousands) 1-90 days past due $ 188,377 $ 164,150 91-180 days past due 45,568 40,428 Greater than 180 days past due 95,226 77,110 Total past due 329,171 281,688 Not past due 3,862,987 3,747,337 Total $ 4,192,158 $ 4,029,025
Financing receivable amortized cost of customer notes receivable	The following table presents the amortized cost by origination year of our customer notes receivable based on payment activity: Amortized Cost by Origination Year 2024 2023 2022 2021 2020 Prior Total (in thousands) Payment performance: Performing $ 205,656 $ 1,455,795 $ 1,319,753 $ 683,536 $ 208,689 $ 223,503 $ 4,096,932 Nonperforming (1) — 18,422 36,661 20,629 5,903 13,611 95,226 Total $ 205,656 $ 1,474,217 $ 1,356,414 $ 704,165 $ 214,592 $ 237,114 $ 4,192,158 (1) A nonperforming loan is a loan in which the customer is in default and has not made any scheduled principal or interest payments for 181 days or more.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The following table presents the detail of long-term debt, net as recorded in the unaudited condensed consolidated balance sheets: Three Months Ended As of March 31, 2024 Year Ended As of December 31, 2023 Long-term Current Long-term Current (in thousands, except interest rates) SEI 0.25% convertible senior notes 0.71 % $ 575,000 $ — 0.71 % $ 575,000 $ — 2.625% convertible senior notes 3.04 % 600,000 — 3.03 % 600,000 — Debt discount, net (17,870) — (19,174) — Deferred financing costs, net (695) — (748) — Sunnova Energy Corporation Notes payable 19.38 % — 577 7.07 % — 3,084 5.875% senior notes 6.55 % 400,000 — 6.53 % 400,000 — 11.75% senior notes 12.29 % 400,000 — 12.02 % 400,000 — Debt discount, net (12,722) — (13,288) — Deferred financing costs, net (11,356) — (12,119) — EZOP Revolving credit facility 9.47 % 390,171 — 8.72 % 511,000 — Debt discount, net (261) — (302) — HELII Solar asset-backed notes 5.64 % 190,508 9,111 5.64 % 194,933 9,065 Debt discount, net (23) — (24) — Deferred financing costs, net (2,771) — (2,926) — RAYSI Solar asset-backed notes 5.58 % 103,686 6,450 5.55 % 105,096 6,349 Debt discount, net (696) — (753) — Deferred financing costs, net (2,888) — (3,004) — HELIII Solar loan-backed notes 4.46 % 84,477 9,873 4.43 % 86,232 9,983 Debt discount, net (1,180) — (1,250) — Deferred financing costs, net (1,133) — (1,200) — TEPH Revolving credit facility 9.80 % 1,024,850 — 10.03 % 1,036,600 — Debt discount, net (1,015) — (1,168) — SOLI Solar asset-backed notes 3.93 % 332,368 13,454 3.91 % 335,874 12,965 Debt discount, net (71) — (74) — Deferred financing costs, net (5,511) — (5,769) — HELIV Solar loan-backed notes 4.16 % 95,837 10,700 4.16 % 97,458 10,854 Debt discount, net (382) — (417) — Deferred financing costs, net (1,798) — (1,955) — AP8 Revolving credit facility 9.18 % — 215,000 9.42 % — 215,000 SOLII Solar asset-backed notes 1.41 % 219,974 6,697 3.90 % 221,955 7,195 Debt discount, net (54) — (56) — Deferred financing costs, net (3,790) — (3,948) — HELV Solar loan-backed notes 2.51 % 132,508 13,286 2.49 % 134,473 13,496 Debt discount, net (504) — (540) — Deferred financing costs, net (1,956) — (2,094) — SOLIII Solar asset-backed notes 2.84 % 253,438 14,533 2.81 % 257,545 15,762 Debt discount, net (98) — (102) — Deferred financing costs, net (4,679) — (4,871) — HELVI Solar loan-backed notes 2.10 % 157,539 13,313 2.10 % 159,901 13,521 Debt discount, net (30) — (32) — Deferred financing costs, net (2,204) — (2,345) — HELVII Solar loan-backed notes 2.54 % 122,132 10,060 2.53 % 123,494 10,221 Debt discount, net (29) — (31) — Deferred financing costs, net (1,697) — (1,797) — HELVIII Solar loan-backed notes 3.64 % 240,479 19,681 3.62 % 243,020 19,995 Debt discount, net (4,130) — (4,355) — Deferred financing costs, net (3,220) — (3,395) — SOLIV Solar asset-backed notes 5.95 % 322,526 8,574 5.90 % 325,612 8,464 Debt discount, net (8,998) — (9,440) — Deferred financing costs, net (6,443) — (6,759) — HELIX Solar loan-backed notes 5.67 % 195,236 13,592 5.64 % 196,174 15,246 Debt discount, net (2,886) — (3,027) — Deferred financing costs, net (2,667) — (2,798) — HELX Solar loan-backed notes 7.55 % 202,073 14,644 7.38 % 200,842 19,996 Debt discount, net (15,988) — (17,015) — Deferred financing costs, net (2,855) — (3,064) — IS Revolving credit facility 9.22 % 34,100 — 8.90 % 31,300 — SOLV Solar asset-backed notes 6.82 % 310,531 7,890 6.93 % 312,844 7,775 Debt discount, net (14,632) — (15,491) — Deferred financing costs, net (6,310) — (6,682) — HELXI Solar loan-backed notes 6.48 % 245,454 29,504 6.29 % 247,251 31,240 Debt discount, net (11,557) — (12,007) — Deferred financing costs, net (4,891) — (5,195) — HELXII Solar loan-backed notes 6.98 % 209,739 25,375 6.71 % 210,263 26,661 Debt discount, net (12,401) — (13,065) — Deferred financing costs, net (4,153) — (4,135) — AP9 Revolving credit facility 18.73 % 16,035 — 19.30 % 12,118 — Debt discount, net (494) — (572) — HESI Solar loan-backed notes 4.04 % 211,331 26,988 10.94 % 213,432 26,625 Debt discount, net (7,337) — (7,616) — Deferred financing costs, net (6,740) — (7,058) — SOLVI Solar asset-backed notes 6.31 % 221,811 4,188 — — Debt discount, net (12,194) — — — Deferred financing costs, net (5,091) — — — HELXIII Solar loan-backed notes 5.93 % 202,235 20,006 — — Debt discount, net (7,412) — — — Deferred financing costs, net (4,490) — — — Total $ 7,273,736 $ 493,496 $ 7,030,756 $ 483,497
Schedule of carrying values and estimated fair values of debt instruments	Fair Values of Long-Term Debt . The fair values of our long-term debt and the corresponding carrying amounts are as follows: As of March 31, 2024 As of December 31, 2023 Carrying Estimated Carrying Estimated (in thousands) SEI 0.25% convertible senior notes $ 575,000 $ 525,613 $ 575,000 $ 528,927 SEI 2.625% convertible senior notes 600,000 573,142 600,000 582,463 Sunnova Energy Corporation notes payable 577 577 3,084 3,084 Sunnova Energy Corporation 5.875% senior notes 400,000 365,469 400,000 369,522 Sunnova Energy Corporation 11.75% senior notes 400,000 405,000 400,000 411,996 EZOP revolving credit facility 390,171 390,171 511,000 511,000 HELII solar asset-backed notes 199,619 190,852 203,998 198,590 RAYSI solar asset-backed notes 110,136 99,097 111,445 102,480 HELIII solar loan-backed notes 94,350 84,768 96,215 87,982 TEPH revolving credit facility 1,024,850 1,024,850 1,036,600 1,036,600 SOLI solar asset-backed notes 345,822 302,703 348,839 310,928 HELIV solar loan-backed notes 106,537 94,302 108,312 96,603 AP8 revolving credit facility 215,000 215,000 215,000 215,000 SOLII solar asset-backed notes 226,671 187,047 229,150 192,589 HELV solar loan-backed notes 145,794 129,066 147,969 132,533 SOLIII solar asset-backed notes 267,971 225,794 273,307 235,318 HELVI solar loan-backed notes 170,852 149,053 173,422 153,836 HELVII solar loan-backed notes 132,192 117,336 133,715 120,413 HELVIII solar loan-backed notes 260,160 235,016 263,015 241,599 SOLIV solar asset-backed notes 331,100 315,978 334,076 325,816 HELIX solar loan-backed notes 208,828 196,646 211,420 203,375 HELX solar loan-backed notes 216,717 214,023 220,838 221,655 IS revolving credit facility 34,100 34,100 31,300 31,300 SOLV solar asset-backed notes 318,421 308,776 320,619 317,481 HELXI solar loan-backed notes 274,958 267,125 278,491 275,323 HELXII solar loan-backed notes 235,114 234,834 236,924 242,091 AP9 revolving credit facility 16,035 16,035 12,118 12,118 HESI solar loan-backed notes 238,319 241,742 240,057 249,318 SOLVI solar asset-backed notes 225,999 227,628 — — HELXIII solar loan-backed notes 222,241 222,698 — — Total (1) $ 7,987,534 $ 7,594,441 $ 7,715,914 $ 7,409,940 (1) Amounts exclude the net deferred financing costs (classified as debt) and net debt discounts of $220.3 million and $201.7 million as of March 31, 2024 and December 31, 2023, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding derivative instruments	The following table presents a summary of the outstanding derivative instruments: As of March 31, 2024 As of December 31, 2023 Effective Termination Fixed Aggregate Effective Termination Fixed Aggregate (in thousands, except interest rates) EZOP July 2023 - March 2024 June 2028 - November 2035 2.000% $ 372,000 July 2023 - December 2023 December 2028 - November 2035 2.000% $ 489,581 TEPH February 2023 - March 2024 October 2031 - October 2041 3.000% - 4.202% 974,600 July 2022 - December 2023 October 2031 - October 2041 2.620% - 4.202% 994,403 AP8 November 2022 - August 2023 September 2025 4.250% 215,000 November 2022 - August 2023 September 2025 4.250% 215,000 AP9 September 2023 September 2027 4.250% 25,000 September 2023 September 2027 4.250% 25,000 Total $ 1,586,600 $ 1,723,984
Fair value of interest rate swaps	The following table presents the fair value of the interest rate swaps and caps as recorded in the unaudited condensed consolidated balance sheets: As of As of (in thousands) Other assets $ 54,226 $ 55,471 Three Months Ended 2024 2023 (in thousands) Realized gain $ (3,050) $ (6,707) Unrealized (gain) loss (30,698) 23,616 Total $ (33,748) $ 16,909

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock option activity	The following table summarizes stock option activity: Number Weighted Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2023 4,018,149 $ 17.61 4.97 $ 5,542 Granted 1,817,193 $ 7.02 9.93 $ 4.31 Exercised (11,357) $ 1.85 $ 118 Forfeited (87,259) $ 17.99 $ 10.31 Outstanding, March 31, 2024 5,736,726 $ 14.28 6.32 $ — Exercisable, March 31, 2024 2,712,597 $ 17.31 2.84 $ — Vested and expected to vest, March 31, 2024 5,736,726 $ 14.28 6.32 $ — Non-vested, March 31, 2024 3,024,129 $ 6.69
Restricted stock unit activity	The following table summarizes restricted stock unit activity: Number of Weighted Outstanding, December 31, 2023 2,384,205 $ 16.60 Granted 5,514,576 $ 6.33 Vested (1,776,290) $ 10.21 Forfeited (345,241) $ 10.85 Outstanding, March 31, 2024 5,777,250 $ 9.06

Basic and Diluted Net Loss Pe_2

Basic and Diluted Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share	The following table sets forth the computation of our basic and diluted net loss per share: Three Months Ended 2024 2023 (in thousands, except share and per share amounts) Net loss attributable to stockholders—basic and diluted $ (69,960) $ (81,083) Net loss per share attributable to stockholders—basic and diluted $ (0.57) $ (0.70) Weighted average common shares outstanding—basic and diluted 122,894,548 115,073,975
Schedule of antidilutive weighted average shares	The following table presents the weighted average shares of common stock equivalents that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive: Three Months Ended 2024 2023 Equity-based compensation awards 7,935,379 5,037,823 Convertible senior notes 34,150,407 34,150,407

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of performance guarantee obligations	The changes in our aggregate performance guarantee obligations are as follows: Three Months Ended 2024 2023 (in thousands) Balance at beginning of period $ 6,753 $ 4,845 Accruals 1,913 1,015 Settlements (2,669) (2,731) Balance at end of period $ 5,997 $ 3,129
Lease expense	The following table presents the detail of lease expense as recorded in general and administrative expense in the unaudited condensed consolidated statements of operations: Three Months Ended 2024 2023 (in thousands) Operating lease expense $ 753 $ 692 Finance lease expense: Amortization expense 418 230 Interest on lease liabilities 49 18 Short-term lease expense 83 27 Variable lease expense 305 233 Total $ 1,608 $ 1,200 Other information related to leases was as follows: Three Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 878 $ 764 Operating cash flows from finance leases $ 49 $ 18 Financing cash flows from finance leases $ 371 $ 211 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 90 $ — Finance leases $ 831 $ 83 As of As of Weighted average remaining lease term (years): Operating leases 5.27 5.51 Finance leases 3.11 3.12 Weighted average discount rate: Operating leases 4.06 % 4.06 % Finance leases 6.29 % 6.26 %
Lease assets and liabilities	The following table presents the detail of right-of-use assets and lease liabilities as recorded in other assets other current liabilities other long-term liabilities As of As of (in thousands) Right-of-use assets: Operating leases $ 12,740 $ 13,247 Finance leases 4,497 4,085 Total right-of-use assets $ 17,237 $ 17,332 Current lease liabilities: Operating leases $ 2,961 $ 2,883 Finance leases 1,510 1,348 Long-term leases liabilities: Operating leases 13,296 14,005 Finance leases 1,787 1,631 Total lease liabilities $ 19,554 $ 19,867
Operating lease, future minimum lease payments	Future minimum lease payments under our non-cancelable leases as of March 31, 2024 were as follows: Operating Finance (in thousands) Remaining 2024 $ 2,667 $ 1,312 2025 3,458 1,158 2026 3,240 707 2027 3,304 400 2028 3,372 20 2029 and thereafter 2,113 — Total 18,154 3,597 Amount representing interest (1,821) (300) Amount representing leasehold incentives (76) — Present value of future payments 16,257 3,297 Current portion of lease liability (2,961) (1,510) Long-term portion of lease liability $ 13,296 $ 1,787
Other commitments	Dealer Commitments. As of March 31, 2024 and December 31, 2023, the net unamortized balance of payments to dealers for exclusivity and other similar arrangements was $174.5 million and $166.4 million, respectively. Under these agreements, we paid $9.6 million and $24.6 million during the three months ended March 31, 2024 and 2023, respectively. We could be obligated to make maximum payments, excluding additional amounts payable on a per watt basis if even higher thresholds are met, as follows: Dealer (in thousands) Remaining 2024 $ 65,579 2025 57,079 2026 36,904 2027 30,000 2028 — 2029 and thereafter — Total $ 189,562
Future commitments	Future commitments as of March 31, 2024 were as follows: Software and Business Technology Commitments (in thousands) Remaining 2024 $ 15,115 2025 7,389 2026 6,137 2027 7,405 2028 515 2029 and thereafter 515 Total $ 37,076

Description of Business and B_2

Description of Business and Basis of Presentation - (Details) customer in Thousands	3 Months Ended
	Mar. 31, 2024 customer renewalOption state
Subsidiary, Sale of Stock [Line Items]
Number of customers | customer	438
Number of states in which entity operates (more than) | state	50
Maximum renewal term	10 years
Solar Service Agreement | Minimum
Subsidiary, Sale of Stock [Line Items]
Agreement term	10 years
Solar Service Agreement | Maximum
Subsidiary, Sale of Stock [Line Items]
Agreement term	25 years
Lease and Power Purchase Agreement (PPA) | Lease Agreement, Option One
Subsidiary, Sale of Stock [Line Items]
Number of options to renew term	2
Renewal term	5 years
Lease and Power Purchase Agreement (PPA) | Lease Agreement, Option Two
Subsidiary, Sale of Stock [Line Items]
Number of options to renew term	1
Renewal term	10 years
Ancillary Products | Minimum
Subsidiary, Sale of Stock [Line Items]
Agreement term	1 year
Ancillary Products | Maximum
Subsidiary, Sale of Stock [Line Items]
Agreement term	20 years

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) kWh renewalOption FICO_score reportableSegment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Average age of solar systems	4 years
Inventory	$ 130,756,000		$ 148,575,000
Threshold period past due, writeoff	180 days
Revenue recognized	$ 13,900,000	$ 7,900,000
Deferred revenue / Contract liabilities	$ 1,040,356,000		991,003,000	$ 615,600,000
Number of reportable segments | reportableSegment	1
Self-insured claims liability	$ 4,900,000		3,500,000
Income tax benefit, investment tax credits	44,200,000	0
Investment tax credits	144,900,000		200,700,000
Revenue	160,904,000	161,696,000
Income tax (benefit) expense	43,028,000	(510,000)
Noncontrolling interests	530,472,000		436,150,000
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue recognized	0	0
Contract assets	279,000		279,000
Deferred revenue / Contract liabilities	3,900,000		3,800,000
Solar Renewable Energy Certificates
Disaggregation of Revenue [Line Items]
Inventory	0		0
PPA revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 30,075,000	21,746,000
PPA revenue | Lease Agreement, Option One
Disaggregation of Revenue [Line Items]
Renewal term	5 years
Number of options to renew term | renewalOption	2
PPA revenue | Lease Agreement, Option Two
Disaggregation of Revenue [Line Items]
Renewal term	10 years
Number of options to renew term | renewalOption	1
PPA revenue | Minimum
Disaggregation of Revenue [Line Items]
Agreement term	20 years
PPA revenue | Maximum
Disaggregation of Revenue [Line Items]
Agreement term	25 years
Renewal term	10 years
Lease revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 50,555,000	31,343,000
Lease revenue | Lease Agreement, Option One
Disaggregation of Revenue [Line Items]
Renewal term	5 years
Number of options to renew term | renewalOption	2
Lease revenue | Lease Agreement, Option Two
Disaggregation of Revenue [Line Items]
Renewal term	10 years
Number of options to renew term | renewalOption	1
Lease revenue | Minimum
Disaggregation of Revenue [Line Items]
Agreement term	20 years
Lease revenue | Maximum
Disaggregation of Revenue [Line Items]
Agreement term	25 years
Renewal term	10 years
Service revenue
Disaggregation of Revenue [Line Items]
Agreement term	10 years
Revenue	$ 1,039,000	3,817,000
Solar renewable energy certificate revenue
Disaggregation of Revenue [Line Items]
Energy per certificate (in kWhs) | kWh	1,000
Typical period for receiving payment	1 month
Revenue	$ 8,408,000	7,791,000
Loan revenue
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	972,453,000		$ 930,999,000
Revenue	$ 11,176,000	7,143,000
Loan revenue | Minimum
Disaggregation of Revenue [Line Items]
Agreement term	10 years
Minimum FICO score required for customer to qualify for program | FICO_score	600
Loan revenue | Median
Disaggregation of Revenue [Line Items]
Agreement term	15 years
Loan revenue | Maximum
Disaggregation of Revenue [Line Items]
Agreement term	25 years
Minimum FICO score required for customer to qualify for program | FICO_score	780
Investment Tax Credits
Disaggregation of Revenue [Line Items]
Revenue	$ 48,000,000	0
Income tax (benefit) expense	3,000,000	0
Noncontrolling interests	$ 45,000,000	$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 2,559	$ 1,676
Provision for current expected credit losses	1,826	928
Write off of uncollectible accounts	(1,478)	(779)
Recoveries	99	62
Other, net	(67)	0
Balance at end of period	$ 2,939	$ 1,887

Significant Accounting Polici_6

Significant Accounting Policies - Allowance for Credit Losses - Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Balance at beginning of period	$ 13,045	$ 0
Provision for current expected credit losses	581	671
Write off of uncollectible accounts	(6,850)	0
Balance at end of period	$ 6,776	$ 671

Significant Accounting Polici_7

Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventory	$ 130,756	$ 148,575
Energy storage systems and components
Inventory [Line Items]
Inventory	55,110	83,178
Homebuilder construction in progress
Inventory [Line Items]
Inventory	42,668	36,461
Modules and inverters
Inventory [Line Items]
Inventory	31,246	27,143
Meters and modems
Inventory [Line Items]
Inventory	$ 1,732	$ 1,793

Significant Accounting Polici_8

Significant Accounting Policies - Schedule of Fair Value of Recurring Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Investments in solar receivables	$ 67,942	$ 69,334
Derivative assets	54,226	55,471
Total assets	122,168	124,805
Financial liabilities:
Contingent consideration	4,685	19,916
Total liabilities	4,685	19,916
Fair Value, Inputs, Level 1
Financial assets:
Investments in solar receivables	0	0
Derivative assets	0	0
Total assets	0	0
Financial liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 2
Financial assets:
Investments in solar receivables	0	0
Derivative assets	54,226	55,471
Total assets	54,226	55,471
Financial liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 3
Financial assets:
Investments in solar receivables	67,942	69,334
Derivative assets	0	0
Total assets	67,942	69,334
Financial liabilities:
Contingent consideration	4,685	19,916
Total liabilities	$ 4,685	$ 19,916

Significant Accounting Polici_9

Significant Accounting Policies - Schedule of Investment in Solar Receivables Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 69,334	$ 72,171
Additions	0	969
Settlements	(2,335)	(2,173)
Gain (loss) recognized in earnings	943	(245)
Balance at end of period	$ 67,942	$ 70,722

Significant Accounting Polic_10

Significant Accounting Policies - Schedule of changes in fair value of liabilities accounted for an a recurring basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Contingent Consideration Liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	$ 19,916	$ 26,787
Settlements	(3,859)	(10,779)
Gain recognized in earnings	(11,372)	(968)
Balance at end of period	$ 4,685	$ 15,040

Significant Accounting Polic_11

Significant Accounting Policies - Schedule of Fair Value Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 - Weighted Average	Mar. 31, 2024
Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration - installation earnout	30%
Revenue risk premium
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration - installation earnout	15.70%
Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration - installation earnout	5.03%
Contingent consideration - microgrid earnout	5.03%
Probability of success
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration - microgrid earnout	10%

Significant Accounting Polic_12

Significant Accounting Policies - Schedule of Detailed Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 160,904	$ 161,696
PPA revenue
Disaggregation of Revenue [Line Items]
Revenue	30,075	21,746
Lease revenue
Disaggregation of Revenue [Line Items]
Revenue	50,555	31,343
Inventory sales revenue
Disaggregation of Revenue [Line Items]
Revenue	23,574	59,914
Service revenue
Disaggregation of Revenue [Line Items]
Revenue	1,039	3,817
Direct sales revenue
Disaggregation of Revenue [Line Items]
Revenue	13,750	12,161
Solar renewable energy certificate revenue
Disaggregation of Revenue [Line Items]
Revenue	8,408	7,791
Cash sales revenue
Disaggregation of Revenue [Line Items]
Revenue	21,954	16,819
Loan revenue
Disaggregation of Revenue [Line Items]
Revenue	11,176	7,143
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 373	$ 962

Significant Accounting Polic_13

Significant Accounting Policies - Performance Obligations (Details) $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($)
Accounting Policies [Abstract]
Contracted but not yet recognized revenue	$ 6
Performance obligation, description of timing	We do not expect the annual recognition to vary significantly over approximately the next 19 years as the vast majority of existing customer agreements have at least 19 years remaining
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but not yet recognized revenue	4%
Contracted but not yet recognized revenue, expected timing of satisfaction	12 months

Significant Accounting Polic_14

Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	$ 1,040,356	$ 991,003	$ 615,600
Deferred revenue included in other current liabilities	59,044	50,815
Loans
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	972,453	930,999
PPAs and leases
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	63,615	55,651
Solar receivables
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	4,273	4,339
Other
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	$ 15	$ 14

Significant Accounting Polic_15

Significant Accounting Policies - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred revenue / Contract liabilities	$ 1,040,356	$ 991,003	$ 615,600

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,653,657	$ 6,199,718
Less: accumulated depreciation	(611,499)	(560,924)
Property and equipment, net	$ 6,042,158	5,638,794
Solar energy systems and energy storage systems
Property, Plant and Equipment [Line Items]
Useful Lives	35 years
Property and equipment, gross	$ 5,953,572	5,443,796
Less: accumulated depreciation	(531,700)	(489,700)
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 464,875	530,180
Asset retirement obligations
Property, Plant and Equipment [Line Items]
Useful Lives	30 years
Property and equipment, gross	$ 84,554	78,538
Software and business technology systems
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Property and equipment, gross	$ 133,331	130,300
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,715	7,503
Computers and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Computers and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,379	6,170
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives	6 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives	7 years
Property and equipment, gross	$ 1,172	1,172
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,640	1,640
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	4 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives	5 years
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 419	$ 419
Other | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	5 years
Other | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives	6 years

Detail of Certain Balance She_3

Detail of Certain Balance Sheet Captions - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory	$ 130,756	$ 148,575
Current portion of customer notes receivable	185,098	176,562
Restricted cash	28,765	62,188	$ 52,699
Prepaid assets	27,884	25,996
Deferred receivables	5,568	7,601
Current portion of investments in solar receivables	7,330	7,457
Other	821	920
Total	$ 386,222	$ 429,299

Detail of Certain Balance She_4

Detail of Certain Balance Sheet Captions - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Construction in progress - customer notes receivable	$ 123,508	$ 159,066
Restricted cash	227,045	219,382	$ 157,240
Exclusivity and other bonus arrangements with dealers, net	174,512	166,359
Investments in solar receivables	60,612	61,877
Straight-line revenue adjustment, net	66,585	62,941
Other	286,367	226,260
Total	$ 938,629	$ 895,885

Detail of Certain Balance She_5

Detail of Certain Balance Sheet Captions - Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payable	$ 65,988	$ 67,647
Deferred revenue	59,044	50,815
Current portion of operating and finance lease liability	4,471	4,231
Current portion of performance guarantee obligations	3,061	2,667
Other	13,885	8,289
Total	$ 146,449	$ 133,649

AROs (Details)

AROs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, useful life	30 years
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 96,227	$ 69,869
Additional obligations incurred	6,032	3,355
Accretion expense	1,477	1,081
Other	(24)	(13)
Balance at end of period	$ 103,712	$ 74,292

Customer Notes Receivable - Nar

Customer Notes Receivable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan systems not yet placed in service	$ 123,500		$ 159,100
Interest income	35,696	$ 24,788
Customer notes receivable not accruing interest	44,300		34,200
Customer notes receivable not accruing interest, allowance	966		754
Interest income for nonaccrual loans	0	0
Amortized cost	96,500		83,300
Customer notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	31,000	20,100
Accrued investment income receivable	8,700		$ 14,300
Accrued investment income receivable, written off	$ 41	$ 13
Loan revenue | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Agreement term	10 years
Loan revenue | Median
Accounts, Notes, Loans and Financing Receivable [Line Items]
Agreement term	15 years
Loan revenue | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Agreement term	25 years

Customer Notes Receivable - Sch

Customer Notes Receivable - Schedule of Customer Notes Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer notes receivable	$ 4,192,158	$ 4,029,025
Allowance for credit losses	(116,225)	(116,477)	$ (91,459)	$ (81,248)
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer notes receivable	4,075,933	3,912,548
Estimated Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer notes receivable	$ 3,987,979	$ 3,800,754

Customer Notes Receivable - S_2

Customer Notes Receivable - Schedule of Changes in Allowances for Credit Losses Related to Customer Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 116,477	$ 81,248
Provision for current expected credit (gains) losses	(252)	10,211
Balance at end of period	$ 116,225	$ 91,459

Customer Notes Receivable - S_3

Customer Notes Receivable - Schedule of Aged Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Customer notes receivable	$ 4,192,158	$ 4,029,025
Total past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	329,171	281,688
1-90 days past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	188,377	164,150
91-180 days past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	45,568	40,428
Greater than 180 days past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	95,226	77,110
Not past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	$ 3,862,987	$ 3,747,337

Customer Notes Receivable - S_4

Customer Notes Receivable - Schedule of Amortized cost of Customer Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 205,656
2023	1,474,217
2022	1,356,414
2021	704,165
2020	214,592
Prior	237,114
Total	4,192,158	$ 4,029,025
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024	205,656
2023	1,455,795
2022	1,319,753
2021	683,536
2020	208,689
Prior	223,503
Total	4,096,932
Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	18,422
2022	36,661
2021	20,629
2020	5,903
Prior	13,611
Total	$ 95,226

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Aug. 31, 2021
Debt Instrument [Line Items]
Long-term debt, non-current	$ 7,273,736	$ 7,030,756
Long-term debt, current	493,496	483,497
SEI | Convertible senior notes
Debt Instrument [Line Items]
Debt discount, net, non-current	(17,870)	(19,174)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(695)	(748)
Deferred financing costs, net, current	$ 0	$ 0
SEI | Convertible senior notes | 0.25% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate	0.25%
Weighted average effective interest rate	0.71%	0.71%
Long-term debt, gross, non-current	$ 575,000	$ 575,000
Long-term debt, gross, current	$ 0	$ 0
SEI | Convertible senior notes | 2.625% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate	2.625%
Weighted average effective interest rate	3.04%	3.03%
Long-term debt, gross, non-current	$ 600,000	$ 600,000
Long-term debt, gross, current	0	0
Sunnova Energy Corporation
Debt Instrument [Line Items]
Debt discount, net, non-current	(12,722)	(13,288)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(11,356)	(12,119)
Deferred financing costs, net, current	$ 0	$ 0
Sunnova Energy Corporation | Notes payable
Debt Instrument [Line Items]
Weighted average effective interest rate	19.38%	7.07%
Long-term debt, gross, non-current	$ 0	$ 0
Long-term debt, gross, current	$ 577	$ 3,084
Sunnova Energy Corporation | Senior notes | 5.875% senior notes
Debt Instrument [Line Items]
Stated interest rate	5.875%			5.875%
Weighted average effective interest rate	6.55%	6.53%
Long-term debt, gross, non-current	$ 400,000	$ 400,000
Long-term debt, gross, current	$ 0	$ 0
Sunnova Energy Corporation | Senior notes | 11.75% senior notes
Debt Instrument [Line Items]
Stated interest rate	11.75%		11.75%
Weighted average effective interest rate	12.29%	12.02%
Long-term debt, gross, non-current	$ 400,000	$ 400,000
Long-term debt, gross, current	0	0
EZOP | Revolving credit facility
Debt Instrument [Line Items]
Debt discount, net, non-current	(261)	(302)
Debt discount, net, current	$ 0	$ 0
EZOP | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	9.47%	8.72%
Long-term debt, gross, non-current	$ 390,171	$ 511,000
Long-term debt, gross, current	0	0
HELII
Debt Instrument [Line Items]
Debt discount, net, non-current	(23)	(24)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,771)	(2,926)
Deferred financing costs, net, current	$ 0	$ 0
HELII | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.64%	5.64%
Long-term debt, gross, non-current	$ 190,508	$ 194,933
Long-term debt, gross, current	9,111	9,065
RAYSI
Debt Instrument [Line Items]
Debt discount, net, non-current	(696)	(753)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,888)	(3,004)
Deferred financing costs, net, current	$ 0	$ 0
RAYSI | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.58%	5.55%
Long-term debt, gross, non-current	$ 103,686	$ 105,096
Long-term debt, gross, current	6,450	6,349
HELIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(1,180)	(1,250)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,133)	(1,200)
Deferred financing costs, net, current	$ 0	$ 0
HELIII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	4.46%	4.43%
Long-term debt, gross, non-current	$ 84,477	$ 86,232
Long-term debt, gross, current	9,873	9,983
TEPH
Debt Instrument [Line Items]
Debt discount, net, non-current	(1,015)	(1,168)
Debt discount, net, current	$ 0	$ 0
TEPH | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	9.80%	10.03%
Long-term debt, gross, non-current	$ 1,024,850	$ 1,036,600
Long-term debt, gross, current	0	0
SOLI
Debt Instrument [Line Items]
Debt discount, net, non-current	(71)	(74)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(5,511)	(5,769)
Deferred financing costs, net, current	$ 0	$ 0
SOLI | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	3.93%	3.91%
Long-term debt, gross, non-current	$ 332,368	$ 335,874
Long-term debt, gross, current	13,454	12,965
HELIV
Debt Instrument [Line Items]
Debt discount, net, non-current	(382)	(417)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,798)	(1,955)
Deferred financing costs, net, current	$ 0	$ 0
HELIV | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	4.16%	4.16%
Long-term debt, gross, non-current	$ 95,837	$ 97,458
Long-term debt, gross, current	$ 10,700	$ 10,854
AP8 | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	9.18%	9.42%
Long-term debt, gross, non-current	$ 0	$ 0
Long-term debt, gross, current	215,000	215,000
SOLII
Debt Instrument [Line Items]
Debt discount, net, non-current	(54)	(56)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(3,790)	(3,948)
Deferred financing costs, net, current	$ 0	$ 0
SOLII | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	1.41%	3.90%
Long-term debt, gross, non-current	$ 219,974	$ 221,955
Long-term debt, gross, current	6,697	7,195
HELV
Debt Instrument [Line Items]
Debt discount, net, non-current	(504)	(540)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,956)	(2,094)
Deferred financing costs, net, current	$ 0	$ 0
HELV | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	2.51%	2.49%
Long-term debt, gross, non-current	$ 132,508	$ 134,473
Long-term debt, gross, current	13,286	13,496
SOLIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(98)	(102)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,679)	(4,871)
Deferred financing costs, net, current	$ 0	$ 0
SOLIII | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	2.84%	2.81%
Long-term debt, gross, non-current	$ 253,438	$ 257,545
Long-term debt, gross, current	14,533	15,762
HELVI
Debt Instrument [Line Items]
Debt discount, net, non-current	(30)	(32)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,204)	(2,345)
Deferred financing costs, net, current	$ 0	$ 0
HELVI | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	2.10%	2.10%
Long-term debt, gross, non-current	$ 157,539	$ 159,901
Long-term debt, gross, current	13,313	13,521
HELVII
Debt Instrument [Line Items]
Debt discount, net, non-current	(29)	(31)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,697)	(1,797)
Deferred financing costs, net, current	$ 0	$ 0
HELVII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	2.54%	2.53%
Long-term debt, gross, non-current	$ 122,132	$ 123,494
Long-term debt, gross, current	10,060	10,221
HELVIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(4,130)	(4,355)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(3,220)	(3,395)
Deferred financing costs, net, current	$ 0	$ 0
HELVIII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	3.64%	3.62%
Long-term debt, gross, non-current	$ 240,479	$ 243,020
Long-term debt, gross, current	19,681	19,995
SOLIV
Debt Instrument [Line Items]
Debt discount, net, non-current	(8,998)	(9,440)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(6,443)	(6,759)
Deferred financing costs, net, current	$ 0	$ 0
SOLIV | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.95%	5.90%
Long-term debt, gross, non-current	$ 322,526	$ 325,612
Long-term debt, gross, current	8,574	8,464
HELIX
Debt Instrument [Line Items]
Debt discount, net, non-current	(2,886)	(3,027)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,667)	(2,798)
Deferred financing costs, net, current	$ 0	$ 0
HELIX | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.67%	5.64%
Long-term debt, gross, non-current	$ 195,236	$ 196,174
Long-term debt, gross, current	13,592	15,246
HELX
Debt Instrument [Line Items]
Debt discount, net, non-current	(15,988)	(17,015)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,855)	(3,064)
Deferred financing costs, net, current	$ 0	$ 0
HELX | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	7.55%	7.38%
Long-term debt, gross, non-current	$ 202,073	$ 200,842
Long-term debt, gross, current	$ 14,644	$ 19,996
IS | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	9.22%	8.90%
Long-term debt, gross, non-current	$ 34,100	$ 31,300
Long-term debt, gross, current	0	0
SOLV
Debt Instrument [Line Items]
Debt discount, net, non-current	(14,632)	(15,491)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(6,310)	(6,682)
Deferred financing costs, net, current	$ 0	$ 0
SOLV | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.82%	6.93%
Long-term debt, gross, non-current	$ 310,531	$ 312,844
Long-term debt, gross, current	7,890	7,775
HELXI
Debt Instrument [Line Items]
Debt discount, net, non-current	(11,557)	(12,007)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,891)	(5,195)
Deferred financing costs, net, current	$ 0	$ 0
HELXI | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.48%	6.29%
Long-term debt, gross, non-current	$ 245,454	$ 247,251
Long-term debt, gross, current	29,504	31,240
HELXII
Debt Instrument [Line Items]
Debt discount, net, non-current	(12,401)	(13,065)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,153)	(4,135)
Deferred financing costs, net, current	$ 0	$ 0
HELXII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.98%	6.71%
Long-term debt, gross, non-current	$ 209,739	$ 210,263
Long-term debt, gross, current	25,375	26,661
AP9
Debt Instrument [Line Items]
Debt discount, net, non-current	(494)	(572)
Debt discount, net, current	$ 0	$ 0
AP9 | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	18.73%	19.30%
Long-term debt, gross, non-current	$ 16,035	$ 12,118
Long-term debt, gross, current	0	0
HESI
Debt Instrument [Line Items]
Debt discount, net, non-current	(7,337)	(7,616)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(6,740)	(7,058)
Deferred financing costs, net, current	$ 0	$ 0
HESI | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	4.04%	10.94%
Long-term debt, gross, non-current	$ 211,331	$ 213,432
Long-term debt, gross, current	26,988	26,625
SOLVI
Debt Instrument [Line Items]
Debt discount, net, non-current	(12,194)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(5,091)	0
Deferred financing costs, net, current	$ 0	0
SOLVI | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.31%
Long-term debt, gross, non-current	$ 221,811	0
Long-term debt, gross, current	4,188	0
HELXIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(7,412)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,490)	0
Deferred financing costs, net, current	$ 0	0
HELXIII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.93%
Long-term debt, gross, non-current	$ 202,235	0
Long-term debt, gross, current	$ 20,006	$ 0

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 29, 2024	Feb. 22, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Borrowing capacity			$ 860.8
EZOP | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity			484.8
TEPH | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity			286.2
IS | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity			15.9
AP9 | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity			49
BMB | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity			$ 25
SOLVI | Solar asset-backed notes | SOLVI Series 2024-1 Class A
Debt Instrument [Line Items]
Principal amount of debt issued		$ 194.5
Discount		4.66%
Stated interest rate		5.65%
SOLVI | Solar asset-backed notes | SOLVI Series 2024-1 Class B
Debt Instrument [Line Items]
Principal amount of debt issued		$ 16.5
Discount		7.08%
Stated interest rate		7%
SOLVI | Solar asset-backed notes | SOLVI Series 2024-1 Class C
Debt Instrument [Line Items]
Principal amount of debt issued		$ 15
Discount		13.98%
Stated interest rate		9%
HELXIII | Solar loan-backed notes | HELXIII Series 2024-A, Class A
Debt Instrument [Line Items]
Principal amount of debt issued	$ 166
Discount	2.77%
Stated interest rate	5.30%
HELXIII | Solar loan-backed notes | HELXIII Series 2024-A, Class B
Debt Instrument [Line Items]
Principal amount of debt issued	$ 33.9
Discount	2.83%
Stated interest rate	6%
HELXIII | Solar loan-backed notes | HELXIII Series 2024-A, Class C
Debt Instrument [Line Items]
Principal amount of debt issued	$ 27.1
Discount	7.18%
Stated interest rate	7%

Long-Term Debt - Schedule of Fa

Long-Term Debt - Schedule of Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Aug. 31, 2021
Debt Instrument [Line Items]
Net deferred financing costs and debt discounts	$ 220,300	$ 201,700
Carrying Value
Debt Instrument [Line Items]
Long-term debt	7,987,534	7,715,914
Estimated Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 7,594,441	7,409,940
SEI | Convertible senior notes | 0.25% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate	0.25%
SEI | Convertible senior notes | 2.625% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate	2.625%
SEI | Carrying Value | Convertible senior notes | 0.25% convertible senior notes
Debt Instrument [Line Items]
Long-term debt	$ 575,000	575,000
SEI | Carrying Value | Convertible senior notes | 2.625% convertible senior notes
Debt Instrument [Line Items]
Long-term debt	600,000	600,000
SEI | Estimated Fair Value | Convertible senior notes | 0.25% convertible senior notes
Debt Instrument [Line Items]
Long-term debt	525,613	528,927
SEI | Estimated Fair Value | Convertible senior notes | 2.625% convertible senior notes
Debt Instrument [Line Items]
Long-term debt	$ 573,142	582,463
Sunnova Energy Corporation | Senior notes | 5.875% senior notes
Debt Instrument [Line Items]
Stated interest rate	5.875%			5.875%
Sunnova Energy Corporation | Senior notes | 11.75% senior notes
Debt Instrument [Line Items]
Stated interest rate	11.75%		11.75%
Sunnova Energy Corporation | Carrying Value | Notes payable
Debt Instrument [Line Items]
Long-term debt	$ 577	3,084
Sunnova Energy Corporation | Carrying Value | Senior notes | 5.875% senior notes
Debt Instrument [Line Items]
Long-term debt	400,000	400,000
Sunnova Energy Corporation | Carrying Value | Senior notes | 11.75% senior notes
Debt Instrument [Line Items]
Long-term debt	400,000	400,000
Sunnova Energy Corporation | Estimated Fair Value | Notes payable
Debt Instrument [Line Items]
Long-term debt	577	3,084
Sunnova Energy Corporation | Estimated Fair Value | Senior notes | 5.875% senior notes
Debt Instrument [Line Items]
Long-term debt	365,469	369,522
Sunnova Energy Corporation | Estimated Fair Value | Senior notes | 11.75% senior notes
Debt Instrument [Line Items]
Long-term debt	405,000	411,996
HELII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	199,619	203,998
HELII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	190,852	198,590
RAYSI | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	110,136	111,445
RAYSI | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	99,097	102,480
HELIII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	94,350	96,215
HELIII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	84,768	87,982
SOLI | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	345,822	348,839
SOLI | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	302,703	310,928
HELIV | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	106,537	108,312
HELIV | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	94,302	96,603
SOLII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	226,671	229,150
SOLII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	187,047	192,589
HELV | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	145,794	147,969
HELV | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	129,066	132,533
SOLIII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	267,971	273,307
SOLIII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	225,794	235,318
HELVI | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	170,852	173,422
HELVI | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	149,053	153,836
HELVII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	132,192	133,715
HELVII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	117,336	120,413
HELVIII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	260,160	263,015
HELVIII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	235,016	241,599
SOLIV | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	331,100	334,076
SOLIV | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	315,978	325,816
HELIX | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	208,828	211,420
HELIX | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	196,646	203,375
HELX | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	216,717	220,838
HELX | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	214,023	221,655
SOLV | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	318,421	320,619
SOLV | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	308,776	317,481
HELXI | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	274,958	278,491
HELXI | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	267,125	275,323
HELXII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	235,114	236,924
HELXII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	234,834	242,091
SOLVI | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	225,999	0
SOLVI | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	227,628	0
HELXIII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	222,241	0
HELXIII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	222,698	0
Revolving credit facility | EZOP | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	390,171	511,000
Revolving credit facility | EZOP | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	390,171	511,000
Revolving credit facility | TEPH | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	1,024,850	1,036,600
Revolving credit facility | TEPH | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	1,024,850	1,036,600
Revolving credit facility | AP8 | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	215,000	215,000
Revolving credit facility | AP8 | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	215,000	215,000
Revolving credit facility | IS | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	34,100	31,300
Revolving credit facility | IS | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	34,100	31,300
Revolving credit facility | AP9 | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	16,035	12,118
Revolving credit facility | AP9 | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	16,035	12,118
Revolving credit facility | HESI | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	238,319	240,057
Revolving credit facility | HESI | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	$ 241,742	$ 249,318

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Interest Rate Swap - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Aggregate notional amount of derivative	$ 1,586,600,000		$ 1,723,984,000
EZOP
Derivative [Line Items]
Aggregate notional amount of derivative	73,100,000	$ 153,000,000
Aggregate notional amount of unwound derivative	511,700,000	0
Realized loss	1,200,000
Realized gain		4,800,000
TEPH
Derivative [Line Items]
Aggregate notional amount of derivative	340,000,000	119,600,000
Aggregate notional amount of unwound derivative	362,600,000	0
Realized gain	3,500,000	1,900,000
AP8
Derivative [Line Items]
Aggregate notional amount of derivative	0	75,000,000
Aggregate notional amount of unwound derivative	0	0
Realized gain	620,000	3,000
AP9
Derivative [Line Items]
Aggregate notional amount of derivative	0
Aggregate notional amount of unwound derivative	0	0
Realized gain	$ 90,000	$ 0

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 1,586,600	$ 1,723,984
EZOP | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 73,100		$ 153,000
EZOP | Interest Rate Swap One
Derivative [Line Items]
Fixed Interest Rate	2%	2%
Aggregate Notional Amount	$ 372,000	$ 489,581
TEPH | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	340,000		119,600
TEPH | Interest Rate Swap Two
Derivative [Line Items]
Aggregate Notional Amount	$ 974,600	$ 994,403
TEPH | Interest Rate Swap Two | Minimum
Derivative [Line Items]
Fixed Interest Rate	3%	2.62%
TEPH | Interest Rate Swap Two | Maximum
Derivative [Line Items]
Fixed Interest Rate	4.202%	4.202%
AP8 | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 0		$ 75,000
AP8 | Interest Rate Swap Three
Derivative [Line Items]
Fixed Interest Rate	4.25%	4.25%
Aggregate Notional Amount	$ 215,000	$ 215,000
AP9 | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 0
AP9 | Interest Rate Swap Three
Derivative [Line Items]
Fixed Interest Rate	4.25%	4.25%
Aggregate Notional Amount	$ 25,000	$ 25,000

Derivative Instruments - Balanc

Derivative Instruments - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Not designated as hedging instrument | Interest rate swap
Derivatives, Fair Value [Line Items]
Other assets	$ 54,226	$ 55,471

Derivative Instruments - Intere

Derivative Instruments - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (gain) loss	$ (30,698)	$ 23,616
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain	(3,050)	(6,707)
Unrealized (gain) loss	(30,698)	23,616
Total	$ (33,748)	$ 16,909

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	32%	0%
Income tax penalties and interest accrued	$ 0		$ 0

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests and Noncontrolling Interests - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended					3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Sep. 30, 2023	May 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Line Items]
Contributions from redeemable noncontrolling interests and noncontrolling interests						$ 160,153	$ 60,203
Class A members | TEP8D
Noncontrolling Interest [Line Items]
Contributions from redeemable noncontrolling interests and noncontrolling interests		$ 195,000
Class A members | TEP7F
Noncontrolling Interest [Line Items]
Contributions from redeemable noncontrolling interests and noncontrolling interests		190,800	$ 134,900
Class A members | TEP7E
Noncontrolling Interest [Line Items]
Contributions from redeemable noncontrolling interests and noncontrolling interests	$ 51,200			$ 51,000
Class A members | TEP7A
Noncontrolling Interest [Line Items]
Contributions from redeemable noncontrolling interests and noncontrolling interests		$ 61,400			$ 59,000

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vested (in shares)		148,859	16,816
Stock options vested, value		$ 2,200	$ 309
Total unrecognized compensation expense		$ 14,900
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized during period (in shares)	2,960,908
Shares authorized (in shares)				6,123,326
Common stock outstanding				5%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period		2 years 5 months 12 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period		1 year 11 months 1 day
Vested (in shares)		1,776,290	740,979
Restricted stock units, vested		$ 18,100	$ 13,500
Unrecognized compensation expense		$ 45,100
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)		35,160

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Stock Options
Outstanding, beginning balance (in shares)	4,018,149
Granted (in shares)	1,817,193
Exercised (in shares)	(11,357)
Forfeited (in shares)	(87,259)
Outstanding, ending balance (in shares)	5,736,726	4,018,149
Number of stock options, exercisable (in shares)	2,712,597
Number of stock options, vested and expected to vest (in shares)	5,736,726
Number of stock options, non-vested (in shares)	3,024,129
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 17.61
Granted (in USD per share)	7.02
Exercised (in USD per share)	1.85
Forfeited (in USD per share)	17.99
Outstanding, ending balance (in USD per share)	14.28	$ 17.61
Weighted average exercise price, exercisable (in USD per share)	17.31
Weighted average exercise price, vested and expected to vest (in USD per share)	$ 14.28
Weighted Average Remaining Contractual Term (Years)
Outstanding, balance	6 years 3 months 25 days	4 years 11 months 19 days
Granted	9 years 11 months 4 days
Weighted average remaining contractual term, exercisable	2 years 10 months 2 days
Weighted average remaining contractual term, vested and expected to vest	6 years 3 months 25 days
Weighted Average Grant Date Fair Value
Granted (in USD per share)	$ 4.31
Forfeited (in USD per share)	10.31
Weighted average grant date fair value, non-vested (in USD per share)	$ 6.69
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 5,542
Exercised	118
Outstanding, ending balance	0	$ 5,542
Aggregate intrinsic value, exercisable	0
Aggregate intrinsic value, vested and expected to vest	$ 0

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Restricted Stock Units
Outstanding, beginning balance (in shares)	2,384,205
Granted (in shares)	5,514,576
Vested (in shares)	(1,776,290)	(740,979)
Forfeited (in shares)	(345,241)
Outstanding, ending balance (in shares)	5,777,250
Weighted Average Grant Date Fair Value
Outstanding. beginning balance (in USD per share)	$ 9.06		$ 16.60
Granted (in USD per share)	6.33
Vested (in USD per share)	10.21
Forfeited (in USD per share)	10.85
Outstanding, ending balance (in USD per share)	$ 9.06

Basic and Diluted Net Loss Pe_3

Basic and Diluted Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to stockholders—basic	$ (69,960)	$ (81,083)
Net loss attributable to stockholders - diluted	$ (69,960)	$ (81,083)
Net loss per share attributable to stockholders - basic (in USD per share)	$ (0.57)	$ (0.70)
Net loss per share attributable to stockholders - diluted (in USD per share)	$ (0.57)	$ (0.70)
Weighted average common shares outstanding - basic (in shares)	122,894,548	115,073,975
Weighted average common shares outstanding - diluted (in shares)	122,894,548	115,073,975

Basic and Diluted Net Loss Pe_4

Basic and Diluted Net Loss Per Share - Anti-Dilutive Weighted Average Shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity-based compensation awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,935,379	5,037,823
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	34,150,407	34,150,407

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Current portion of performance guarantee obligations	$ 3,061		$ 2,667
Other commitment	174,500		166,400
Payments for dealer commitments	9,600	$ 24,600
Purchase commitment				$ 255,000
Payments for purchase obligations	6,800	78,400
Performance Guarantee Obligations
Loss Contingencies [Line Items]
Performance guarantee obligations	5,997	$ 3,129	6,753		$ 4,845
Current portion of performance guarantee obligations	3,100		2,700
Long-term portion of performance guarantee obligations	$ 2,900		$ 4,100

Commitments and Contingencies_2

Commitments and Contingencies - Performance Guarantee Obligations (Details) - Performance Guarantee Obligations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Performance Guarantee Obligations [Roll Forward]
Balance at beginning of period	$ 6,753	$ 4,845
Accruals	1,913	1,015
Settlements	(2,669)	(2,731)
Balance at end of period	$ 5,997	$ 3,129

Commitments and Contingencies_3

Commitments and Contingencies - Lease Expenses and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 753	$ 692
Finance lease expense:
Amortization expense	418	230
Interest on lease liabilities	49	18
Short-term lease expense	83	27
Variable lease expense	305	233
Total	$ 1,608	$ 1,200

Commitments and Contingencies_4

Commitments and Contingencies - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Right-of-use assets:
Operating leases	$ 12,740	$ 13,247
Finance leases	4,497	4,085
Total right-of-use assets	17,237	17,332
Current lease liabilities:
Operating leases	2,961	2,883
Finance leases	1,510	1,348
Long-term leases liabilities:
Operating leases	13,296	14,005
Finance leases	1,787	1,631
Total lease liabilities	$ 19,554	$ 19,867
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Commitments and Contingencies_5

Commitments and Contingencies - Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$ 878	$ 764
Operating cash flows from finance leases	49	18
Financing cash flows from finance leases	371	211
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	90	0
Finance leases	$ 831	$ 83
Weighted average remaining lease term (years):
Operating leases	5 years 3 months 7 days		5 years 6 months 3 days
Finance leases	3 years 1 month 9 days		3 years 1 month 13 days
Weighted average discount rate (percent)
Operating leases	4.06%		4.06%
Finance leases	6.29%		6.26%

Commitments and Contingencies_6

Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
Remaining 2024	$ 2,667
2025	3,458
2026	3,240
2027	3,304
2028	3,372
2029 and thereafter	2,113
Total	18,154
Amount representing interest	(1,821)
Amount representing leasehold incentives	(76)
Present value of future payments	16,257
Current portion of lease liability	(2,961)	$ (2,883)
Long-term portion of lease liability	13,296	14,005
Finance Leases
Remaining 2024	1,312
2025	1,158
2026	707
2027	400
2028	20
2029 and thereafter	0
Total	3,597
Amount representing interest	(300)
Amount representing leasehold incentives	0
Present value of future payments	3,297
Current portion of lease liability	(1,510)	(1,348)
Long-term portion of lease liability	$ 1,787	$ 1,631

Commitments and Contingencies_7

Commitments and Contingencies - Dealer Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Total	$ 174,500	$ 166,400
Long-Term Dealer Commitments
Other Commitments [Line Items]
Remaining 2024	65,579
2025	57,079
2026	36,904
2027	30,000
2028	0
2029 and thereafter	0
Total	$ 189,562

Commitments and Contingencies_8

Commitments and Contingencies - Information Technology Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2024	$ 15,115
2025	7,389
2026	6,137
2027	7,405
2028	515
2029 and thereafter	515
Total	$ 37,076

Subsequent Events (Details)

Subsequent Events (Details) - Revolving credit facility - Line of credit - USD ($) $ in Billions	1 Months Ended
	Apr. 30, 2024	Dec. 31, 2023
TEPH
Subsequent Event [Line Items]
Aggregate committed amount		$ 1.3
Subsequent Event | TEPH
Subsequent Event [Line Items]
Aggregate committed amount	$ 1.4
Subsequent Event | IS
Subsequent Event [Line Items]
Increase in margin	0.75%
Subsequent Event | IS | Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate	3.25%
Subsequent Event | IS | Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate	2.25%