Sunnova Energy International (NOVA) 10-K 3 Mar 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 26, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	true
Document Financial Statement Restatement Recovery Analysis	true
Entity Shell Company	false
Entity Public Float			$ 681.1
Entity Common Stock, Shares Outstanding		125,081,959
Documents Incorporated by Reference	Portions of the information called for by Part III of this Form 10-K are hereby incorporated by reference from either the definitive Proxy Statement for our annual meeting of stockholders or an amendment to this Form 10-K, either of which will be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2024.
Entity Central Index Key	0001772695
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, TX
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 211,192	$ 212,832
Accounts receivable—trade, net		43,670	40,767
Accounts receivable—other, net		318,330	253,350
Other current assets, net of allowance of $5,550 and $4,659 as of December 31, 2024 and 2023, respectively		454,311	429,299
Total current assets		1,027,503	936,248
Property and equipment, net		7,411,954	5,638,794
Customer notes receivable, net of allowance of $134,499 and $111,818 as of December 31, 2024 and 2023, respectively		3,925,256	3,735,986
Intangible assets, net		105,214	134,058
Other assets		883,772	895,885
Total assets	[1]	13,353,699	11,340,971
Current liabilities:
Accounts payable		699,396	355,791
Accrued expenses		131,266	122,355
Current portion of long-term debt		327,228	483,497
Other current liabilities		165,861	133,649
Total current liabilities		1,323,751	1,095,292
Long-term debt, net		8,133,179	7,030,756
Other long-term liabilities		1,211,676	1,086,011
Total liabilities	[1]	10,668,606	9,212,059
Commitments and contingencies
Redeemable noncontrolling interests		260,562	165,872
Stockholders' equity:
Common stock, 125,067,917 and 122,466,515 shares issued as of December 31, 2024 and 2023, respectively, at $0.0001 par value		13	12
Additional paid-in capital—common stock		1,785,041	1,755,461
Retained earnings (accumulated deficit)		46,590	(228,583)
Total stockholders' equity		1,831,644	1,526,890
Noncontrolling interests		592,887	436,150
Total equity		2,424,531	1,963,040
Total liabilities, redeemable noncontrolling interests and equity		$ 13,353,699	$ 11,340,971
[1]The consolidated assets as of December 31, 2024 and 2023 include $7,023,751 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 $96,508 and $54,674 as of December 31, 2024 and 2023, respectively; accounts receivable—trade, net of $23,950 and $13,860 as of December 31, 2024 and 2023, respectively; accounts receivable—other, net of $280,039 and $187,607 as of December 31, 2024 and 2023, respectively; other current assets of $647,464 and $693,772 as of December 31, 2024 and 2023, respectively; property and equipment, net of $5,827,836 and $4,273,478 as of December 31, 2024 and 2023, respectively; and other assets of $147,954 and $74,425 as of December 31, 2024 and 2023, respectively. The consolidated liabilities as of December 31, 2024 and 2023 include $419,902 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $293,329 and $197,072 as of December 31, 2024 and 2023, respectively; accrued expenses of $1,330 and $157 as of December 31, 2024 and 2023, respectively; other current liabilities of $8,486 and $7,269 as of December 31, 2024 and 2023, respectively; and other long-term liabilities of $116,757 and $73,518 as of December 31, 2024 and 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Other current asset, allowance		$ 5,550	$ 4,659
Customer notes receivable, allowance		$ 134,499	$ 111,818
Common stock, issued (in shares)		125,067,917	122,466,515
Common stock, par value (in USD per share)		$ 0.0001	$ 0.0001
Total assets	[1]	$ 13,353,699	$ 11,340,971
Cash		211,192	212,832
Accounts receivable—trade, net		43,670	40,767
Accounts receivable—other, net		318,330	253,350
Other current assets		454,311	429,299
Property and equipment, net		7,411,954	5,638,794
Other assets		883,772	895,885
Liabilities	[1]	10,668,606	9,212,059
Accounts payable		699,396	355,791
Accrued expenses		131,266	122,355
Other current liabilities		165,861	133,649
Other long-term liabilities		1,211,676	1,086,011
Primary beneficiary
Total assets		7,023,751	5,297,816
Cash		96,508	54,674
Accounts receivable—trade, net		23,950	13,860
Accounts receivable—other, net		280,039	187,607
Other current assets		647,464	693,772
Property and equipment, net		5,827,836	4,273,478
Other assets		147,954	74,425
Liabilities		419,902	278,016
Accounts payable		293,329	197,072
Accrued expenses		1,330	157
Other current liabilities		8,486	7,269
Other long-term liabilities		$ 116,757	$ 73,518
[1]The consolidated assets as of December 31, 2024 and 2023 include $7,023,751 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 $96,508 and $54,674 as of December 31, 2024 and 2023, respectively; accounts receivable—trade, net of $23,950 and $13,860 as of December 31, 2024 and 2023, respectively; accounts receivable—other, net of $280,039 and $187,607 as of December 31, 2024 and 2023, respectively; other current assets of $647,464 and $693,772 as of December 31, 2024 and 2023, respectively; property and equipment, net of $5,827,836 and $4,273,478 as of December 31, 2024 and 2023, respectively; and other assets of $147,954 and $74,425 as of December 31, 2024 and 2023, respectively. The consolidated liabilities as of December 31, 2024 and 2023 include $419,902 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $293,329 and $197,072 as of December 31, 2024 and 2023, respectively; accrued expenses of $1,330 and $157 as of December 31, 2024 and 2023, respectively; other current liabilities of $8,486 and $7,269 as of December 31, 2024 and 2023, respectively; and other long-term liabilities of $116,757 and $73,518 as of December 31, 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue:	$ 839,922	$ 720,653	$ 557,690
Operating expense:
Operations and maintenance	104,947	96,997	36,679
General and administrative	458,982	384,223	258,986
Provision for current expected credit losses and other bad debt expense	35,094	46,199	43,018
Goodwill impairment	0	13,150	0
Other operating (income) expense	17,478	(3,978)	(26,566)
Total operating expense, net	1,079,463	964,088	639,194
Operating loss	(239,541)	(243,435)	(81,504)
Interest expense, net	491,172	371,937	107,775
Interest income	(149,918)	(115,872)	(59,799)
Loss on extinguishment of long-term debt, net	4,551	0	0
Other (income) expense	6,940	3,949	(3,090)
Loss before income tax	(592,286)	(503,449)	(126,390)
Income tax (benefit) expense	(144,513)	(1,023)	3,886
Net loss	(447,773)	(502,426)	(130,276)
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests	(79,880)	(84,465)	31,366
Net loss attributable to stockholders	$ (367,893)	$ (417,961)	$ (161,642)
Net loss per share attributable to stockholders - basic (in USD per share)	$ (2.96)	$ (3.53)	$ (1.41)
Net loss per share attributable to stockholders - diluted (in USD per share)	$ (2.96)	$ (3.53)	$ (1.41)
Weighted average common shares outstanding - basic (in shares)	124,240,517	118,344,728	114,451,034
Weighted average common shares outstanding - diluted (in shares)	124,240,517	118,344,728	114,451,034
Customer agreements and incentives
Income Statement [Abstract]
Revenue:	$ 541,530	$ 378,136	$ 280,801
Operating expense:
Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems	213,407	149,206	103,586
Solar energy system and product sales
Income Statement [Abstract]
Revenue:	298,392	342,517	276,889
Operating expense:
Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems	$ 249,555	$ 278,291	$ 223,491

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (447,773)	$ (502,426)	$ (130,276)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	229,012	153,387	108,167
Impairment and loss on disposals, net	55,904	56,592	8,459
Amortization of intangible assets	28,432	28,432	28,441
Amortization of deferred financing costs	59,222	25,226	13,640
Amortization of debt discount	30,130	19,174	9,342
Non-cash effect of equity-based compensation plans	28,192	25,535	24,218
Non-cash direct sales revenue	(49,350)	(60,590)	(8,484)
Provision for current expected credit losses and other bad debt expense	35,094	46,199	43,018
Unrealized (gain) loss on derivatives	3,771	67,318	(19,451)
Unrealized (gain) loss on fair value instruments and equity securities	(17,294)	188	(29,279)
Loss on sales of customer notes receivable	43,448	0	0
Loss on extinguishment of long-term debt, net	4,551	0	0
Other non-cash items	(11,695)	7,332	(34,962)
Changes in components of operating assets and liabilities:
Accounts receivable	(108,220)	101,125	(159,295)
Other current assets	(144,361)	(105,743)	(119,794)
Other assets	(76,682)	(115,488)	(124,981)
Accounts payable	9,210	(5,493)	4,486
Accrued expenses	(2,907)	(11,213)	48,385
Other current liabilities	22,109	43,665	11,772
Other long-term liabilities	(1,641)	(10,782)	(6,832)
Net cash used in operating activities	(310,848)	(237,562)	(333,426)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,642,838)	(1,832,714)	(868,208)
Payments for investments and customer notes receivable	(302,614)	(909,488)	(1,236,228)
Proceeds from customer notes receivable	226,256	180,721	109,760
Proceeds from sales of customer notes receivable	84,874	0	0
Proceeds from investments in solar receivables	11,915	11,582	12,394
Other, net	6,632	5,238	680
Net cash used in investing activities	(1,615,775)	(2,544,661)	(1,981,602)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	2,780,375	3,507,828	2,903,727
Payments of long-term debt	(1,835,474)	(1,406,022)	(758,355)
Payments on notes payable	(8,890)	(7,151)	0
Payments of deferred financing costs	(61,053)	(75,920)	(30,791)
Purchase of capped call transactions	0	0	(48,420)
Proceeds from issuance of common stock, net	(1,668)	81,316	(3,190)
Contributions from redeemable noncontrolling interests and noncontrolling interests	1,212,142	692,894	449,398
Distributions to redeemable noncontrolling interests and noncontrolling interests	(589,037)	(48,986)	(29,771)
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests	(27,412)	(11,881)	(13,091)
Proceeds from sales of investment tax credits for redeemable noncontrolling interests and noncontrolling interests	519,906	5,971	0
Other, net	(8,557)	(6,998)	(802)
Net cash provided by financing activities	1,980,332	2,731,051	2,468,705
Net increase (decrease) in cash, cash equivalents and restricted cash	53,709	(51,172)	153,677
Cash, cash equivalents and restricted cash at beginning of period	494,402	545,574	391,897
Cash, cash equivalents and restricted cash at end of period	548,111	494,402	545,574
Restricted cash included in other current assets	(78,240)	(62,188)	(51,733)
Restricted cash included in other assets	(258,679)	(219,382)	(133,584)
Cash and cash equivalents at end of period	211,192	212,832	360,257
Non-cash investing and financing activities:
Change in accounts payable and accrued expenses related to purchases of property and equipment	225,979	69,981	32,008
Change in accounts payable and accrued expenses related to payments for investments and customer notes receivable	4,567	(24,025)	31,908
Distributions payable to redeemable noncontrolling interests and noncontrolling interests	87,128	187,940	2,959
Non-cash settlement of receivables and payables with primarily dealers	59,012	19,041	0
Supplemental cash flow information:
Cash paid for interest	440,920	283,985	142,870
Cash paid for income taxes	$ 12,011	$ 14,726	$ 2,000

CONSOLIDATED STATEMENTS OF REDE

CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital - Common Stock	Retained Earnings (Accumulated Deficit)	Noncontrolling Interests
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2021	$ 145,336
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)	(22,487)
Contributions from redeemable noncontrolling interests and noncontrolling interests	84,923
Distributions to redeemable noncontrolling interests and noncontrolling interests	(4,920)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(3,829)
Equity in subsidiaries attributable to parent	(33,020)
Other, net	(266)
Redeemable noncontrolling interest, ending balance at Dec. 31, 2022	165,737
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021			113,386,600
Stockholders' equity, beginning balance at Dec. 31, 2021	1,476,277	$ 1,189,495	$ 11	$ 1,649,199	$ (459,715)	$ 286,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(107,789)	(161,642)			(161,642)	53,853
Issuance of common stock, net (in shares)			1,552,479
Issuance of common stock, net	12,849	12,849		12,849
Capped call transactions	(48,420)	(48,420)		(48,420)
Contributions from redeemable noncontrolling interests and noncontrolling interests	364,475					364,475
Distributions to redeemable noncontrolling interests and noncontrolling interests	(24,851)					(24,851)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(5,373)					(5,373)
Equity in subsidiaries attributable to parent	33,020	256,575			256,575	(223,555)
Equity-based compensation expense	24,218	24,218		24,218
Other, net	(2,693)	1		1		(2,694)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2022			114,939,079
Stockholders' equity, ending balance at Dec. 31, 2022	1,721,713	1,273,076	$ 11	1,637,847	(364,782)	448,637
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)	(8,443)
Contributions from redeemable noncontrolling interests and noncontrolling interests	382,904
Distributions to redeemable noncontrolling interests and noncontrolling interests	(16,176)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(8,257)
Equity in subsidiaries attributable to parent	(348,705)
Other, net	(1,188)
Redeemable noncontrolling interest, ending balance at Dec. 31, 2023	165,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(493,983)	(417,961)			(417,961)	(76,022)
Issuance of common stock, net (in shares)			7,527,436
Issuance of common stock, net	92,080	92,080	$ 1	92,079
Contributions from redeemable noncontrolling interests and noncontrolling interests	309,990					309,990
Distributions to redeemable noncontrolling interests and noncontrolling interests	(32,810)					(32,810)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(6,302)					(6,302)
Equity in subsidiaries attributable to parent	348,705	554,160			554,160	(205,455)
Equity-based compensation expense	25,535	25,535		25,535
Other, net	(1,888)					(1,888)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2023			122,466,515
Stockholders' equity, ending balance at Dec. 31, 2023	1,963,040	1,526,890	$ 12	1,755,461	(228,583)	436,150
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)	(52,946)
Contributions from redeemable noncontrolling interests and noncontrolling interests	624,101
Distributions to redeemable noncontrolling interests and noncontrolling interests	(316,527)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(20,025)
Distributions payable to redeemable noncontrolling interests and noncontrolling interests	(38,041)
Investment tax credit sales related to redeemable noncontrolling interests and noncontrolling interests	327,994
Equity in subsidiaries attributable to parent	(416,589)
Other, net	(13,277)
Redeemable noncontrolling interest, ending balance at Dec. 31, 2024	260,562
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(394,827)	(367,893)			(367,893)	(26,934)
Issuance of common stock, net (in shares)			2,601,402
Issuance of common stock, net	2,465	2,465	$ 1	2,464
Contributions from redeemable noncontrolling interests and noncontrolling interests	588,041					588,041
Distributions to redeemable noncontrolling interests and noncontrolling interests	(272,510)					(272,510)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(15,990)					(15,990)
Distributions payable to redeemable noncontrolling interests and noncontrolling interests	(49,087)					(49,087)
Investment tax credit sales related to redeemable noncontrolling interests and noncontrolling interests	159,693					159,693
Equity in subsidiaries attributable to parent	416,589	643,065			643,065	(226,476)
Equity-based compensation expense	27,115	27,115		27,115
Other, net	2	2		1	1	0
Stockholders' equity, ending balance (in shares) at Dec. 31, 2024			125,067,917
Stockholders' equity, ending balance at Dec. 31, 2024	$ 2,424,531	$ 1,831,644	$ 13	$ 1,785,041	$ 46,590	$ 592,887

Description of Business and Bas

Description of Business and Basis of Presentation	12 Months Ended
	Dec. 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 441,000 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 that we provide to further enhance the efficiency of our customers' investment and contribute towards their adaptive home, such as 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 more 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 can 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 that also provide energy resiliency. Our customer agreements typically take the form of 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 customer's 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). We also offer service plans and repair services for systems we did not originate. Complementary to our business, in some states we make it possible 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. Basis of Presentation The accompanying annual audited consolidated financial statements (consolidated financial statements) include our Consolidated Balance Sheets, Statements of Operations, Statements of Cash Flows and Statements of Redeemable Noncontrolling Interests and Equity and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") from records maintained by us. Our consolidated 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. Revisions We have revised our previously issued interim and annual financial statements to correct immaterial errors related to the presentation of revenue and cost of revenue to comply with the requirements of Rule 5-03, Statements of comprehensive income , of Regulation S-X, which requires product, service and other revenues, as well as the associated cost of revenue, to be stated separately in the Consolidated Statements of Operations. Our previously issued interim and annual financial statements did not present such amounts separately in the Consolidated Statements of Operations. We have evaluated the historical presentation in our previously issued interim and annual financial statements and concluded this change in presentation is not material. Impacted periods not presented herein will be revised in future filings. The following table presents the revised presentation of revenue in the Consolidated Statements of Operations: Year Ended 2023 2022 (in thousands) Revenue: Customer agreements and incentives $ 378,136 $ 280,801 Solar energy system and product sales 342,517 276,889 Total revenue $ 720,653 $ 557,690 The following table presents cost of revenue as shown in the Consolidated Statements of Operations in our previously issued consolidated financial statements: Year Ended 2023 2022 (in thousands) Cost of revenue—depreciation $ 130,261 $ 96,280 Cost of revenue—inventory sales $ 176,371 $ 178,310 Cost of revenue—other $ 120,865 $ 52,487 The following table presents the revised presentation of cost of revenue in the Consolidated Statements of Operations: Year Ended 2023 2022 (in thousands) Cost of revenue—customer agreements and incentives $ 149,206 $ 103,586 Cost of revenue—solar energy system and product sales $ 278,291 $ 223,491 Certain other prior period amounts have been revised to conform to the current period presentation. These revisions did not have a significant impact on our consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates The application of GAAP in the preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the consolidated 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. Going Concern We assess going concern uncertainty on a quarterly basis to determine if we have sufficient cash and cash equivalents on hand, working capital and access to capital through financing agreements to operate for a period of at least one year from the date our consolidated financial statements are issued (the look-forward period). Our ability to continue as a going concern is dependent on many factors, including, among other things, our ability to comply with the covenants in our debt agreements, our ability to cure any defaults that may occur under our debt agreements, or forbearances with respect to any such defaults, and our ability to pay, retire, amend, replace or refinance our indebtedness as principal payments come due. Based on conditions that are known and reasonably knowable to us, we consider various scenarios, forecasts, projections and estimates, and we make certain key assumptions, including the timing and nature of projected cash expenditures, among other factors, and our ability to delay or curtail those expenditures, if necessary. We evaluated our liquidity within the look-forward period to determine if there is substantial doubt about our ability to continue as a going concern. In the preparation of this liquidity assessment, we applied judgment to estimate our projected cash flows, including the following: (a) projected cash outflows, (b) projected cash inflows and (c) projected availability under our existing financing arrangements. When management is aware, in making its assessment, of material uncertainties related to events or conditions that may raise substantial doubt as to our ability to continue as a going concern, those uncertainties are disclosed. Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As of December 31, 2024, we had $211.2 million of cash and cash equivalents, of which $34.7 million is held outside of secured collection accounts, negative working capital of $296.2 million, limited availability under any financing arrangement for general corporate purposes and our convertible senior notes and senior notes due in 2026 were trading significantly below par. Additionally, since our inception, we have had a history of significant operating losses, operating and investing cash outflows and at times, working capital deficits. Consequently, we have been heavily reliant on debt and equity financing to fund our operations and meet our obligations as they come due. Based on our current forecast and liquidity assessment, our unrestricted cash and cash equivalents, cash flows from operating activities and availability and commitments under existing financing agreements are not sufficient to meet our obligations and fund operations during the look-forward period. These conditions have raised substantial doubt about our ability to continue as a going concern. Our consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty. Management's plans to address these conditions include certain or all of the following: (a) refinancing certain of our obligations due during the look-forward period, (b) executing additional debt financing that can be used for general corporate purposes, (c) reducing expenditures, (d) revising dealer payment terms and (e) obtaining tax equity investment commitment that is sufficient to continue operating our business model. We can offer no assurances we will be able to successfully implement any of these plans or obtain financing at acceptable terms or at all. To support executing elements of this plan, we have hired a financial advisor to help us manage certain aspects of our debt management and refinancing efforts. See Note 7, Long-Term Debt for further discussion of our debt obligations. Cash and Cash Equivalents We maintain cash and cash equivalents, which consists principally of demand deposits, with investment-grade financial institutions. Our securitizations, warehouses and tax equity financings typically require the cash flows from related customer contracts be paid into a secured collection account and only be available for general use after amounts on deposit in such accounts are first applied to satisfy the current obligations of the applicable special purpose entity and upon the satisfaction of certain conditions to distribution. We are exposed to credit risk to the extent cash and cash equivalents balances exceed amounts covered by the Federal Deposit Insurance Corporation ("FDIC"). As of December 31, 2024 and 2023, we had cash and cash equivalents deposits of $189.0 million and $187.0 million, respectively, in excess of the FDIC's current insured limit of $250,000. We have not experienced any losses on our deposits of cash and cash equivalents. Restricted Cash We record cash that is restricted as to withdrawal or use under the terms of certain contractual agreements as restricted cash. Our restricted cash primarily represents cash held to service certain payments under our various financing arrangements (see Note 7, Long-Term Debt and Note 10, Redeemable Noncontrolling Interests and Noncontrolling Interests) and balances collateralizing outstanding letters of credit related to a reinsurance agreement and one of our operating leases for office space (see Note 14, Commitments and Contingencies). The following table presents the detail of restricted cash as recorded in other current assets and other assets in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Debt and inverter reserves $ 257,886 $ 247,394 Tax equity reserves (1) 73,374 25,778 Other 5,659 8,398 Total (2) $ 336,919 $ 281,570 (1) Amount will be used to purchase eligible solar energy systems. (2) Of this amount, $78.2 million and $62.2 million is recorded in other current assets as of December 31, 2024 and 2023, respectively. We are exposed to credit risk to the extent restricted cash balances exceed amounts covered by the FDIC. As of December 31, 2024 and 2023, we had restricted cash deposits of $328.4 million and $274.4 million, respectively, in excess of the FDIC's current insured limit of $250,000. We have not experienced any losses on our deposits of restricted cash. Accounts Receivable Accounts Receivable—Trade, Net. Accounts receivable—trade, net primarily represents trade receivables from customers that are generally collected in the subsequent month. Accounts receivable—trade, net 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 Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 2,559 $ 1,676 Provision for current expected credit losses 10,495 4,978 Write off of uncollectible accounts (8,680) (4,370) Recoveries 442 275 Other, net (115) — Balance at end of period $ 4,701 $ 2,559 Accounts Receivable—Other, Net. Accounts receivable—other, net primarily represents receivables from ITC sales, receivables from sales of customer notes receivable 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, net in the Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 13,045 $ — Provision for current expected credit losses 418 18,402 Write off of uncollectible accounts (13,178) (5,357) Balance at end of period $ 285 $ 13,045 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) expense to cost of revenue—solar energy system and product sales if sold directly to a dealer or other party, (c) capitalize to property and equipment, net when installed on an existing home or business, (d) expense to cost of revenue—solar energy system and product sales when installed on a new home or business as part of a cash sale or (e) capitalize to property and equipment, net 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. At least quarterly, we perform a physical count of the majority of our inventory. We reconcile these counts to our records and expense any unreconciled amounts to operations and maintenance expense. The following table presents the detail of inventory as recorded in other current assets in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Energy storage systems and components $ 26,289 $ 83,178 Homebuilder construction in progress 85,090 36,461 Modules and inverters 15,184 27,143 Meters and modems 132 1,793 Total $ 126,695 $ 148,575 Concentrations of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable and notes receivable. The concentrated risk associated with cash, cash equivalents and restricted cash is mitigated by our policy of banking with creditworthy institutions. Typically, amounts on deposit with certain banking institutions exceed FDIC insurance limits. We do not generally require collateral or other security to support accounts receivable. To reduce credit risk related to our relationship with our dealers, management performs periodic credit evaluations and ongoing assessments of our dealers' financial condition. Concentration of Services and Equipment from Dealers We utilize a network of approximately 500 dealers as of December 31, 2024. During the year ended December 31, 2024, one dealer accounted for approximately 25% of our total expenditures to dealers. During the year ended December 31, 2023, two dealers accounted for approximately 20% and 16%, respectively, of our total expenditures to dealers. During the year ended December 31, 2022, three dealers accounted for approximately 26%, 16% and 11%, respectively, of our total expenditures to dealers. No other dealer accounted for more than 10% of our expenditures to dealers during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024 and 2023, we recorded payables to dealers of $385.0 million and $147.8 million, respectively, in accounts payable in the Consolidated Balance Sheets. As of December 31, 2024 and 2023, we recorded accrued expenses to dealers of $12.0 million and $19.1 million, respectively, in accrued expenses in the Consolidated Balance Sheets. Concentration of Revenue from Dealers During the year ended December 31, 2024, no dealer accounted for more than 10% of our total revenue. During the year ended December 31, 2023, one dealer accounted for approximately 16% of our total revenue. During the year ended December 31, 2022, one dealer accounted for approximately 16% of our total revenue. No other dealer accounted for more than 10% of our revenue during the years ended December 31, 2024, 2023 and 2022. Dealer Commitments We enter into exclusivity and other similar agreements with certain key dealers pursuant to which we agree to pay an incentive if such dealers install a certain minimum number of solar energy systems within specified periods. These incentives are recorded in other assets in the Consolidated Balance Sheets and are amortized using the straight-line method to general and administrative expense in the Consolidated Statements of Operations generally over the term of the customer agreements, which is estimated at an average of 23 years. See Note 14, Commitments and Contingencies. 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, observed market trading prices 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 December 31, 2024 and 2023: As of December 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Financial assets: Investments in solar receivables $ 67,720 $ — $ — $ 67,720 Derivative assets 11,954 — 11,954 — Total $ 79,674 $ — $ 11,954 $ 67,720 Financial liabilities: Contingent consideration $ 2,157 $ — $ — $ 2,157 Total $ 2,157 $ — $ — $ 2,157 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 Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 69,334 $ 72,171 Additions — 969 Settlements (11,990) (11,528) Gain recognized in earnings 10,376 7,722 Balance at end of period $ 67,720 $ 69,334 Changes in the fair value of our contingent consideration are included in other operating (income) expense Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 19,916 $ 26,787 Settlements (3,901) (10,832) (Gain) loss recognized in earnings (13,858) 3,961 Balance at end of period $ 2,157 $ 19,916 The following table summarizes the significant unobservable inputs used in the valuation of our liabilities as of December 31, 2024 using Level 3 inputs: Unobservable Weighted Liabilities: Contingent consideration - installation earnout Volatility 30.00% Revenue risk premium 15.16% Risk-free discount rate 4.37% Contingent consideration - microgrid earnout Probability of success 5.00% Risk-free discount rate 4.37% 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. As of December 31, 2024, the amount of contingent consideration that could be paid has an estimated maximum value of $4.4 million and a minimum value of $1.6 million. Derivative Instruments Our derivative instruments consist of interest rate swaps and caps that are not designated as cash flow hedges or fair value hedges. We use interest rate swaps and caps to manage our net exposure to interest rate changes. We record the derivatives in other current assets, other assets, other current liabilities and other long-term liabilities, as appropriate, in the Consolidated Balance Sheets and the changes in fair value are recorded in interest expense, net in the Consolidated Statements of Operations. We include unrealized gains and losses on derivatives as a non-cash reconciling item in operating activities in the Consolidated Statements of Cash Flows. We include realized gains and losses on derivatives as a change in components of operating assets and liabilities in operating activities in the Consolidated Statements of Cash Flows. See Note 8, Derivative Instruments. Revenue The following table presents the detail of revenue as recorded in the Consolidated Statements of Operations: Year Ended 2024 2023 2022 (in thousands) PPA revenue $ 175,592 $ 123,646 $ 104,563 Lease revenue 239,018 147,788 100,070 Solar renewable energy certificate revenue 58,568 50,375 48,698 Loan revenue 47,940 34,716 18,601 Service revenue 11,786 16,197 4,178 Other revenue 8,626 5,414 4,691 Customer agreements and incentives 541,530 378,136 280,801 Inventory sales revenue 106,256 185,855 195,980 Cash sales revenue 142,786 96,072 72,425 Direct sales revenue 49,350 60,590 8,484 Solar energy system and product sales 298,392 342,517 276,889 Total $ 839,922 $ 720,653 $ 557,690 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 and amounts we will invoice and recognize as revenue in future periods. Contracted but not yet recognized revenue related to our lease agreements was approximately $7.6 billion as of December 31, 2024, of which we expect to recognize approximately 4% over the next 12 months. Given the contracts in place at December 31, 2024, we do not expect the annual recognition to vary significantly over approximately the next 19 years as the 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, Revenue from Contracts with Customers , 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, Leases . Accordingly, we account for these agreements as contracts with customers under ASC 606, Revenue from Contracts with Customers . 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 solar energy system may not achieve the specified minimum solar energy production output 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 must 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 14, Commitments and Contingencies. 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 December 31, 2024 and 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. Upon a sale, the purchaser of the SREC typically pays within one month of receiving the SREC. The costs related to the sales of SRECs are generally limited to broker fees (recorded in cost of revenue—customer agreements and incentives), 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. Loan Revenue. See discussion of loan revenue in the " Loans " section below. 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 we perform the service. 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. 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. We include shipping and handling costs in cost of revenue—solar energy system and product sales in the Consolidated Statements of Operations. 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. Direct Sales Revenue. Direct sales revenue includes revenue from the direct sale of solar energy systems and energy storage systems to customers when we provide the financing. We recognize revenue from the direct sale of solar energy systems and energy storage systems in the period we place the systems in service. 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. We evaluate the customer's credit once for each customer at the time the customer enters into the customer agreement. 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, net 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 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 we determine them to be 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 i

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 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 Consolidated Balance Sheets: As of December 31, Useful Lives 2024 2023 (in years) (in thousands) Solar energy systems and energy storage systems 35 $ 7,425,371 $ 5,443,796 Construction in progress 499,018 530,180 Asset retirement obligations 30 102,422 78,538 Software and business technology systems 3 155,044 130,300 Computers and equipment 3-5 7,743 7,503 Leasehold improvements 1-6 7,208 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 8,200,037 6,199,718 Less: accumulated depreciation (788,083) (560,924) Property and equipment, net $ 7,411,954 $ 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 $678.2 million and $489.7 million as of December 31, 2024 and 2023, respectively.

Detail of Certain Balance Sheet

Detail of Certain Balance Sheet Captions	12 Months Ended
	Dec. 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 Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Current portion of customer notes receivable $ 193,081 $ 176,562 Inventory 126,695 148,575 Restricted cash 78,240 62,188 Prepaid assets 30,763 25,996 Deferred receivables 10,609 7,601 Other 14,923 8,377 Total $ 454,311 $ 429,299 The following table presents the detail of other assets as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Restricted cash $ 258,679 $ 219,382 Prepaid assets 55,535 33,154 Other 569,558 643,349 Total $ 883,772 $ 895,885 The following table presents the detail of other current liabilities as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Interest payable $ 73,812 $ 67,647 Deferred revenue 60,408 50,815 Other 31,641 15,187 Total $ 165,861 $ 133,649

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations 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 Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 96,227 $ 69,869 Additional obligations incurred 23,959 21,529 Accretion expense 6,652 4,905 Other (111) (76) Balance at end of period $ 126,727 $ 96,227

Customer Notes Receivable

Customer Notes Receivable	12 Months Ended
	Dec. 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 Consolidated Balance Sheets and the corresponding fair values: As of December 31, 2024 2023 (in thousands) Customer notes receivable $ 4,258,386 $ 4,029,025 Allowance for credit losses (140,049) (116,477) Customer notes receivable, net $ 4,118,337 $ 3,912,548 Estimated fair value, net $ 3,974,477 $ 3,800,754 The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in other current assets and customer notes receivable, net in the Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 116,477 $ 81,248 Provision for current expected credit losses (1) 23,572 35,229 Balance at end of period $ 140,049 $ 116,477 (1) For the years ended December 31, 2024 and 2023, the provision for current expected credit losses related to customer notes receivable was 2% and 4%, respectively, of total operating expense. The following tables present additional information related to our customer notes receivable. As of December 31, 2024 2023 (in thousands) Investment in loan solar energy systems, energy storage systems and/or accessories not yet placed in service $ 46,352 $ 159,066 Accrued interest receivable related to customer notes receivable $ 6,657 $ 14,305 Customer notes receivable not accruing interest $ 98,680 $ 34,200 Allowance recorded for loans on nonaccrual status $ 2,783 $ 754 Year Ended 2024 2023 (in thousands) Interest income related to customer notes receivable $ 130,550 $ 98,848 Interest income recognized for loans on nonaccrual status $ — $ — Accrued interest receivable written off by reversing interest income $ 178 $ 63 In May 2024, we ceased originating home security and monitoring loans with Brinks Home. In connection therewith, we sold approximately 58,000 home security and monitoring loans to Brinks Home. During the year ended December 31, 2024, we sold additional accessory loans to a third party. While we still have an obligation to service the accessory loans sold during the year ended December 31, 2024, no such obligation exists for the home security and monitoring loans sold in May 2024. During the year ended December 31, 2024, we sold approximately 65,000 accessory loans with a net customer notes receivable balance of $142.6 million for $84.9 million and recognized a loss of $43.4 million, which is recorded in other operating (income) expense in the Consolidated Statements of Operations. As of December 31, 2024, $4.4 million is recorded in accounts receivable—other, net and $5.2 million is recorded in other assets for sales proceeds not yet received. 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 December 31, 2024 2023 (in thousands) 1-90 days past due $ 169,904 $ 164,150 91-180 days past due 49,056 40,428 Greater than 180 days past due 166,091 77,110 Total past due (1) 385,051 281,688 Not past due 3,873,335 3,747,337 Total $ 4,258,386 $ 4,029,025 (1) As of December 31, 2024 and 2023, the total amount past due as a percent of gross customer notes receivable was 9% and 7%, respectively. As of December 31, 2024 and 2023, the amortized cost of our customer notes receivable more than 90 days past due but not on nonaccrual status was $116.5 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 $ 489,635 $ 1,285,215 $ 1,254,490 $ 654,532 $ 198,621 $ 209,802 $ 4,092,295 Nonperforming (1) 11,562 52,951 52,760 26,209 7,306 15,303 166,091 Total $ 501,197 $ 1,338,166 $ 1,307,250 $ 680,741 $ 205,927 $ 225,105 $ 4,258,386 (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	12 Months Ended
	Dec. 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 Business Markets Borrower, LLC ("BMB"), Sunnova Sol VI Issuer, LLC ("SOLVI"), Sunnova Helios XIII Issuer, LLC ("HELXIII"), Sunnova Hestia II Borrower, LLC ("HESII"), Sunnova Helios XIV Issuer, LLC ("HELXIV"), Sunnova Sol VII Issuer, LLC ("SOLVII"), Sunnova Sol VIII Issuer, LLC ("SOLVIII") and Sunnova Aurora I Issuer, LLC ("AURI"). The following table presents the detail of long-term debt as recorded in current portion of long-term debt and long-term debt, net in the Consolidated Balance Sheets: Year Ended December 31, 2024 Weighted Average Effective Interest Rates As of December 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 3.03 % 600,000 — 3.03 % 600,000 — Debt discount, net (13,918) — (19,174) — Deferred financing costs, net (535) — (748) — Sunnova Energy Corporation Notes payable 9.73 % — 2,489 7.07 % — 3,084 5.875% senior notes 6.52 % 400,000 — 6.53 % 400,000 — 11.75% senior notes 12.29 % 400,000 — 12.02 % 400,000 — Debt discount, net (10,888) — (13,288) — Deferred financing costs, net (8,695) — (12,119) — EZOP Revolving credit facility 10.84 % 166,640 — 8.72 % 511,000 — Debt discount, net (137) — (302) — HELII Solar asset-backed notes 5.61 % 185,698 9,569 5.64 % 194,933 9,065 Debt discount, net (19) — (24) — Deferred financing costs, net (2,289) — (2,926) — RAYSI Solar asset-backed notes 5.55 % 98,968 6,725 5.55 % 105,096 6,349 Debt discount, net (535) — (753) — Deferred financing costs, net (2,537) — (3,004) — HELIII Solar loan-backed notes 4.44 % 78,963 9,550 4.43 % 86,232 9,983 Debt discount, net (975) — (1,250) — Deferred financing costs, net (936) — (1,200) — TEPH Revolving credit facility 10.26 % 1,167,950 — 10.03 % 1,036,600 — Debt discount, net (618) — (1,168) — SOLI Solar asset-backed notes 3.93 % 319,437 15,817 3.91 % 335,874 12,965 Debt discount, net (61) — (74) — Deferred financing costs, net (4,732) — (5,769) — HELIV Solar loan-backed notes 4.15 % 90,017 10,249 4.16 % 97,458 10,854 Debt discount, net (274) — (417) — Deferred financing costs, net (1,330) — (1,955) — AP8 Credit facility 8.92 % — — 9.42 % — 215,000 Notes payable 6.02 % 71,754 3,246 — — Deferred financing costs, net (6,095) — — — SOLII Solar asset-backed notes 2.90 % 213,340 6,314 3.90 % 221,955 7,195 Debt discount, net (48) — (56) — Deferred financing costs, net (3,316) — (3,948) — HELV Solar loan-backed notes 2.51 % 125,690 12,675 2.49 % 134,473 13,496 Debt discount, net (394) — (540) — Deferred financing costs, net (1,538) — (2,094) — SOLIII Solar asset-backed notes 2.83 % 241,168 13,672 2.81 % 257,545 15,762 Debt discount, net (86) — (102) — Deferred financing costs, net (4,113) — (4,871) — HELVI Solar loan-backed notes 2.12 % 151,053 12,706 2.10 % 159,901 13,521 Debt discount, net (24) — (32) — Deferred financing costs, net (1,786) — (2,345) — HELVII Solar loan-backed notes 2.53 % 117,257 9,593 2.53 % 123,494 10,221 Debt discount, net (24) — (31) — Deferred financing costs, net (1,395) — (1,797) — HELVIII Solar loan-backed notes 3.66 % 231,415 18,768 3.62 % 243,020 19,995 Debt discount, net (3,450) — (4,355) — Deferred financing costs, net (2,689) — (3,395) — SOLIV Solar asset-backed notes 5.93 % 313,897 8,861 5.90 % 325,612 8,464 Debt discount, net (7,678) — (9,440) — Deferred financing costs, net (5,498) — (6,759) — HELIX Solar loan-backed notes 5.67 % 188,266 13,039 5.64 % 196,174 15,246 Debt discount, net (2,459) — (3,027) — Deferred financing costs, net (2,273) — (2,798) — HELX Solar loan-backed notes 8.12 % 195,838 14,049 7.38 % 200,842 19,996 Debt discount, net (11,983) — (17,015) — Deferred financing costs, net (2,245) — (3,064) — IS Revolving credit facility 11.11 % 7,419 — 8.90 % 31,300 — SOLV Solar asset-backed notes 6.94 % 304,150 8,256 6.93 % 312,844 7,775 Debt discount, net (12,049) — (15,491) — Deferred financing costs, net (5,197) — (6,682) — HELXI Solar loan-backed notes 6.51 % 243,339 16,788 6.29 % 247,251 31,240 Debt discount, net (10,171) — (12,007) — Deferred financing costs, net (3,957) — (5,195) — HELXII Solar loan-backed notes 7.01 % 199,779 16,625 6.71 % 210,263 26,661 Debt discount, net (10,281) — (13,065) — Deferred financing costs, net (3,269) — (4,135) — AP9 Revolving credit facility 26.25 % — — 19.30 % 12,118 — Debt discount, net — — (572) — HESI Solar loan-backed notes 6.14 % 205,206 19,408 10.94 % 213,432 26,625 Debt discount, net (6,469) — (7,616) — Deferred financing costs, net (5,954) — (7,058) — BMB Revolving credit facility 312.19 % — 832 — — SOLVI Solar asset-backed notes 6.81 % 218,720 4,060 — — Debt discount, net (11,055) — — — Deferred financing costs, net (5,603) — — — HELXIII Solar loan-backed notes 6.31 % 187,671 21,355 — — Debt discount, net (6,581) — — — Deferred financing costs, net (4,512) — — — HESII Solar loan-backed notes 6.25 % 146,019 16,618 — — Debt discount, net (112) — — — Deferred financing costs, net (6,366) — — — HELXIV Solar loan-backed notes 7.33 % 191,022 34,275 — — Debt discount, net (6,976) — — — Deferred financing costs, net (4,945) — — — SOLVII Solar asset-backed notes 7.06 % 313,229 5,467 — — Debt discount, net (8,657) — — — Deferred financing costs, net (8,984) — — — SOLVIII Solar asset-backed notes 6.81 % 298,510 9,590 — — Debt discount, net (5,569) — — — Deferred financing costs, net (9,245) — — — AURI Solar asset-backed notes 6.36 % 146,569 6,632 — — Debt discount, net (12,740) — — — Deferred financing costs, net (6,540) — — — Total $ 8,133,179 $ 327,228 $ 7,030,756 $ 483,497 Availability. As of December 31, 2024, we had $623.8 million of available borrowing capacity, subject to certain conditions, under our various financing arrangements, consisting of $383.4 million under the EZOP revolving credit facility, $194.1 million under the TEPH revolving credit facility, $42.6 million under the IS revolving credit facility and $3.8 million under the BMB revolving credit facility. As of December 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. SEI Debt . In May 2021, we issued and sold an aggregate principal amount of $575.0 million of our 0.25% convertible senior notes (0.25% convertible senior notes) in a private placement at a discount to the initial purchasers of 2.5%, for an aggregate purchase price of $560.6 million. The 0.25% convertible senior notes mature in December 2026 unless earlier redeemed, repurchased or converted. In connection with the pricing of the 0.25% convertible senior notes, we used proceeds of $91.7 million to enter into privately negotiated capped call transactions, which are expected to reduce the potential dilution to common shares and/or offset potential cash payments that could be required to be made in excess of the principal amount upon any exchange of notes. Such reduction and/or offset is subject to a cap initially equal to $60.00 per share, subject to adjustments. The capped call transactions cover, subject to customary adjustments, the number of shares of our common stock initially underlying the 0.25% convertible senior notes. As the capped call transactions meet certain accounting criteria, they are classified as stockholders' equity and therefore, are recorded in additional paid-in capital—common stock in the Consolidated Balance Sheets and are not accounted for as derivatives. The holders of our 0.25% convertible senior notes may convert their notes at their option at any time prior to September 1, 2026 only under the following circumstances: (a) during any calendar quarter commencing after the calendar quarter ending on September 30, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (b) during the five business day period after any ten consecutive trading day period (the measurement period) in which the trading price (as defined below) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day, (c) with respect to notes called for redemption (or deemed called for redemption), at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date or (d) upon the occurrence of specified corporate events. On or after September 1, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the foregoing circumstances. Upon conversion, we will be required to pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The conversion rate of our 0.25% convertible senior notes will initially be 28.9184 shares of common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $34.58 per share of common stock). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes called (or deemed called) in connection with such a corporate event or notice of redemption, as the case may be. We may not redeem our 0.25% convertible senior notes prior to June 5, 2024. We may redeem for cash all or any portion of the notes, at our option, on or after June 5, 2024 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In August 2022, we issued and sold an aggregate principal amount of $600.0 million of our 2.625% convertible senior notes (2.625% convertible senior notes) in a private placement at a discount to the initial purchasers of 2.5%, for an aggregate purchase price of $585.0 million. The 2.625% convertible senior notes mature in February 2028 unless earlier redeemed, repurchased or converted. In connection with the pricing of the 2.625% convertible senior notes, we used proceeds of $48.4 million to enter into privately negotiated capped call transactions, which are expected to reduce the potential dilution to common shares and/or offset potential cash payments that could be required to be made in excess of the principal amount upon any exchange of notes. Such reduction and/or offset is subject to a cap initially equal to $34.24 per share, subject to adjustments. The capped call transactions cover, subject to customary adjustments, the number of shares of our common stock initially underlying the 2.625% convertible senior notes. As the capped call transactions meet certain accounting criteria, they are classified as stockholders' equity and therefore, are recorded in additional paid-in capital—common stock in the Consolidated Balance Sheets and are not accounted for as derivatives. The holders of our 2.625% convertible senior notes may convert their notes at their option at any time prior to November 15, 2027 only under the following circumstances:(a) during any calendar quarter commencing after the calendar quarter ending on December 31, 2022 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (b) during the five business day period after any ten consecutive trading day period (the measurement period) in which the trading price (as defined below) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day, (c) with respect to notes called for redemption (or deemed called for redemption), at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date or (d) upon the occurrence of specified corporate events. On or after November 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The conversion rate of our 2.625% convertible senior notes will initially be 29.2039 shares of common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $34.24 per share of common stock). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes called (or deemed called) in connection with such a corporate event or notice of redemption, as the case may be. We may not redeem our 2.625% convertible senior notes prior to August 20, 2025. We may redeem for cash all or any portion of the notes, at our option, on or after August 20, 2025 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Sunnova Energy Corporation Debt . In August 2021, Sunnova Energy Corporation issued and sold an aggregate principal amount of $400.0 million of 5.875% senior notes (5.875% senior notes) at a discount to the initial purchasers of approximately 1.24%, for an aggregate purchase price of $395.0 million. The 5.875% senior notes mature in September 2026 and are initially guaranteed on a senior unsecured basis by SEI and a wholly-owned subsidiary of Sunnova Energy Corporation. In June 2023, Sunnova Energy Corporation entered into an arrangement to finance $6.8 million of insurance premiums at an annual interest rate of 7.24% over ten months. In August 2023, Sunnova Energy Corporation entered into an arrangement to finance $1.5 million of insurance premiums at an annual interest rate of 7.49% over ten months. In September 2023, Sunnova Energy Corporation entered into an arrangement to finance $1.9 million of insurance premiums at an annual interest rate of 7.49% over nine months. In September 2023, Sunnova Energy Corporation issued and sold an aggregate principal amount of $400.0 million of 11.75% senior notes (11.75% senior notes) at a discount to the initial purchasers of approximately 2.74%, for an aggregate purchase price of approximately $389.0 million. The 11.75% senior notes mature in October 2028 and are initially guaranteed on a senior unsecured basis by SEI and a wholly-owned subsidiary of Sunnova Energy Corporation. In June 2024, Sunnova Energy Corporation entered into an arrangement to finance $8.3 million of insurance premiums at an annual interest rate of 7.74% over ten months. EZOP Debt . In April 2017, EZOP, a special purpose entity, entered into a secured revolving credit facility with Credit Suisse AG, New York Branch, as agent, and the lenders party thereto, for an aggregate commitment amount of $100.0 million with a maturity date of April 2019. In August 2017, the aggregate commitment amount was reduced to $70.0 million and in March 2019, the aggregate commitment amount was increased to $200.0 million. The EZOP revolving credit facility allows for the pooling and transfer of eligible loans on a non-recourse basis subject to certain limited exceptions. The proceeds of the loans under the EZOP revolving credit facility are available to purchase or otherwise acquire loans (which we originated) directly from Sunnova Asset Portfolio 7 Holdings, LLC ("AP7H") pursuant to a sale and contribution agreement, fund certain reserve accounts that are required to be maintained by EZOP in accordance with the EZOP revolving credit agreement and pay fees and expenses incurred in connection with the EZOP revolving credit facility. The amount available for borrowings at any one time under the EZOP revolving credit facility is limited to a borrowing base amount determined at each borrowing and calculated based on the aggregate solar loan balance of eligible solar loans of EZOP multiplied by the weighted average advance rate. Interest on the borrowings under the EZOP revolving credit facility is due monthly. Borrowings under the EZOP revolving credit facility bear interest at an annual rate equal to the weighted-average cost to the lender of any commercial paper (to the extent the lender funds an advance by issuing commercial paper) plus 3.50% during the commitment availability period and 4.50% after the commitment availability period. The EZOP revolving credit facility requires EZOP to pay a fee based on the daily unused portion of the commitments under the EZOP revolving credit facility. Payments from the loans will be deposited into accounts established pursuant to the EZOP revolving credit facility and applied in accordance with a cash waterfall in the manner specified in the EZOP revolving credit facility. EZOP is also required to maintain certain reserve accounts for the benefit of the lenders under the EZOP revolving credit facility, each of which must remain funded at all times to the levels specified in the credit agreement. In connection with the EZOP revolving credit facility, certain of our affiliates receive a fee for managing and servicing the solar loan agreements and related solar energy systems pursuant to management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the manager's obligations to manage the solar loan agreements and related solar energy systems pursuant to the management agreement, (b) the servicer's obligations to service the solar loan agreements and related solar energy systems pursuant to the servicing agreement, (c) AP7H's obligations to repurchase or substitute certain ineligible solar loans sold to EZOP pursuant to certain sale and contribution agreements and (d) certain indemnification obligations related to its affiliates in connection with the EZOP revolving credit facility, but does not provide a general guarantee of the creditworthiness of the assets of EZOP pledged as the collateral for the EZOP revolving credit facility. Under the limited guarantee, Sunnova Energy Corporation is subject to certain financial covenants regarding tangible net worth, working capital and restrictions on the use of proceeds from the EZOP revolving credit facility. In March 2021, we amended the EZOP revolving credit facility to, among other things, (a) extend the maturity date to November 2023 and (b) increase the uncommitted maximum facility amount from $200.0 million to $350.0 million. In June 2022, we amended the EZOP revolving credit facility to, among other things, (a) extend the scheduled commitment termination date to May 2024, (b) extend the facility maturity date to November 2024, (c) increase the aggregate commitment amount from $200.0 million to $400.0 million, subject to reductions based on the outstanding principal balance of advances over certain time periods, (d) increase the uncommitted maximum facility amount from $350.0 million to $475.0 million, (e) modify the interest rate on borrowings from accruing based on the London interbank offered rate ("LIBOR") to accruing based on Term SOFR (as defined by such revolving credit facility), plus a Term SOFR (as defined by such revolving credit facility) spread adjustment, (f) add an amortization event related to certain of our subsidiaries ceasing to originate solar loans (subject to certain thresholds, time periods and exceptions set forth therein), (g) add concentration limits for solar loans (1) with obligors with credit scores below certain thresholds and (2) for which the original principal balance exceeds a certain threshold and (h) modify eligibility requirements for solar loans to increase the permitted maximum original principal balance. In July 2022, we amended the EZOP revolving credit facility to, among other things, increase the uncommitted maximum facility amount from $475.0 million to $535.0 million until the earlier to occur of (a) September 29, 2022 and (b) the date upon which a specific sale of borrowing base assets and a related prepayment of outstanding debt thereunder occurs, upon the occurrence of which the uncommitted maximum facility amount will return to $475.0 million. In August 2022, we amended the EZOP revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $400.0 million to $450.0 million, (b) increase the uncommitted maximum facility amount from $535.0 million to $585.0 million, (c) amend certain provisions addressing the allocation of advances and principal payments among the lenders, (d) amend certain provisions addressing lender consent rights and related matters and (e) include certain provisions addressing service incentives and related matters. In September 2022, we amended the EZOP revolving credit facility to, among other things, (a) decrease the uncommitted maximum facility amount from $585.0 million to $575.0 million and (b) amend certain provisions related to the agent's allocation of certain payments made to the lenders. In February 2023, we amended the EZOP revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $450.0 million to $675.0 million, (b) increase the uncommitted maximum facility amount from $575.0 million to $800.0 million, (c) amend certain provisions related to the allocation of certain payments made to the lenders, (d) amend certain provisions related to excess concentration limits and eligibility criteria to permit us and our affiliates to provide warranties of, and replacements for, load controllers and generators in connection with the related solar loan contracts and (e) add provisions to allow EZOP to request an increase in the aggregate commitment amount (subject to certain conditions) by adding additional lenders to the EZOP revolving credit facility. In February 2023, Credit Suisse AG ("Credit Suisse") sold a significant part of its Securitized Products Group (the "Credit Suisse Securitized Products Sale") to Apollo Global Management ("Apollo"). Subsequently, Apollo publicly announced the majority of the assets and professionals associated with the sale are now part of or managed by ATLAS SP Partners, a new stand-alone credit firm focused on asset-backed financing and capital markets solutions ("Atlas"). In March 2023, in connection with the Credit Suisse Securitized Products Sale, certain of our subsidiaries consented to the assignment of the loans and commitments of the Credit Suisse lenders to the Atlas lenders (such assignment, the "EZOP Assignment") under the EZOP revolving credit facility. In connection with the EZOP Assignment, Credit Suisse AG, New York Branch ("CSNYB") resigned as the agent under the EZOP revolving credit facility, Atlas Securitized Products Holdings, L.P. (the "Successor Agent") was appointed as the successor agent thereunder and, in connection with such appointment, the Successor Agent assumed the agent roles under the EZOP revolving credit facility. In connection with the appointment of Atlas as Successor Agent, the borrowers and the lenders party to the applicable agency resignation and appointment agreements consented to, among other things, Atlas' ability to assign the agent role under the EZOP revolving credit facility to one of its affiliates subject to certain conditions set forth therein. In March 2023, after the EZOP Assignment, we amended the EZOP revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $675.0 million to $775.0 million, (b) increase the uncommitted maximum facility amount from $800.0 million to $900.0 million, (c) amend and supplement certain defaulting lender provisions and (d) update the references from CSNYB, the predecessor agent, to Atlas, the successor agent, and remove or modify certain provisions related to the borrowing, funding and allocation of payments among the previous lender syndicate (that previously included lenders affiliated with Credit Suisse that, prior to the date of the amendment to the EZOP revolving credit facility and pursuant to the EZOP Assignment, had assigned their loans and commitments to lenders affiliated with Atlas). In August 2023, we amended and restated the EZOP revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $775.0 million to $875.0 million, (b) increase the uncommitted maximum facility amount from $900.0 million to $1.0 billion, (c) extend the maturity date from November 2024 to November 2025 and (d) amend the Advance Rate (as defined therein). In October 2023, we amended the EZOP revolving credit facility to, among other things, reallocate commitments among the lenders. 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). In June 2024, we amended the EZOP revolving credit facility to, among other things, (a) reflect the exit of the RBC Committed Lender, RBC Conduit Lender and RBC Funding Agent (each as defined by such revolving credit facility) from the facility and (b) reflect the joinder of Royal Bank of Canada as a Committed Lender and Funding Agent (each as defined by such revolving credit facility) and the establishment of a new Royal Bank of Canada Lender Group (as defined by such revolving credit facility). In December 2024, we amended the EZOP revolving credit facility to, among other things, (a) extend the maturity date from November 2025 to February 2026, (b) decrease the aggregate commitment amount from $875.0 million to $550.0 million, (c) decrease the maximum facility amount from $1.0 billion to $550.0 million and (d) make certain updates to the definition of "Excess Concentration Amount". HELII Debt . In November 2018, we pooled and transferred eligible solar energy systems and the related asset receivables into HELII, a special purpose entity, that issued $202.0 million in aggregate principal amount of Series 2018-1 Class A solar asset-backed notes and $60.7 million in aggregate principal amount of Series 2018-1 Class B solar asset-backed notes (collectively, the "HELII Notes") with a maturity date of July 2048. The HELII Notes were issued at a discount of 0.02% for Class A and 0.02% for Class B and bear interest at an annual rate equal to 4.87% and 7.71% for the Class A and Class B notes, respectively. The cash flows generated by these solar energy systems are used to service the semi-annual principal and interest payments on the HELII Notes and satisfy HELII's expenses, and any remaining cash can be distributed to Helios Depositor II, LLC, HELII's sole member. In connection with the HELII Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the manager's obligations to manage the solar energy systems pursuant to the management agreement, (b) the servicer's obligations to service the solar energy systems pursuant to the servicing agreement and (c) Sunnova ABS Holdings, LLC's obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to HELII pursuant to the sale and contribution agreement. HELII is also required to maintain certain reserve accounts for the benefit of the holders of the HELII Notes, each of which must remain funded at all times to the levels specified in the HELII Notes. The indenture requires HELII to track 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 HELII 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 HELII Notes have no recourse to our other assets except as expressly set forth in the HELII Notes. RAYSI Debt . In March 2019, we pooled and transferred eligible solar energy systems and the related asset receivables into RAYSI, a special purpose entity, that issued $118.1 million in aggregate principal amount of Series 2019-1 Class A solar asset-backed notes with a maturity date of April 2044 and $15.0 million in aggregate principal amount of Series 2019-1 Class B solar asset-backed notes with a maturity date of April 2034. The notes were issued with no discount for Class A and at a discount of 6.50% for Class B and bear interest at an annual rate equal to 4.95% and 6.35% for the Class A and Class B notes, respectiv

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest Rate Swaps and Caps on EZOP Debt. During the years ended December 31, 2024 and 2023, EZOP entered into interest rate swaps and caps for an aggregate notional amount of $277.4 million and $1.1 billion, 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 July 2024, 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 years ended December 31, 2024 and 2023, EZOP unwound interest rate swaps and caps with an aggregate notional amount of $699.7 million and $798.0 million, respectively, and recorded a realized gain of $27.0 million and $45.8 million, respectively. Interest Rate Swaps and Caps on TEPH Debt. During the years ended December 31, 2024 and 2023, TEPH entered into interest rate swaps and caps for an aggregate notional amount of $1.2 billion and $851.6 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 years ended December 31, 2024 and 2023, TEPH unwound interest rate swaps and caps with an aggregate notional amount of $837.2 million and $241.1 million, respectively, and recorded a realized gain of $26.6 million and $9.7 million, respectively. Interest Rate Swaps and Caps on AP8 Debt. During the years ended December 31, 2024 and 2023, AP8 entered into interest rate swaps and caps for an aggregate notional amount of $0 and $140.0 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 years ended December 31, 2024 and 2023, AP8 unwound interest rate swaps and caps with an aggregate notional amount of $215.0 million and $0, respectively, and recorded a realized loss of $1.9 million and a realized gain of $1.1 million, respectively. In December 2024, all AP8 interest rate swaps and caps were unwound and terminated. Interest Rate Swaps and Caps on AP9 Debt. During the years ended December 31, 2024 and 2023, AP9 entered into interest rate swaps and caps for an aggregate notional amount of $0 and $25.0 million, respectively, 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. During the years ended December 31, 2024 and 2023, AP9 unwound interest rate swaps and caps with an aggregate notional amount of $25.0 million and $0, respectively, and recorded a realized loss of $620,000 and a realized gain of $62,000, respectively. In September 2024, all AP9 interest rate swaps and caps were unwound and terminated. The following table presents a summary of the outstanding derivative instruments: As of December 31, 2024 2023 Effective Termination Fixed Aggregate Effective Termination Fixed Aggregate (in thousands, except interest rates) EZOP June 2024 - November 2024 June 2029 - December 2031 4.000% $ 148,303 July 2023 - December 2023 December 2028 - November 2035 2.000% $ 489,581 TEPH December 2023 - August 2024 April 2038 - January 2043 3.430% - 4.312% 1,130,190 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 AP9 — September 2023 September 2027 4.250% 25,000 Total $ 1,278,493 $ 1,723,984 The following table presents the fair value of the interest rate swaps and caps as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Other assets $ 11,954 $ 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 Consolidated Statements of Operations: Year Ended 2024 2023 2022 (in thousands) Realized gain $ (51,047) $ (56,623) $ (51,207) Unrealized (gain) loss 3,771 67,318 (19,451) Total $ (47,276) $ 10,695 $ (70,658)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax (benefit) expense consists of the following: Year Ended 2024 2023 2022 (in thousands) Current: Federal $ (157,957) $ (15,893) $ — State and territory 12,239 14,516 3,886 Current income tax (benefit) expense (145,718) (1,377) 3,886 Deferred: State and territory 1,205 354 — Deferred income tax expense 1,205 354 — Total income tax (benefit) expense $ (144,513) $ (1,023) $ 3,886 Our effective income tax benefit (expense) rate for the years ended December 31, 2024, 2023 and 2022 is 24%, 0% and (3)%, 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 the intercompany sale of solar energy systems to our tax equity partnerships, our valuation allowance and income tax benefit from the sale of ITCs. The sources of these differences are as follows: Year Ended 2024 2023 2022 (in thousands) Loss before income tax $ (592,286) $ (503,449) $ (126,390) Statutory federal tax rate 21 % 21 % 21 % Tax benefit computed at statutory rate (124,380) (105,724) (26,542) State and territory income tax, net of federal (benefit) expense 12,615 14,804 (3,167) Adjustments from permanent differences: Tax equity activities 165,094 138,895 77,755 ITC sales (157,956) (15,893) — Redeemable noncontrolling interests and noncontrolling interests 16,775 17,738 (6,587) ITC recapture — — 101 Other 2,002 4,179 1,992 Decrease in valuation allowance, net (58,663) (55,022) (39,666) Total income tax (benefit) expense $ (144,513) $ (1,023) $ 3,886 The following table presents a reconciliation of the statutory federal tax rate to our effective income tax benefit (expense) rate: Year Ended 2024 2023 2022 Statutory federal tax rate 21 % 21 % 21 % State and territory income tax, net of federal (benefit) expense (2) (3) 3 Tax equity activities (27) (28) (62) ITC sales 26 3 — Redeemable noncontrolling interests and noncontrolling interests (3) (4) 5 Other — — (1) Decrease in valuation allowance, net 9 11 31 Total effective income tax benefit (expense) rate 24 % — % (3) % State, federal and foreign income tax (benefit) expense is $(144.5) million, $(1.0) million and $3.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) are as follows: As of December 31, 2024 2023 (tax effected, in thousands) Federal net operating loss carryforward $ 285,915 $ 238,447 State net operating loss carryforward 89,558 60,980 ITC carryforward 313,329 309,693 Foreign tax credit carryforward 8,297 18,087 Federal unused interest deduction carryforward 73,417 49,979 Equity-based compensation 10,618 22,935 Deferred revenue 7,331 7,433 Unrealized loss on derivatives 1,785 (17,119) Other deferred tax assets 59,423 48,619 Deferred tax assets 849,673 739,054 Fixed asset basis difference (315,435) (253,194) Intangible asset basis difference (22,386) (30,921) Investment in certain financing arrangements (367,350) (223,620) Other deferred tax liabilities (2,907) (4,259) Deferred tax liabilities (708,078) (511,994) Valuation allowance (143,154) (227,414) Net deferred tax liability $ (1,559) $ (354) We account for income taxes under ASC 740. We sell solar energy systems at a tax gain to our tax equity partnerships. Since the tax equity partnerships are considered variable interest entities, the tax gain is eliminated upon consolidation under U.S. GAAP. However, this is a taxable event for income tax purposes. As such, we recognize the tax expense when the sale occurs. A valuation allowance of $143.2 million and $227.4 million was recorded against our net deferred tax assets as of December 31, 2024 and 2023, respectively. We believe it is not more likely than not that future taxable income and the reversal of deferred tax liabilities will be sufficient to realize our net deferred tax assets. Our estimated federal tax net operating loss carryforward as of December 31, 2024 is approximately $1.4 billion, which will begin to expire in 2032 if not utilized. We also generated $18.9 million of Section 48(a) ITCs in 2024 for a net $313.3 million through December 31, 2024, which will begin to expire in 2033 if not utilized. This amount represents ITCs generated and retained for our benefit, independent of credits generated within tax equity partnerships, or those sold to a third party. 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 December 31, 2024 and 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. Under the provisions of the Internal Revenue Code and similar state provisions, our net operating loss carryforwards and tax credit carryforwards are subject to review and possible adjustment by the IRS and state tax authorities. Under Sections 382 and 383 of the Internal Revenue Code, as well as similar state provisions, our net operating loss and tax credit carryforwards may be subject to an annual limitation in the event of certain cumulative changes in the ownership interest of certain significant shareholders over a three-year period in excess of 50%. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of our company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. We experienced an ownership change in August 2020 as defined by Sections 382 and 383 of the Internal Revenue Code, which limits our future ability to utilize NOLs and tax credits generated before the ownership change. However, these limitations do not prevent the use of our NOLs to offset certain built-in gains, including deemed gains with respect to our cost recovery deductions, recognized by us within five years after the ownership change with respect to assets held by us at the time of the ownership change, or the use of our tax credits to offset related tax liabilities, to the extent of our net unrealized built-in gain at the time of the ownership change. We have determined that, based upon the size of our net unrealized built-in gain at the time of our 2020 ownership change and our projected recognition of deemed built-in gains in the five years following the ownership change, there is no impact on the balances for deferred taxes or valuation allowance. We conduct operations in the U.S. territories of Puerto Rico, Guam and the Commonwealth of the Northern Mariana Islands. As a result, our income tax expense includes the effects of taxes incurred in such jurisdictions where the tax code for the respective jurisdiction may have separate tax-reporting requirements. In August 2022, the Inflation Reduction Act of 2022 (the "IRA") was signed into law. Among other things, the IRA expanded and extended the tax credits available to solar energy projects in an effort to achieve President Biden's non-binding target of net-zero emissions by 2050. The IRA extends the investment tax credit for eligible solar energy projects through at least 2033 and, depending on the location of a particular project, its size, its ability to satisfy certain labor and domestic content requirements and the category of consumers it serves, the investment tax credit percentage can range between 6% and 70%.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests and Noncontrolling Interests	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests and Noncontrolling Interests	Redeemable Noncontrolling Interests and Noncontrolling Interests The following table summarizes our redeemable noncontrolling interests and noncontrolling interests as of December 31, 2024: Tax Equity Entity Balance Sheet Classification Date Class A Class A Member Sunnova TEP II, LLC ("TEPII") Redeemable noncontrolling interests December 2017 $ 45,000 Sunnova TEP III, LLC Redeemable noncontrolling interests January 2019 $ 50,000 Sunnova TEP IV-A, LLC ("TEPIVA") Noncontrolling interests August 2019 $ 75,000 Sunnova TEP IV-B, LLC ("TEPIVB") Noncontrolling interests December 2019 $ 50,000 Sunnova TEP IV-C, LLC ("TEPIVC") Noncontrolling interests February 2020 $ 75,000 Sunnova TEP IV-D, LLC ("TEPIVD") Noncontrolling interests May 2020 $ 155,000 Sunnova TEP IV-F, LLC Noncontrolling interests July 2020 $ 10,000 Sunnova TEP IV-E, LLC ("TEPIVE") Noncontrolling interests September 2020 $ 75,000 Sunnova TEP IV-G, LLC ("TEPIVG") Noncontrolling interests November 2020 $ 100,000 Sunnova TEP V-D, LLC ("TEPVD") Noncontrolling interests April 2021 $ 50,000 Sunnova TEP V-A, LLC Noncontrolling interests April 2021 $ 25,000 Sunnova TEP V-B, LLC ("TEPVB") Noncontrolling interests May 2021 $ 150,000 Sunnova TEP V-C, LLC ("TEPVC") Noncontrolling interests July 2021 $ 150,152 Sunnova TEP V-E, LLC Redeemable noncontrolling interests October 2021 $ 11,634 Sunnova TEP 6-A, LLC ("TEP6A") Noncontrolling interests December 2021 $ 57,676 Sunnova TEP 6-B, LLC ("TEP6B") Noncontrolling interests February 2022 $ 150,000 Sunnova TEP 6-E, LLC Redeemable noncontrolling interests May 2022 $ 17,452 Sunnova TEP 6-D, LLC ("TEP6D") Noncontrolling interests September 2022 $ 79,598 Sunnova TEP 6-C, LLC ("TEP6C") Redeemable noncontrolling interests October 2022 $ 30,000 Sunnova TEP 7-C, LLC Redeemable noncontrolling interests November 2022 $ 53,077 Sunnova TEP 7-A, LLC ("TEP7A") Noncontrolling interests December 2022 $ 61,364 Sunnova TEP 7-B, LLC Redeemable noncontrolling interests December 2022 $ 137,721 Sunnova TEP 7-D, LLC ("TEP7D") Noncontrolling interests December 2022 $ 250,000 Sunnova TEP 7-E, LLC Redeemable noncontrolling interests May 2023 $ 59,766 Sunnova TEP 7-G, LLC Redeemable noncontrolling interests August 2023 $ 111,704 Sunnova TEP 7-F, LLC Redeemable noncontrolling interests September 2023 $ 190,773 Sunnova TEP 8-A, LLC ("TEP8A") Noncontrolling interests December 2023 $ 59,000 Sunnova TEP 8-B, LLC Noncontrolling interests December 2023 $ 300,000 Sunnova TEP 8-C, LLC Redeemable noncontrolling interests December 2023 $ 103,950 Sunnova TEP 8-D, LLC Redeemable noncontrolling interests February 2024 $ 195,000 Sunnova TEP 8-E, LLC ("TEP8E") Noncontrolling interests May 2024 $ 250,000 Sunnova TEP 8-F, LLC Redeemable noncontrolling interests August 2024 $ 152,064 Sunnova TEP 8-G, LLC Redeemable noncontrolling interests October 2024 $ 95,040 Sunnova TEP 8-I, LLC Redeemable noncontrolling interests December 2024 $ 500,000 The purpose of the tax equity entities is to own and operate a portfolio of solar energy systems and energy storage systems. The terms of the tax equity entities' operating agreements contain allocations of taxable income (loss), Section 48(a) ITCs, Section 48E ITCs and cash distributions that vary over time and adjust between the members on an agreed date (referred to as the flip date). The operating agreements specify either a date certain flip date or an internal rate of return ("IRR") flip date. The date certain flip date is based on the passage of a fixed period of time that generally corresponds to the expiration of the recapture period associated with Section 48(a) ITCs and Section 48E ITCs or a year thereafter. The IRR flip date is the date on which the tax equity investor has achieved a contractual rate of return. From inception through the flip date, the Class A members' allocation of taxable income (loss) and Section 48(a) ITCs and Section 48E ITCs is generally 99% and the Class B members' allocation of taxable income (loss) and Section 48(a) ITCs and Section 48E ITCs is generally 1%. TEPIVA, TEPIVB, TEPIVC, TEPIVD, TEPIVE, TEPIVG, TEPVB, TEPVC, TEPVD, TEP6A, TEP6B, TEP6C, TEP6D, TEP7A, TEP7D, TEP8A and TEP8E also have a step-down period prior to the flip date during which the Class A members' allocation of certain items within taxable income (loss) become 67% and the Class B members' allocation of certain items within taxable income (loss) become 33% and TEPIVG, TEPVB, TEPVC and TEP6B also have an additional step-down period prior to the flip date during which the Class A members' allocation of certain items within taxable income (loss) are further reduced and the Class B members' allocation of certain items within taxable income (loss) are further increased. After the related flip date (or, if the tax equity investor has a deficit capital account, typically after such deficit has been eliminated), the Class A members' allocation of taxable income (loss) will typically decrease to 5% (or, in some cases, a higher percentage if required by the tax equity investor) and the Class B members' allocation of taxable income (loss) will increase by an inverse amount. The redeemable noncontrolling interests and noncontrolling interests are comprised of Class A units, which represent the tax equity investors' interest in the tax equity entities. Both the Class A members and Class B members have call options to allow either member to redeem the other member's interest in the tax equity entities upon the occurrence of certain contingent events, such as bankruptcy, dissolution/liquidation and forced divestitures of the tax equity entities. Additionally, except for TEPIVG, TEPVB and TEP6B, the Class B members have the option to purchase all Class A units, which is typically exercisable at any time during the periods specified under each respective governing document, and, in regard to the tax equity entities classified as redeemable noncontrolling interests, also have the contingent obligation to purchase all Class A units if the Class A members exercise their right to withdraw, which is typically exercisable at any time during the periods specified under each respective governing document. In June 2023, we exercised our purchase option to purchase 100% of the Class A member's interest in Sunnova TEP I, LLC ("TEPI") for $5.9 million. This purchase resulted in an increase in our equity in TEPI of $67.0 million. In October 2024, we exercised our purchase option to purchase 100% of the Class A members' interests in Sunnova TEP II-B, LLC ("TEPIIB") for approximately $4.2 million. This purchase resulted in an increase in our equity in TEPIIB of $33.4 million. The carrying values of the redeemable noncontrolling interests were equal to or greater than the estimated redemption values as of December 31, 2024 and 2023. Guarantees . We are contractually obligated to make certain Class A members whole for losses they may suffer in certain limited circumstances resulting from the disallowance or recapture of Section 48(a) ITCs and Section 48E ITCs. We have concluded the likelihood of a significant recapture event is remote and consequently have not recorded a liability for any potential recapture exposure. The maximum potential future payments we could be required to make under this obligation would depend on the IRS successfully asserting upon audit the fair market values of the solar energy systems sold or transferred to the tax equity entities as determined by us exceed the allowable basis for the systems for purposes of claiming Section 48(a) ITCs or Section 48E ITCs. The fair market values of the solar energy systems and related Section 48(a) ITCs and Section 48E ITCs are determined, and the Section 48(a) ITCs and Section 48E ITCs are allocated to the Class A members, in accordance with the tax equity entities' operating agreements. Due to uncertainties associated with estimating the timing and amounts of distributions, the likelihood of an event that may trigger repayment, forfeiture or recapture of Section 48(a) ITCs and Section 48E ITCs to such Class A members, and the fact that we cannot determine how the IRS will evaluate system values used in claiming Section 48(a) ITCs and Section 48E ITCs, we cannot determine the potential maximum future payments that are required under these guarantees. From time to time, we incur non-performance fees, which may include, but is not limited to, delays in the installation process and interconnection to the power grid of solar energy systems and other factors. The non-performance fees are settled by either a return of a portion of the Class A members' capital contributions or an additional payment to the Class A members. During the years ended December 31, 2024, 2023 and 2022, we paid $1.5 million, $766,000 and $9.5 million, respectively, related to non-performance fees. As of December 31, 2024 and 2023, we recorded a liability of $29.1 million and $3.2 million, respectively, related to non-performance fees.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity As of December 31, 2024 and 2023, our authorized number of shares of common stock was 1,000,000,000. In August 2023, we sold 5,865,000 shares of common stock at a public offering price of $14.75 per share. We received aggregate net proceeds of approximately $82.2 million, after deducting underwriting discounts and commissions of approximately $3.9 million and offering expenses of approximately $400,000. We used the net proceeds from the offering for general corporate purposes. During the years ended December 31, 2024, 2023 and 2022, we issued 636,555, 693,443 and 694,446 shares of our common stock to Len X, LLC pursuant to the terms of the earnout agreement, as amended, entered into in connection with the acquisition of SunStreet Energy Group, LLC.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Effective December 2013 and January 2015, we established and adopted two stock option plans (collectively, the "Prior Plans") after approval by our Board. The Prior Plans provided the aggregate number of shares of common stock that may be issued pursuant to stock options shall not exceed 26,032 shares. No further awards may be made under the Prior Plans. Effective March 2016, we established and adopted a new stock option plan (the "2016 Plan") after approval by our Board. The 2016 Plan allowed for the issuance of non-qualified and incentive stock options. The 2016 Plan provided the aggregate number of shares of common stock that may be issued pursuant to stock options shall not exceed 4,288,950 shares. No further awards may be made under the 2016 Plan. In connection with our IPO, our Board adopted the 2019 Long-Term Incentive Plan (the "LTIP") to incentivize employees, officers, directors and other service providers of SEI and its affiliates. The LTIP provides for the grant, from time to time, at the discretion of our Board or a committee thereof, of stock options, stock appreciation rights, stock awards, including restricted stock and restricted stock units, performance awards and cash awards. The LTIP provides the aggregate number of shares of common stock that may be issued pursuant to awards shall not exceed 5,229,318 shares. The number of shares available for issuance under the LTIP will be increased each fiscal year beginning in 2020, in an amount equal to the lesser of (a) a number of shares such that the total number of shares that remain available for additional grants under the LTIP equals five percent of the outstanding shares of our common stock on the last day of the immediately preceding fiscal year or (b) such number of shares determined by our Board. In February 2024, the aggregate number of shares of common stock that may be issued pursuant to awards under 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. Awards granted under the LTIP contain a service condition and cease vesting for employees, consultants and directors upon termination of employment or service. The grant date fair value of awards granted under the LTIP will be recognized ratably over the applicable vesting period of each award (typically either one year, two years, three years or seven years). Stock Options During 2022, 538,758 stock options were granted and 18,383 stock options were exercised resulting in the issuance of 18,383 shares of common stock in exchange for $213,000. During 2023, 1,017,493 stock options were granted and 41,788 stock options were exercised resulting in the issuance of 41,788 shares of common stock in exchange for $540,000. During 2024, 1,989,147 stock options were granted and 11,357 stock options were exercised resulting in the issuance of 11,357 shares of common stock in exchange for $21,000. We used the following assumptions to apply the Black-Scholes option-pricing model to stock options granted during the years ended December 31, 2024, 2023 and 2022: Year Ended 2024 2023 2022 Expected dividend yield 0.00% 0.00% 0.00% Risk-free interest rate 4.08% - 4.42% 3.50% - 4.38% 2.40% Expected term (in years) 6.50 - 6.56 6.26 - 6.57 6.37 - 6.46 Volatility 74.49% - 78.23% 65.58% - 69.81% 58.76% The expected volatility was calculated based on the average historical volatilities of publicly traded peer companies determined by us. The risk-free interest rate used was based on the U.S. treasury yield curve in effect at the time of grant for the expected term of the stock options to be valued. The expected dividend yield is zero as we do not anticipate paying common stock dividends within the relevant time frame. The expected term has been estimated using the average of the contractual term and weighted average life of the stock options. The following tables summarize stock option activity: Number Weighted Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2022 3,259,459 $ 18.48 4.75 $ 10,341 Granted 1,017,493 $ 15.01 9.23 $ 8.82 Exercised (41,788) $ 12.91 $ 203 Forfeited (217,015) $ 19.38 $ 8.77 Outstanding, December 31, 2023 4,018,149 $ 17.61 4.97 $ 5,542 Granted 1,989,147 $ 6.87 9.20 $ 4.25 Exercised (11,357) $ 1.85 $ 118 Forfeited (619,553) $ 14.75 $ 8.17 Outstanding, December 31, 2024 5,376,386 $ 14.00 5.44 $ — Exercisable, December 31, 2024 2,623,734 $ 17.02 1.96 $ — Vested and expected to vest, December 31, 2024 5,376,386 $ 14.00 5.44 $ — Non-vested, December 31, 2023 1,443,054 $ 10.78 Non-vested, December 31, 2024 2,752,652 $ 6.43 Year Ended 2024 2023 (in thousands, except number of stock options vested) Number of stock options vested 148,859 16,816 Grant date fair value of stock options vested $ 2,247 $ 309 As of December 31, 2024, there was $8.6 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over the remaining weighted average period of 1.76 years. Restricted Stock Units The following tables summarize restricted stock unit activity related to equity classified awards: Number of Weighted Outstanding, December 31, 2022 1,609,615 $ 20.62 Granted 2,155,890 $ 14.50 Vested (1,009,102) $ 18.10 Forfeited (372,198) $ 17.78 Outstanding, December 31, 2023 2,384,205 $ 16.60 Granted 6,136,329 $ 5.85 Vested (2,135,502) $ 11.10 Forfeited (1,444,439) $ 9.70 Outstanding, December 31, 2024 4,940,593 $ 7.65 Year Ended 2024 2023 (in thousands, except number of restricted stock units vested) Number of restricted stock units vested 2,135,502 1,009,102 Grant date fair value of restricted stock units vested $ 23,698 $ 18,262 As of December 31, 2024, there was $26.3 million of total unrecognized compensation expense related to equity classified restricted stock units, which is expected to be recognized over the remaining weighted average period of 1.50 years. The following tables summarize restricted stock unit activity related to liability classified awards: Number of Weighted Outstanding, December 31, 2023 — $ — Granted 1,480,308 $ 6.29 Forfeited (352,100) $ 6.48 Outstanding, December 31, 2024 1,128,208 $ 3.43 Year Ended 2024 2023 (in thousands, except number of restricted stock units vested) Number of restricted stock units vested — — Grant date fair value of restricted stock units vested $ — $ — As of December 31, 2024, there was $2.8 million of total unrecognized compensation expense related to liability classified restricted stock units, which is expected to be recognized over the remaining weighted average period of 1.18 years. Employee Stock Purchase Plan ("ESPP") Effective May 2022, we established an ESPP. We are authorized to issue up to an aggregate 750,000 shares of common stock under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share equal to 95% of the lesser of the closing price of our common stock on the grant date or the purchase date. Payment for shares of our common stock is made as of the purchase date through payroll deductions on an after-tax basis over the designated purchase period. Each purchase period will generally be a six-month period commencing on January 1 and July 1 of each year, or such other period as the plan administrator may prescribe. The applicable purchase date is the last trading day of the purchase period or other such trading date designated by the plan administrator. An employee's payroll deductions under the ESPP are limited to 15% of the employee's eligible compensation with an annual limitation of $25,000. As of December 31, 2024 and 2023, the number of shares of common stock issued under the ESPP was 167,967 and 35,160, respectively.

Basic and Diluted Net Loss Per

Basic and Diluted Net Loss Per Share	12 Months Ended
	Dec. 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: Year Ended 2024 2023 2022 (in thousands, except share and per share amounts) Net loss attributable to stockholders—basic and diluted $ (367,893) $ (417,961) $ (161,642) Net loss per share attributable to stockholders—basic and diluted $ (2.96) $ (3.53) $ (1.41) Weighted average common shares outstanding—basic and diluted 124,240,517 118,344,728 114,451,034 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: Year Ended 2024 2023 2022 Equity-based compensation awards 10,212,159 6,093,155 4,907,458 Convertible senior notes 34,150,407 34,150,407 23,228,952

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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. The following table presents the detail of performance guarantee obligations as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Other current liabilities $ 3,527 $ 2,667 Other long-term liabilities 5,179 4,086 Total $ 8,706 $ 6,753 The changes in our performance guarantee obligations are as follows: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 6,753 $ 4,845 Accruals 4,760 4,982 Settlements (2,807) (3,074) Balance at end of period $ 8,706 $ 6,753 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 Consolidated Statements of Operations: Year Ended 2024 2023 2022 (in thousands) Operating lease expense $ 3,019 $ 2,910 $ 2,753 Finance lease expense: Amortization expense 2,305 1,150 783 Interest on lease liabilities 277 109 60 Short-term lease expense 371 197 141 Variable lease expense 1,216 1,049 961 Total $ 7,188 $ 5,415 $ 4,698 The following table presents the detail of right-of-use assets and lease liabilities as recorded in other assets and other current liabilities/other long-term liabilities, respectively, in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Right-of-use assets: Operating leases $ 10,941 $ 13,247 Finance leases 14,684 4,085 Total right-of-use assets $ 25,625 $ 17,332 Current lease liabilities: Operating leases $ 2,951 $ 2,883 Finance leases 4,580 1,348 Long-term leases liabilities: Operating leases 11,105 14,005 Finance leases 6,939 1,631 Total lease liabilities $ 25,575 $ 19,867 Other information related to leases was as follows: Year Ended 2024 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,545 $ 2,765 $ 1,647 Operating cash flows from finance leases $ 277 $ 109 $ 60 Financing cash flows from finance leases $ 2,169 $ 1,059 $ 801 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 90 $ 741 $ 245 Finance leases $ 12,905 $ 2,759 $ 1,072 As of December 31, 2024 2023 Weighted average remaining lease term (years): Operating leases 4.58 5.51 Finance leases 3.59 3.12 Weighted average discount rate: Operating leases 4.01 % 4.06 % Finance leases 5.81 % 6.26 % Future minimum lease payments under our non-cancelable leases as of December 31, 2024 were as follows: Operating Finance (in thousands) 2025 $ 3,458 $ 5,125 2026 3,240 3,470 2027 3,304 2,487 2028 3,372 1,485 2029 2,113 — 2030 and thereafter — — Total 15,487 12,567 Amount representing interest (1,355) (1,048) Amount representing leasehold incentives (76) — Present value of future payments 14,056 11,519 Current portion of lease liability (2,951) (4,580) Long-term portion of lease liability $ 11,105 $ 6,939 Letters of Credit . In connection with our payment obligations to a certain supplier, we have a letter of credit outstanding of $3.0 million and $0 as of December 31, 2024 and 2023, respectively. The letter of credit is cash collateralized for the same amount or a lesser amount and this cash is classified as restricted cash recorded in other current assets and other assets in the Consolidated Balance Sheets. The arrangement represents an off-balance sheet transaction and expires in November 2025 unless it is automatically renewed per the terms of the letter of credit. 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. In November 2024, we amended an agreement with a certain party under which a commission guarantee is provided. Under this agreement, we guarantee commission payments to the party regardless of the volume or success of transactions executed through their efforts. As of December 31, 2024, the agreed-upon amount of the guarantee is $5.0 million and $7.0 million during the six months ended June 30, 2025 and December 31, 2025, respectively, for a maximum potential amount of $12.0 million that would be due under this guarantee. As of December 31, 2023, the agreed-upon amount of the guarantee was $12.0 million. Dealer Commitments. As of December 31, 2024 and 2023, the net unamortized balance of payments to dealers for exclusivity and other similar arrangements was $208.5 million and $166.4 million, respectively. During the years ended December 31, 2024 and 2023, we amortized $8.7 million and $6.9 million, respectively. Under these agreements, we paid $45.4 million and $53.8 million during the years ended December 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) 2025 $ 56,338 2026 35,000 2027 30,000 2028 — 2029 — 2030 and thereafter — Total $ 121,338 Purchase Commitments. In September 2024, we amended an agreement with a supplier in which we agreed to purchase approximately $163.0 million of solar energy systems from October 2024 through June 2025. As of December 31, 2024, we are committed to purchase (or have our dealers purchase) $52.4 million and $56.5 million during the three months ended March 31, 2025 and June 30, 2025, respectively, for a total of $108.8 million. Based on historical experience, this supplier agreement could be modified from time to time. 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 December 31, 2024 were as follows: Software and Business Technology Commitments (in thousands) 2025 $ 11,320 2026 7,941 2027 6,434 2028 515 2029 515 2030 and thereafter 515 Total $ 27,240

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dealer Payment Terms . During the first quarter of 2025, we amended the payment terms with certain dealers which reduced our outstanding payables balance to them by $44.5 million. EZOP Debt . In January 2025, we amended the EZOP revolving credit facility to, among other things, (a) add an event of default if we fail to complete one or more takeout transactions for 95% of the Eligible Solar Loans under and as defined by our EZOP revolving credit facility by March 2025, (b) provide temporary relief from a liquidity reserve step-up event determination made in January 2025 based on a solar loan delinquency test that would have required a reserve account deposit of approximately $7.1 million, which liquidity reserve step-up event was cured in January 2025, (c) require the cash flow waterfall and takeout proceeds to be applied to repay lender advances in full prior to distributions of cash to us, (d) require that by March 2025 we restructure our affiliates providing billing and collections services and operating and maintenance services or engage acceptable third-party back-up vendors, (e) require consent over new borrowings (except to complete any existing partially disbursed borrowings), any partial takeout transactions or certain collateral transfers and (f) remove an amortization event related to maintaining a commitment to (and levels of origination of) solar loans. Solstice Debt . In March 2025, one of our subsidiaries entered into a loan facility with a commitment amount of $185.0 million and a maturity date of March 2028. The proceeds from this facility are, subject to customary conditions, available for paying fees incurred in connection with closing the facility and for general corporate purposes. Borrowings under the facility bear interest at an annual rate of 15.00%. SOLIX Debt . In February 2025, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLIX, a special purpose entity, that issued $282.3 million in aggregate principal amount of Series 2025-P1 Class A solar asset-backed notes and $13.5 million in aggregate principal amount of Series 2025-P1 Class B solar asset-backed notes (collectively, the "SOLIX Notes") with a maturity date of January 2060. The SOLIX Notes were issued at a discount of 4.59% and 3.46% for the Class A and Class B notes, respectively, and bear interest at an annual rate equal to 6.28% and 8.65% for the Class A and Class B notes, respectively. Redeemable Noncontrolling Interests . In January 2025, we exercised our purchase option to purchase 100% of the Class A member's interest in TEPII for approximately $2.6 million. This purchase resulted in an increase in our equity in TEPII of $25.2 million. In February 2025, the Class A member of Sunnova TEP 8-F, LLC increased its capital commitment from $152.1 million to $176.8 million.

Schedule I Parent Company Finan

Schedule I Parent Company Financial Statements	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule I Parent Company Financial Statements	SUNNOVA ENERGY INTERNATIONAL INC. CONDENSED BALANCE SHEETS (in thousands, except share amounts and share par values) As of December 31, 2024 2023 Assets Current assets: Cash $ 30 $ 75 Accounts receivable, including affiliates 4 7 Total current assets 34 82 Investments in subsidiaries 1,265,602 1,677,268 Total assets $ 1,265,636 $ 1,677,350 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2 Other current liabilities 7,147 6,138 Total current liabilities 7,147 6,140 Long-term debt, net 1,160,547 1,155,078 Total liabilities 1,167,694 1,161,218 Stockholders' equity: Common stock, 125,067,917 and 122,466,515 shares issued as of December 31, 2024 and 2023, respectively, at $0.0001 par value 13 12 Additional paid-in capital—common stock 1,765,050 1,735,470 Accumulated deficit (1,667,121) (1,219,350) Total stockholders' equity 97,942 516,132 Total liabilities and stockholders' equity $ 1,265,636 $ 1,677,350 See accompanying notes to parent company condensed financial statements. SUNNOVA ENERGY INTERNATIONAL INC. CONDENSED STATEMENTS OF OPERATIONS (in thousands) Year Ended 2024 2023 2022 Revenue $ — $ — $ — General and administrative expense 238 1,367 1,362 Other operating expense — 24 — Operating loss (238) (1,391) (1,362) Interest expense, net 22,652 22,536 10,835 Equity in losses of subsidiaries 424,883 478,494 118,079 Loss before income tax (447,773) (502,421) (130,276) Income tax expense — 5 — Net loss $ (447,773) $ (502,426) $ (130,276) See accompanying notes to parent company condensed financial statements. SUNNOVA ENERGY INTERNATIONAL INC. CONDENSED STATEMENTS OF CASH FLOWS (in thousands) Year Ended 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ (14,873) $ (13,605) $ 3,045 CASH FLOWS FROM INVESTING ACTIVITIES Investments in subsidiaries (4,727) (88,645) (560,700) Distributions from subsidiaries 19,534 19,650 21,100 Other, net — 90 — Net cash provided by (used in) investing activities 14,807 (68,905) (539,600) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt — — 585,000 Payments of deferred financing costs — (43) (516) Purchase of capped call transactions — — (48,420) Proceeds from issuance of common stock, net 21 82,563 38 Net cash provided by financing activities 21 82,520 536,102 Net increase (decrease) in cash (45) 10 (453) Cash at beginning of period 75 65 518 Cash at end of period $ 30 $ 75 $ 65 Non-cash investing and financing activities: Non-cash issuance of common stock related to the settlement of contingent consideration $ 3,902 $ 10,832 $ 16,014 Supplemental cash flow information: Cash paid for interest $ 17,188 $ 17,013 $ 1,438 Cash paid for income taxes $ — $ — $ — See accompanying notes to parent company condensed financial statements. On July 24, 2019, Sunnova Energy International Inc. ("SEI") priced 14,000,000 shares of its common stock at a public offering price of $12.00 per share and on July 25, 2019, SEI's common stock began trading on the New York Stock Exchange under the symbol "NOVA". Upon the closing of our initial public offering on July 29, 2019 (our "IPO"), Sunnova Energy Corporation was contributed to SEI and SEI became the holding company of Sunnova Energy Corporation through a reverse merger. In addition, the historical financial statements of Sunnova Energy Corporation became the historical financial statements of SEI. These condensed financial statements include the Condensed Balance Sheets, Condensed Statements of Operations and Condensed Statements of Cash Flows and have been prepared on a parent-only basis. These parent-only financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America for annual financial statements and therefore, these parent-only financial statements and other information included should be read in conjunction with SEI's consolidated financial statements and related notes contained within this Annual Report on Form 10-K. See Note 7, Long-Term Debt.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (367,893)	$ (417,961)	$ (161,642)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended December 31, 2024, the following officers adopted certain trading plans ("10b5-1 Plans") intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act: Name Title Date Adopted Plan Plan End Date Michael Grasso Executive Vice President, Chief Revenue Officer December 12, 2024 March 14, 2025 May 5, 2025 Jackson Lynch Executive Vice President and Chief Human Resources Officer December 12, 2024 March 14, 2025 July 31, 2025 Paul Mathews Executive Vice President, Chief Operating Officer December 12, 2024 March 14, 2025 July 31, 2025 The 10b5-1 Plans authorize an agent to sell 100% of the net shares awarded to such officer as part of any long-term or short-term incentive or performance-based compensation after the payment of any taxes or other amounts owed in connection with the vesting of such award.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael Grasso [Member]
Trading Arrangements, by Individual
Name	Michael Grasso
Title	Executive Vice President, Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 12, 2024
Expiration Date	May 5, 2025
Arrangement Duration	52 days
Jackson Lynch [Member]
Trading Arrangements, by Individual
Name	Jackson Lynch
Title	Executive Vice President and Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 12, 2024
Expiration Date	July 31, 2025
Arrangement Duration	139 days
Paul Matthews [Member]
Trading Arrangements, by Individual
Name	Paul Mathews
Title	Executive Vice President, Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 12, 2024
Expiration Date	July 31, 2025
Arrangement Duration	139 days

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Sunnova allocates significant resources to preventing, identifying, and mitigating cybersecurity threats to our technology infrastructure and data. Managing Material Risks and Integrated Overall Risk Management A focused team of technology professionals works throughout the year to assess and monitor all matters of risk related to cybersecurity. This team is managed by our Chief Information Security Officer ("CISO"), who oversees cybersecurity processes and controls. We deploy a robust combination of security technologies as technical safeguards throughout our network and utilize a defense-in-depth security methodology to protect, detect and react to threats to our systems and data. We conduct cybersecurity maturity and posture assessments twice annually and adjust our efforts to adapt to the evolving industry and threat landscape. Cybersecurity risks are also assessed as part of our Annual Enterprise Risk Assessment. Our risk management strategy includes multiple programs that manage cybersecurity risk, including the following: • Alignment of our program with the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF") to prevent, detect and respond to cyberattacks • Our Incident Response Program outlines how we process incidents and events from identification to completion with clear definitions on roles, classifications, materiality guidelines and additional processes to support response efforts according to the NIST CSF. • An information security training program that requires all company employees and contractors with access to our networks to participate in regular and mandatory training on how to be aware of, and help defend against, cyber risks, combined with year-round awareness testing and re-training as necessary • Regular and robust testing of our systems and processes to assess our cybersecurity posture and resilience, which includes internal and external penetration testing performed by third-party vendors and tabletop incident response exercises • Coordinated engagements with the Department of Homeland Security and Cyber & Infrastructure Security Agency to ensure alignment with industry and government standards and leverage access to agency resources • Cybersecurity insurance coverage to mitigate the risk of cybersecurity incidents and review of this coverage annually Results of all assessments, events and test results inform cybersecurity program direction and activities taken throughout the year. Engaging Third Parties on Risk Management Recognizing the complexity and evolving nature of cybersecurity risk, we leverage strategic external partnerships to assist with assessing and mitigating cybersecurity threats to us. For example, we utilize multiple third-party managed security service providers who perform security operations center consulting and investigative duties as a backup to our in-house dedicated cybersecurity team. Managing Third-Party Risk We recognize the risks associated with the use of vendors, service providers and other third parties that provide information system services to us, process information on our behalf or have access to our information systems, and we have processes in place to oversee and manage these risks. We conduct thorough security assessments of these third party engagements and maintain ongoing monitoring to ensure compliance with our cybersecurity standards. Risks from Cybersecurity Incidents As of December 31, 2024, we have identified no security incidents or breaches that are material, or likely to be material, to our business strategy, results or financial condition. As such, we have not allocated any material capital towards addressing information security breaches in the last three years, nor have we incurred any material expenses from penalties and settlements related to a material breach during this period. The materiality of an incident is determined by a team convened for an incident, according to guidelines set forth in our incident response policy and process documentation. We believe we are adequately insured against losses related to possible information security breaches and we maintain cybersecurity insurance coverage that we believe is appropriate for the size and complexity of our business.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	A focused team of technology professionals works throughout the year to assess and monitor all matters of risk related to cybersecurity. This team is managed by our Chief Information Security Officer ("CISO"), who oversees cybersecurity processes and controls. We deploy a robust combination of security technologies as technical safeguards throughout our network and utilize a defense-in-depth security methodology to protect, detect and react to threats to our systems and data. We conduct cybersecurity maturity and posture assessments twice annually and adjust our efforts to adapt to the evolving industry and threat landscape. Cybersecurity risks are also assessed as part of our Annual Enterprise Risk Assessment. Our risk management strategy includes multiple programs that manage cybersecurity risk, including the following: • Alignment of our program with the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF") to prevent, detect and respond to cyberattacks • Our Incident Response Program outlines how we process incidents and events from identification to completion with clear definitions on roles, classifications, materiality guidelines and additional processes to support response efforts according to the NIST CSF. • An information security training program that requires all company employees and contractors with access to our networks to participate in regular and mandatory training on how to be aware of, and help defend against, cyber risks, combined with year-round awareness testing and re-training as necessary • Regular and robust testing of our systems and processes to assess our cybersecurity posture and resilience, which includes internal and external penetration testing performed by third-party vendors and tabletop incident response exercises • Coordinated engagements with the Department of Homeland Security and Cyber & Infrastructure Security Agency to ensure alignment with industry and government standards and leverage access to agency resources • Cybersecurity insurance coverage to mitigate the risk of cybersecurity incidents and review of this coverage annually
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board has delegated oversight of risks from cybersecurity threats, as well as overall Enterprise Risk Management, to our audit committee. The audit committee reviews and evaluates the effectiveness of our cybersecurity frameworks, policies, programs, opportunities and risk profile, as well as our business continuity and disaster recovery efforts. Members of our audit committee have cybersecurity experience from their principal occupation or other professional experience.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board has delegated oversight of risks from cybersecurity threats, as well as overall Enterprise Risk Management, to our audit committee. The audit committee reviews and evaluates the effectiveness of our cybersecurity frameworks, policies, programs, opportunities and risk profile, as well as our business continuity and disaster recovery efforts. Members of our audit committee have cybersecurity experience from their principal occupation or other professional experience. Members of software and business technology management, including our CISO, regularly report on our cybersecurity matters to both the audit committee of our Board and the full Board, as follows: • Management provides quarterly reports to the audit committee regarding our cybersecurity program and risks, and the audit committee in turn provides reports to the full Board as needed. All incidents with critical functional impact are escalated to the Board and audit committee. • Current information security concerns that arise during the year are escalated in real-time to leadership based on the process defined in our Incident Response Plan. All events and incidents are evaluated against our prioritization and informational impact matrices outlined the plan.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management provides quarterly reports to the audit committee regarding our cybersecurity program and risks, and the audit committee in turn provides reports to the full Board as needed.
Cybersecurity Risk Role of Management [Text Block]	Our CISO is responsible for the oversight, implementation and compliance of our cybersecurity program and mitigation of cyber-related risks. Our current CISO has more than 20 years of industry experience and over 5 years of experience with development, training and controls of effective enterprise cybersecurity programs. Our CISO's responsibilities include, but are not limited to, (a) reviewing our enterprise risk register and functional risk register, (b) maintaining adequate processes to manage the identified risks under our cybersecurity program, (c) analyzing logs of cybersecurity threats and vulnerabilities, (d) overseeing prevention, detection, mitigation and remediation efforts and (e) developing, maintaining and ensuring team familiarity with the above mentioned incident response plan. Additionally, we maintain an experienced software and business technology team at the employee level that supports the implementation of our cybersecurity program and internal reporting, security and mitigation functions.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO is responsible for the oversight, implementation and compliance of our cybersecurity program and mitigation of cyber-related risks. Our current CISO has more than 20 years of industry experience and over 5 years of experience with development, training and controls of effective enterprise cybersecurity programs.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our current CISO has more than 20 years of industry experience and over 5 years of experience with development, training and controls of effective enterprise cybersecurity programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO is responsible for the oversight, implementation and compliance of our cybersecurity program and mitigation of cyber-related risks. Our current CISO has more than 20 years of industry experience and over 5 years of experience with development, training and controls of effective enterprise cybersecurity programs. Our CISO's responsibilities include, but are not limited to, (a) reviewing our enterprise risk register and functional risk register, (b) maintaining adequate processes to manage the identified risks under our cybersecurity program, (c) analyzing logs of cybersecurity threats and vulnerabilities, (d) overseeing prevention, detection, mitigation and remediation efforts and (e) developing, maintaining and ensuring team familiarity with the above mentioned incident response plan. Additionally, we maintain an experienced software and business technology team at the employee level that supports the implementation of our cybersecurity program and internal reporting, security and mitigation functions. Board of Director Oversight Our Board has delegated oversight of risks from cybersecurity threats, as well as overall Enterprise Risk Management, to our audit committee. The audit committee reviews and evaluates the effectiveness of our cybersecurity frameworks, policies, programs, opportunities and risk profile, as well as our business continuity and disaster recovery efforts. Members of our audit committee have cybersecurity experience from their principal occupation or other professional experience. Members of software and business technology management, including our CISO, regularly report on our cybersecurity matters to both the audit committee of our Board and the full Board, as follows: • Management provides quarterly reports to the audit committee regarding our cybersecurity program and risks, and the audit committee in turn provides reports to the full Board as needed. All incidents with critical functional impact are escalated to the Board and audit committee. • Current information security concerns that arise during the year are escalated in real-time to leadership based on the process defined in our Incident Response Plan. All events and incidents are evaluated against our prioritization and informational impact matrices outlined the plan. We recognize cyber threats are a permanent part of the overall risk landscape and cybersecurity threats are constantly evolving. For these and other reasons, cybersecurity is a top risk management priority for us.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying annual audited consolidated financial statements (consolidated financial statements) include our Consolidated Balance Sheets, Statements of Operations, Statements of Cash Flows and Statements of Redeemable Noncontrolling Interests and Equity and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") from records maintained by us. Our consolidated 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 consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the consolidated 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.
Cash and Cash Equivalents	Cash and Cash Equivalents We maintain cash and cash equivalents, which consists principally of demand deposits, with investment-grade financial institutions. Our securitizations, warehouses and tax equity financings typically require the cash flows from related customer contracts be paid into a secured collection account and only be available for general use after amounts on deposit in such accounts are first applied to satisfy the current obligations of the applicable special purpose entity and upon the satisfaction of certain conditions to distribution. We are exposed to credit risk to the extent cash and cash equivalents balances exceed amounts covered by the Federal Deposit Insurance Corporation ("FDIC"). As of December 31, 2024 and 2023, we had cash and cash equivalents deposits of $189.0 million and $187.0 million, respectively, in excess of the FDIC's current insured limit of $250,000. We have not experienced any losses on our deposits of cash and cash equivalents.
Restricted Cash	Restricted Cash
Accounts Receivable	Accounts Receivable Accounts Receivable—Trade, Net. Accounts Receivable—Other, Net.
Inventory	Inventory
Concentrations of Risk	Concentrations of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable and notes receivable. The concentrated risk associated with cash, cash equivalents and restricted cash is mitigated by our policy of banking with creditworthy institutions. Typically, amounts on deposit with certain banking institutions exceed FDIC insurance limits. We do not generally require collateral or other security to support accounts receivable. To reduce credit risk related to our relationship with our dealers, management performs periodic credit evaluations and ongoing assessments of our dealers' financial condition.
Dealer Commitments	Dealer Commitments
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, observed market trading prices 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 (income) expense other operating (income) expense
Derivative Instruments	Derivative Instruments
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 and amounts we will invoice and recognize as revenue in future periods. Contracted but not yet recognized revenue related to our lease agreements was approximately $7.6 billion as of December 31, 2024, of which we expect to recognize approximately 4% over the next 12 months. Given the contracts in place at December 31, 2024, we do not expect the annual recognition to vary significantly over approximately the next 19 years as the 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, Revenue from Contracts with Customers , 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, Leases . Accordingly, we account for these agreements as contracts with customers under ASC 606, Revenue from Contracts with Customers . 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 solar energy system may not achieve the specified minimum solar energy production output 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 must 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 14, Commitments and Contingencies. 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 December 31, 2024 and 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. Upon a sale, the purchaser of the SREC typically pays within one month of receiving the SREC. The costs related to the sales of SRECs are generally limited to broker fees (recorded in cost of revenue—customer agreements and incentives), 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. Loan Revenue. See discussion of loan revenue in the " Loans " section below. 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 we perform the service. 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. 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. We include shipping and handling costs in cost of revenue—solar energy system and product sales in the Consolidated Statements of Operations. 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. Direct Sales Revenue. Direct sales revenue includes revenue from the direct sale of solar energy systems and energy storage systems to customers when we provide the financing. We recognize revenue from the direct sale of solar energy systems and energy storage systems in the period we place the systems in service. 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. We evaluate the customer's credit once for each customer at the time the customer enters into the customer agreement. 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, net 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 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 we determine them to be 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 provision for current expected credit losses and other bad debt expense in the Consolidated Statements of Operations. See Note 6, Customer Notes Receivable. Deferred Revenue
Performance Guarantee Obligations	Performance Guarantee Obligations In most cases, we guarantee certain specified minimum solar energy production output under our leases and loan agreements, generally over a term between 10 and 25 years. The amounts are generally measured and credited to the customer's
Property and Equipment	Property and Equipment Solar Energy Systems and Energy Storage Systems. Depreciation of solar energy systems and energy storage systems is calculated using the straight-line method over the estimated useful lives of the solar energy systems and energy storage systems and are recorded in cost of revenue—customer agreements and incentives. While solar energy systems and energy storage systems are in the design, construction and installation stages prior to being placed in service, the development of the systems is accounted for through construction in progress. The components of the design, construction and installation of the solar energy systems and energy storage systems are as follows: • Dealer's costs (engineering, procurement and construction) • Direct costs (costs directly related to a solar energy system or energy storage system) • Indirect costs (costs incurred in the design, construction and installation of the solar energy system or energy storage system but not directly associated with a particular asset) Solar energy systems and energy storage systems are carried at the cost of acquisition or construction (including design and installation) less certain utility rebates and are depreciated over the useful lives of the assets. Depreciation begins when a solar energy system or energy storage system is placed in service. Costs associated with repair and maintenance of a solar energy system or energy storage system are expensed as incurred. Costs associated with improvements to a solar energy system or energy storage system, which extend the life, increase the capacity or improve the efficiency of the systems, are capitalized and depreciated over the remaining life of the asset. Property and Equipment, Excluding Solar Energy Systems and Energy Storage Systems . Property and equipment, including software and business technology projects, computers and equipment, leasehold improvements, furniture and fixtures, vehicles and other property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the respective assets and are recorded in general and administrative expense. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives. Upon disposition, the cost and related accumulated depreciation of the assets are removed from property and equipment and the resulting gain or loss is reflected in the Consolidated Statements of Operations. Repair and maintenance costs are expensed as incurred.
Intangibles	Intangibles Our purchased intangible assets are stated at cost less accumulated amortization. Our intangible assets acquired from a business combination or asset acquisition are stated at the estimated fair value on the date of the acquisition less accumulated
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. Goodwill is reviewed for impairment at least annually or whenever events or changes in circumstances indicate the carrying amount may be impaired. When assessing goodwill for impairment, we use qualitative and if necessary, quantitative methods in accordance with GAAP. Our annual assessment date is October 31. We utilized a qualitative assessment and concluded it was more likely than not the carrying amount was greater than the fair value due to a sustained decline in our share price. Our review considered performance compared to released guidance, renewable market factors, liquidity and market capitalization including stock price along with other market factors including interest rate changes and inflation. Based on this assessment, we performed a quantitative assessment using the market approach. In 2023, our market capitalization, after consideration of a control premium, was lower than the book value of equity and thus, we recognized goodwill impairment of $13.2 million.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are capitalized and amortized to interest expense, net over the term of the related debt using the effective interest method for term loans or the straight-line method for revolving credit facilities. The unamortized balance of deferred financing costs is recorded in current portion of long-term debt and long-term debt, net (see Note 7, Long-Term Debt)
Asset Retirement Obligation ("ARO")	Asset Retirement Obligation ("ARO") We have AROs arising from contractual requirements to perform certain asset retirement activities at the time the solar energy systems are disposed. We recognize an ARO at the point an obligating event takes place, typically when the solar energy system is placed in service. An asset is considered retired when it is permanently taken out of service, such as through a sale or disposal. The liability is initially measured at fair value (as a Level 3 measurement) based on the present value of estimated removal and restoration costs and subsequently adjusted for changes in the underlying assumptions and for accretion expense. The accretion expense is recognized in general and administrative expense in the Consolidated Statements of Operations. The corresponding asset retirement costs are capitalized as part of the carrying amount of the solar energy system and depreciated over the solar energy system's remaining useful life.
Warranty Obligations	Warranty Obligations
Advertising Costs	Advertising Costs
Defined Contribution Plan	Defined Contribution Plan In April 2015, we established the Sunnova Energy Corporation 401(k) Profit Sharing Plan (401(k) plan) available to employees who meet the 401(k) plan's eligibility requirements. The 401(k) plan allows participants to contribute a percentage of their compensation to the 401(k) plan up to the limits set forth in the Internal Revenue Code. We may make additional discretionary contributions to the 401(k) plan as a percentage of total participant contributions, subject to established limits. Participants are fully vested in their contributions and any safe harbor matching contributions we make. We made safe harbor matching contributions of $5.3 million, $4.2 million and $1.8 million during the years ended December 31, 2024, 2023 and 2022, respectively, which are recorded in general and administrative expense in the Consolidated Statements of Operations.
Income Taxes	Income Taxes We account for income taxes under an asset and liability approach. Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax reporting purposes, net operating loss, carryforwards, and other tax credits measured by applying currently enacted tax laws. A valuation allowance is provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized.
Comprehensive Income (Loss)	Comprehensive Income (Loss) We are required to report comprehensive income (loss), which includes net income (loss) as well as other comprehensive income (loss). There were no differences between comprehensive loss and net loss as reported in the Consolidated Statements of Operations for the periods presented.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals as considered necessary. Impairment charges are recorded in operations and maintenance expense for solar energy systems that relate to revenue from contracts with customers and general and administrative expense for all other property and equipment and other long-lived assets.
Segment Information	Segment Information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is the chief executive officer. We organize our business segments based on the nature of products and services offered. Based on the financial information presented to and reviewed by our chief operating decision maker in deciding how to allocate resources and in assessing performance, we have determined we have a single reportable segment: residential solar energy products and services. Our principal operations, revenue and
Basic and Diluted Net Income (Loss) Per Share	Basic and Diluted Net Income (Loss) Per Share
Equity-Based Compensation	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-
Redeemable Noncontrolling Interests and Noncontrolling Interests	Redeemable Noncontrolling Interests and Noncontrolling Interests Noncontrolling interests represent third-party interests in the net assets of certain consolidated subsidiaries (the tax equity entities). For these tax equity entities, we have determined the appropriate methodology for calculating the noncontrolling interest balances that reflects the substantive economic arrangements in the operating agreements is a balance sheet approach using the hypothetical liquidation at book value ("HLBV") method. Under the HLBV method, the amounts reported as noncontrolling interests in the Consolidated Balance Sheets represent the amounts third-party investors would hypothetically receive at each balance sheet date under the liquidation provisions of the operating agreements, assuming the net assets of the subsidiaries were liquidated at amounts determined in accordance with GAAP and distributed to the investors. The noncontrolling interest balances in these subsidiaries are reported as a component of equity in the Consolidated Balance Sheets. The amount of income or loss allocated to noncontrolling interests in the results of operations for the subsidiaries using HLBV are determined as the difference in the noncontrolling interest balances in the Consolidated Balance Sheets at the start and end of each reporting period, after taking into account any capital transactions between the subsidiaries and the third-party investors. Factors used in the HLBV calculation include GAAP income (loss), taxable income (loss), capital contributions, investment tax credits, distributions and the stipulated targeted investor return specified in the subsidiaries' operating agreements. Changes in these factors could have a significant impact on the amounts that investors would receive upon a hypothetical liquidation. The use of the HLBV method to allocate income (loss) to the noncontrolling interest holders may create volatility in the Consolidated Statements of Operations as the application of HLBV can drive changes in net income or loss attributable to noncontrolling interests from period to period. We classify certain noncontrolling interests with redemption features that are not solely within our control outside of permanent equity in the Consolidated Balance Sheets. Redeemable noncontrolling interests are reported using the greater of the carrying value at each reporting date as determined by the HLBV method or the estimated redemption value at the end of each reporting period. Estimating the redemption value of the redeemable noncontrolling interests requires the use of significant assumptions and estimates, such as projected future cash flows at the time the redemption feature can be exercised. The redeemable noncontrolling interests and noncontrolling interests are recorded net of related issuance costs and net of the basis difference in the solar energy systems transferred to the tax equity entities in the Consolidated Balance Sheets. This basis difference is reflected as equity in subsidiaries attributable to parent in the Consolidated Statements of Redeemable Noncontrolling Interests and Equity. When we exercise our purchase option to purchase the Class A member's interest in a tax equity entity, the difference between the purchase price and carrying value of the redeemable noncontrolling interest or noncontrolling interest immediately prior to the purchase is reflected as an adjustment to accumulated deficit and no gain or loss is recognized in the Consolidated Statements of Operations.
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 expenses in the Consolidated Balance Sheets. As of December 31, 2024 and 2023, our liability for self-insured claims was $3.5 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 December 31, 2024.
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 adopted this ASU retrospectively in the fourth quarter of 2024 and have included additional disclosures, including segment revenue and significant segment expenses, in Note 2, Significant Accounting Policies. 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. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses , to require further disaggregation and disclosure of certain expenses in the notes to the financial statements. This ASU is effective for annual periods beginning in January 2027 and interim periods beginning in January 2028. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-04, Debt—Debt with Conversion and Other Options: Induced Conversions of Convertible Debt Instruments , to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. This ASU is effective for annual and interim periods beginning in January 2026. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.

Description of Business and B_2

Description of Business and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounting Revisions	The following table presents the revised presentation of revenue in the Consolidated Statements of Operations: Year Ended 2023 2022 (in thousands) Revenue: Customer agreements and incentives $ 378,136 $ 280,801 Solar energy system and product sales 342,517 276,889 Total revenue $ 720,653 $ 557,690 The following table presents cost of revenue as shown in the Consolidated Statements of Operations in our previously issued consolidated financial statements: Year Ended 2023 2022 (in thousands) Cost of revenue—depreciation $ 130,261 $ 96,280 Cost of revenue—inventory sales $ 176,371 $ 178,310 Cost of revenue—other $ 120,865 $ 52,487 The following table presents the revised presentation of cost of revenue in the Consolidated Statements of Operations: Year Ended 2023 2022 (in thousands) Cost of revenue—customer agreements and incentives $ 149,206 $ 103,586 Cost of revenue—solar energy system and product sales $ 278,291 $ 223,491

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	The following table presents the detail of restricted cash as recorded in other current assets and other assets in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Debt and inverter reserves $ 257,886 $ 247,394 Tax equity reserves (1) 73,374 25,778 Other 5,659 8,398 Total (2) $ 336,919 $ 281,570 (1) Amount will be used to purchase eligible solar energy systems. (2) Of this amount, $78.2 million and $62.2 million is recorded in other current assets as of December 31, 2024 and 2023, respectively.
Schedule of 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 Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 2,559 $ 1,676 Provision for current expected credit losses 10,495 4,978 Write off of uncollectible accounts (8,680) (4,370) Recoveries 442 275 Other, net (115) — Balance at end of period $ 4,701 $ 2,559 Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 13,045 $ — Provision for current expected credit losses 418 18,402 Write off of uncollectible accounts (13,178) (5,357) Balance at end of period $ 285 $ 13,045 The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in other current assets and customer notes receivable, net in the Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 116,477 $ 81,248 Provision for current expected credit losses (1) 23,572 35,229 Balance at end of period $ 140,049 $ 116,477 (1) For the years ended December 31, 2024 and 2023, the provision for current expected credit losses related to customer notes receivable was 2% and 4%, respectively, of total operating expense.
Schedule of Inventory	The following table presents the detail of inventory as recorded in other current assets in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Energy storage systems and components $ 26,289 $ 83,178 Homebuilder construction in progress 85,090 36,461 Modules and inverters 15,184 27,143 Meters and modems 132 1,793 Total $ 126,695 $ 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 December 31, 2024 and 2023: As of December 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Financial assets: Investments in solar receivables $ 67,720 $ — $ — $ 67,720 Derivative assets 11,954 — 11,954 — Total $ 79,674 $ — $ 11,954 $ 67,720 Financial liabilities: Contingent consideration $ 2,157 $ — $ — $ 2,157 Total $ 2,157 $ — $ — $ 2,157 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 Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 69,334 $ 72,171 Additions — 969 Settlements (11,990) (11,528) Gain recognized in earnings 10,376 7,722 Balance at end of period $ 67,720 $ 69,334
Schedule of Changes In Fair Value of Liabilities Accounted For an 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 Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 19,916 $ 26,787 Settlements (3,901) (10,832) (Gain) loss recognized in earnings (13,858) 3,961 Balance at end of period $ 2,157 $ 19,916 The following table summarizes the significant unobservable inputs used in the valuation of our liabilities as of December 31, 2024 using Level 3 inputs: Unobservable Weighted Liabilities: Contingent consideration - installation earnout Volatility 30.00% Revenue risk premium 15.16% Risk-free discount rate 4.37% Contingent consideration - microgrid earnout Probability of success 5.00% Risk-free discount rate 4.37%
Schedule of Disaggregation of Revenue	The following table presents the detail of revenue as recorded in the Consolidated Statements of Operations: Year Ended 2024 2023 2022 (in thousands) PPA revenue $ 175,592 $ 123,646 $ 104,563 Lease revenue 239,018 147,788 100,070 Solar renewable energy certificate revenue 58,568 50,375 48,698 Loan revenue 47,940 34,716 18,601 Service revenue 11,786 16,197 4,178 Other revenue 8,626 5,414 4,691 Customer agreements and incentives 541,530 378,136 280,801 Inventory sales revenue 106,256 185,855 195,980 Cash sales revenue 142,786 96,072 72,425 Direct sales revenue 49,350 60,590 8,484 Solar energy system and product sales 298,392 342,517 276,889 Total $ 839,922 $ 720,653 $ 557,690
Schedule of 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 Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Loans $ 1,012,934 $ 930,999 PPAs and leases 72,426 55,651 Solar receivables 4,076 4,339 SRECs 15,209 — Other — 14 Total (1) $ 1,104,645 $ 991,003 (1) Of this amount, $60.4 million and $50.8 million is recorded in other current liabilities as of December 31, 2024 and 2023, respectively.
Schedule of Intangible Assets	The following table presents the detail of intangible assets as recorded in intangible assets, net in the Consolidated Balance Sheets: As of December 31, Useful Lives 2024 2023 (in years) (in thousands) Customer relationships - system sales 10 $ 145,496 $ 145,496 Customer relationships - servicing 10 3,471 3,471 Customer relationships - new customers 4 29,761 29,761 Trade name 15 11,899 11,899 Tax equity commitment 4 21,209 21,209 Software license 3 331 331 Trademark 3 68 68 Other 3-25 88 499 Intangible assets, gross 212,323 212,734 Less: accumulated amortization (107,109) (78,676) Intangible assets, net $ 105,214 $ 134,058
Schedule of Amortization Expense	As of December 31, 2024, amortization expense related to intangible assets to be recognized is as follows: Amortization (in thousands) 2025 $ 18,875 2026 15,690 2027 15,690 2028 15,690 2029 15,690 2030 and thereafter 23,579 Total $ 105,214
Schedule of Deferred Financing Costs	The following table presents the changes in net deferred financing costs: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 128,361 $ 76,525 Capitalized 58,170 77,062 Amortized (59,222) (25,226) Balance at end of period $ 127,309 $ 128,361
Schedule of Changes in our Warranty Reserve	The following table summarizes the changes in our warranty reserve, which is recorded in other long-term liabilities in the Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 5,965 $ 3,018 Accruals 4,259 2,959 Settlements (529) (12) Balance at end of period $ 9,695 $ 5,965
Schedule of Segment Revenue and Significant Segment Expenses	The following table presents the details of segment revenue and significant segment expenses for our reportable segment: Year Ended 2024 2023 2022 (in thousands) Segment revenue $ 835,713 $ 719,723 $ 557,690 Less significant segment expenses: Depreciation related to solar energy systems and energy storage systems 190,306 130,261 96,280 Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems 23,101 18,944 7,306 Inventory sales costs 103,332 176,371 178,310 Cash sales costs 82,268 51,832 38,766 Direct sales costs 59,571 48,049 6,262 Maintenance and servicing of solar energy system and energy storage systems 29,732 37,444 16,786 Property insurance 14,847 11,207 7,820 Impairments, excluding goodwill 55,905 43,442 8,459 Payroll and employee related expense 217,392 187,186 116,029 Legal, insurance, office and business travel costs 39,439 37,664 24,858 Consultants, contractors and professional fees 44,537 36,614 25,378 Amortization expense 30,738 29,583 29,224 Software and business technology expense 33,203 26,506 15,778 Depreciation expense not related to solar energy systems and energy storage systems 38,706 23,126 11,887 Financing deal costs 14,547 1,723 930 Marketing expense 13,027 16,172 10,317 Sales, franchise, other taxes and bank fees 11,109 10,236 6,259 Provision for current expected credit losses and other bad debt expense 35,094 46,199 43,018 Goodwill impairment — 13,150 — Other operating (income) expense 17,478 (3,978) (26,566) Interest expense, net 491,172 371,937 107,775 Interest income (149,918) (115,872) (59,799) Income tax (benefit) expense (144,513) (1,023) 3,886 Other segment expenses (1) 30,929 20,747 18,142 Segment net loss (446,289) (497,797) (129,415) Non-reportable segment net loss (1,484) (4,629) (861) Net loss $ (447,773) $ (502,426) $ (130,276) (1) Other segment expenses primarily includes warranty expense, ARO accretion expense, acquisition costs, miscellaneous fees and government affairs expense. The following tables present other information related to our reportable segment reconciled to our consolidated financial statements: Year Ended 2024 2023 2022 (in thousands) PPA revenue $ 175,583 $ 123,646 $ 104,563 Lease revenue 239,010 147,788 100,070 Solar renewable energy certificate revenue 58,568 50,375 48,698 Loan revenue 47,940 34,716 18,601 Service revenue 11,786 16,197 4,178 Other revenue 8,626 5,414 4,691 Customer agreements and incentives 541,513 378,136 280,801 Inventory sales revenue 106,256 185,855 195,980 Cash sales revenue 138,594 95,142 72,425 Direct sales revenue 49,350 60,590 8,484 Solar energy system and product sales 294,200 341,587 276,889 Total segment revenue 835,713 719,723 557,690 Non-reportable segment revenue 4,209 930 — Total revenue $ 839,922 $ 720,653 $ 557,690 As of December 31, 2024 2023 (in thousands) Segment assets $ 13,339,654 $ 11,334,748 Non-reportable segment assets 14,045 6,223 Total assets $ 13,353,699 $ 11,340,971 Year Ended 2024 2023 2022 (in thousands) Segment purchases of property and equipment $ (1,637,926) $ (1,831,305) $ (868,208) Non-reportable segment purchases of property and equipment (4,912) (1,409) — Purchases of property and equipment $ (1,642,838) $ (1,832,714) $ (868,208)
Schedule Of Sales Of Investment Tax Credits Disclosure	The following table presents the detail of receivables and payables related to ITC sales as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Accounts receivable—other $ 294,649 $ 200,679 Accounts payable $ 264,750 $ 184,830 The following table presents the detail of ITC sales as recorded in the Consolidated Balance Sheets and Consolidated Statements of Operations: Year Ended December 31, 2024 Year Ended December 31, 2023 Financial Statement Classification Financial Statement Classification ITC Sales Redeemable Noncontrolling Interests and Noncontrolling Interests Income Tax Benefit ITC Redeemable Income (in thousands) ITC sales related to tax equity partnerships $ 616,319 $ 487,687 $ 128,632 $ 192,729 $ 190,801 $ 1,928 ITC sales unrelated to tax equity partnerships 29,202 — 29,202 14,696 — 14,696 Total $ 645,521 $ 487,687 $ 157,834 $ 207,425 $ 190,801 $ 16,624

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following table presents the detail of property and equipment, net as recorded in the Consolidated Balance Sheets: As of December 31, Useful Lives 2024 2023 (in years) (in thousands) Solar energy systems and energy storage systems 35 $ 7,425,371 $ 5,443,796 Construction in progress 499,018 530,180 Asset retirement obligations 30 102,422 78,538 Software and business technology systems 3 155,044 130,300 Computers and equipment 3-5 7,743 7,503 Leasehold improvements 1-6 7,208 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 8,200,037 6,199,718 Less: accumulated depreciation (788,083) (560,924) Property and equipment, net $ 7,411,954 $ 5,638,794

Detail of Certain Balance She_2

Detail of Certain Balance Sheet Captions (Tables)	12 Months Ended
	Dec. 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 Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Current portion of customer notes receivable $ 193,081 $ 176,562 Inventory 126,695 148,575 Restricted cash 78,240 62,188 Prepaid assets 30,763 25,996 Deferred receivables 10,609 7,601 Other 14,923 8,377 Total $ 454,311 $ 429,299
Schedule of Other Assets	The following table presents the detail of other assets as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Restricted cash $ 258,679 $ 219,382 Prepaid assets 55,535 33,154 Other 569,558 643,349 Total $ 883,772 $ 895,885
Schedule of Other Current Liabilities	The following table presents the detail of other current liabilities as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Interest payable $ 73,812 $ 67,647 Deferred revenue 60,408 50,815 Other 31,641 15,187 Total $ 165,861 $ 133,649

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of changes in Asset Retirement Obligations	The following table presents the changes in AROs as recorded in other long-term liabilities in the Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 96,227 $ 69,869 Additional obligations incurred 23,959 21,529 Accretion expense 6,652 4,905 Other (111) (76) Balance at end of period $ 126,727 $ 96,227

Customer Notes Receivable (Tabl

Customer Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Fair Values of Notes Receivable and Corresponding Carrying Amounts	The following table presents the detail of customer notes receivable as recorded in the Consolidated Balance Sheets and the corresponding fair values: As of December 31, 2024 2023 (in thousands) Customer notes receivable $ 4,258,386 $ 4,029,025 Allowance for credit losses (140,049) (116,477) Customer notes receivable, net $ 4,118,337 $ 3,912,548 Estimated fair value, net $ 3,974,477 $ 3,800,754 The following tables present additional information related to our customer notes receivable. As of December 31, 2024 2023 (in thousands) Investment in loan solar energy systems, energy storage systems and/or accessories not yet placed in service $ 46,352 $ 159,066 Accrued interest receivable related to customer notes receivable $ 6,657 $ 14,305 Customer notes receivable not accruing interest $ 98,680 $ 34,200 Allowance recorded for loans on nonaccrual status $ 2,783 $ 754 Year Ended 2024 2023 (in thousands) Interest income related to customer notes receivable $ 130,550 $ 98,848 Interest income recognized for loans on nonaccrual status $ — $ — Accrued interest receivable written off by reversing interest income $ 178 $ 63
Schedule of 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 Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 2,559 $ 1,676 Provision for current expected credit losses 10,495 4,978 Write off of uncollectible accounts (8,680) (4,370) Recoveries 442 275 Other, net (115) — Balance at end of period $ 4,701 $ 2,559 Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 13,045 $ — Provision for current expected credit losses 418 18,402 Write off of uncollectible accounts (13,178) (5,357) Balance at end of period $ 285 $ 13,045 The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in other current assets and customer notes receivable, net in the Consolidated Balance Sheets: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 116,477 $ 81,248 Provision for current expected credit losses (1) 23,572 35,229 Balance at end of period $ 140,049 $ 116,477 (1) For the years ended December 31, 2024 and 2023, the provision for current expected credit losses related to customer notes receivable was 2% and 4%, respectively, of total operating expense.
Schedule of Financing Receivable, Past Due	The following table presents the aging of the amortized cost of customer notes receivable: As of December 31, 2024 2023 (in thousands) 1-90 days past due $ 169,904 $ 164,150 91-180 days past due 49,056 40,428 Greater than 180 days past due 166,091 77,110 Total past due (1) 385,051 281,688 Not past due 3,873,335 3,747,337 Total $ 4,258,386 $ 4,029,025 (1) As of December 31, 2024 and 2023, the total amount past due as a percent of gross customer notes receivable was 9% and 7%, respectively.
Schedule of 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 $ 489,635 $ 1,285,215 $ 1,254,490 $ 654,532 $ 198,621 $ 209,802 $ 4,092,295 Nonperforming (1) 11,562 52,951 52,760 26,209 7,306 15,303 166,091 Total $ 501,197 $ 1,338,166 $ 1,307,250 $ 680,741 $ 205,927 $ 225,105 $ 4,258,386 (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)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table presents the detail of long-term debt as recorded in current portion of long-term debt and long-term debt, net in the Consolidated Balance Sheets: Year Ended December 31, 2024 Weighted Average Effective Interest Rates As of December 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 3.03 % 600,000 — 3.03 % 600,000 — Debt discount, net (13,918) — (19,174) — Deferred financing costs, net (535) — (748) — Sunnova Energy Corporation Notes payable 9.73 % — 2,489 7.07 % — 3,084 5.875% senior notes 6.52 % 400,000 — 6.53 % 400,000 — 11.75% senior notes 12.29 % 400,000 — 12.02 % 400,000 — Debt discount, net (10,888) — (13,288) — Deferred financing costs, net (8,695) — (12,119) — EZOP Revolving credit facility 10.84 % 166,640 — 8.72 % 511,000 — Debt discount, net (137) — (302) — HELII Solar asset-backed notes 5.61 % 185,698 9,569 5.64 % 194,933 9,065 Debt discount, net (19) — (24) — Deferred financing costs, net (2,289) — (2,926) — RAYSI Solar asset-backed notes 5.55 % 98,968 6,725 5.55 % 105,096 6,349 Debt discount, net (535) — (753) — Deferred financing costs, net (2,537) — (3,004) — HELIII Solar loan-backed notes 4.44 % 78,963 9,550 4.43 % 86,232 9,983 Debt discount, net (975) — (1,250) — Deferred financing costs, net (936) — (1,200) — TEPH Revolving credit facility 10.26 % 1,167,950 — 10.03 % 1,036,600 — Debt discount, net (618) — (1,168) — SOLI Solar asset-backed notes 3.93 % 319,437 15,817 3.91 % 335,874 12,965 Debt discount, net (61) — (74) — Deferred financing costs, net (4,732) — (5,769) — HELIV Solar loan-backed notes 4.15 % 90,017 10,249 4.16 % 97,458 10,854 Debt discount, net (274) — (417) — Deferred financing costs, net (1,330) — (1,955) — AP8 Credit facility 8.92 % — — 9.42 % — 215,000 Notes payable 6.02 % 71,754 3,246 — — Deferred financing costs, net (6,095) — — — SOLII Solar asset-backed notes 2.90 % 213,340 6,314 3.90 % 221,955 7,195 Debt discount, net (48) — (56) — Deferred financing costs, net (3,316) — (3,948) — HELV Solar loan-backed notes 2.51 % 125,690 12,675 2.49 % 134,473 13,496 Debt discount, net (394) — (540) — Deferred financing costs, net (1,538) — (2,094) — SOLIII Solar asset-backed notes 2.83 % 241,168 13,672 2.81 % 257,545 15,762 Debt discount, net (86) — (102) — Deferred financing costs, net (4,113) — (4,871) — HELVI Solar loan-backed notes 2.12 % 151,053 12,706 2.10 % 159,901 13,521 Debt discount, net (24) — (32) — Deferred financing costs, net (1,786) — (2,345) — HELVII Solar loan-backed notes 2.53 % 117,257 9,593 2.53 % 123,494 10,221 Debt discount, net (24) — (31) — Deferred financing costs, net (1,395) — (1,797) — HELVIII Solar loan-backed notes 3.66 % 231,415 18,768 3.62 % 243,020 19,995 Debt discount, net (3,450) — (4,355) — Deferred financing costs, net (2,689) — (3,395) — SOLIV Solar asset-backed notes 5.93 % 313,897 8,861 5.90 % 325,612 8,464 Debt discount, net (7,678) — (9,440) — Deferred financing costs, net (5,498) — (6,759) — HELIX Solar loan-backed notes 5.67 % 188,266 13,039 5.64 % 196,174 15,246 Debt discount, net (2,459) — (3,027) — Deferred financing costs, net (2,273) — (2,798) — HELX Solar loan-backed notes 8.12 % 195,838 14,049 7.38 % 200,842 19,996 Debt discount, net (11,983) — (17,015) — Deferred financing costs, net (2,245) — (3,064) — IS Revolving credit facility 11.11 % 7,419 — 8.90 % 31,300 — SOLV Solar asset-backed notes 6.94 % 304,150 8,256 6.93 % 312,844 7,775 Debt discount, net (12,049) — (15,491) — Deferred financing costs, net (5,197) — (6,682) — HELXI Solar loan-backed notes 6.51 % 243,339 16,788 6.29 % 247,251 31,240 Debt discount, net (10,171) — (12,007) — Deferred financing costs, net (3,957) — (5,195) — HELXII Solar loan-backed notes 7.01 % 199,779 16,625 6.71 % 210,263 26,661 Debt discount, net (10,281) — (13,065) — Deferred financing costs, net (3,269) — (4,135) — AP9 Revolving credit facility 26.25 % — — 19.30 % 12,118 — Debt discount, net — — (572) — HESI Solar loan-backed notes 6.14 % 205,206 19,408 10.94 % 213,432 26,625 Debt discount, net (6,469) — (7,616) — Deferred financing costs, net (5,954) — (7,058) — BMB Revolving credit facility 312.19 % — 832 — — SOLVI Solar asset-backed notes 6.81 % 218,720 4,060 — — Debt discount, net (11,055) — — — Deferred financing costs, net (5,603) — — — HELXIII Solar loan-backed notes 6.31 % 187,671 21,355 — — Debt discount, net (6,581) — — — Deferred financing costs, net (4,512) — — — HESII Solar loan-backed notes 6.25 % 146,019 16,618 — — Debt discount, net (112) — — — Deferred financing costs, net (6,366) — — — HELXIV Solar loan-backed notes 7.33 % 191,022 34,275 — — Debt discount, net (6,976) — — — Deferred financing costs, net (4,945) — — — SOLVII Solar asset-backed notes 7.06 % 313,229 5,467 — — Debt discount, net (8,657) — — — Deferred financing costs, net (8,984) — — — SOLVIII Solar asset-backed notes 6.81 % 298,510 9,590 — — Debt discount, net (5,569) — — — Deferred financing costs, net (9,245) — — — AURI Solar asset-backed notes 6.36 % 146,569 6,632 — — Debt discount, net (12,740) — — — Deferred financing costs, net (6,540) — — — Total $ 8,133,179 $ 327,228 $ 7,030,756 $ 483,497 As of December 31, 2023 As As Revised (in thousands) SEI 0.25% convertible senior notes $ 528,927 $ 397,728 SEI 2.625% convertible senior notes $ 582,463 $ 390,000 Sunnova Energy Corporation 5.875% senior notes $ 369,522 $ 339,236 Sunnova Energy Corporation 11.75% senior notes $ 411,996 $ 365,000
Schedule of carrying values and estimated fair values of debt instruments	The fair values of our long-term debt and the corresponding carrying values are as follows: As of December 31, 2024 As of December 31, 2023 Carrying Estimated Carrying Estimated (in thousands) SEI 0.25% convertible senior notes $ 575,000 $ 342,114 $ 575,000 $ 397,728 SEI 2.625% convertible senior notes 600,000 237,000 600,000 390,000 Sunnova Energy Corporation notes payable 2,489 2,489 3,084 3,084 Sunnova Energy Corporation 5.875% senior notes 400,000 333,804 400,000 339,236 Sunnova Energy Corporation 11.75% senior notes 400,000 283,656 400,000 365,000 EZOP revolving credit facility 166,640 166,640 511,000 511,000 HELII solar asset-backed notes 195,267 187,463 203,998 198,590 RAYSI solar asset-backed notes 105,693 95,188 111,445 102,480 HELIII solar loan-backed notes 88,513 80,453 96,215 87,982 TEPH revolving credit facility 1,167,950 1,167,950 1,036,600 1,036,600 SOLI solar asset-backed notes 335,254 296,462 348,839 310,928 HELIV solar loan-backed notes 100,266 91,562 108,312 96,603 AP8 credit facility — — 215,000 215,000 AP8 notes payable 75,000 75,164 — — SOLII solar asset-backed notes 219,654 183,326 229,150 192,589 HELV solar loan-backed notes 138,365 125,416 147,969 132,533 SOLIII solar asset-backed notes 254,840 216,337 273,307 235,318 HELVI solar loan-backed notes 163,759 146,402 173,422 153,836 HELVII solar loan-backed notes 126,850 114,480 133,715 120,413 HELVIII solar loan-backed notes 250,183 228,803 263,015 241,599 SOLIV solar asset-backed notes 322,758 309,118 334,076 325,816 HELIX solar loan-backed notes 201,305 190,531 211,420 203,375 HELX solar loan-backed notes 209,887 207,941 220,838 221,655 IS revolving credit facility 7,419 7,419 31,300 31,300 SOLV solar asset-backed notes 312,406 304,836 320,619 317,481 HELXI solar loan-backed notes 260,127 254,157 278,491 275,323 HELXII solar loan-backed notes 216,404 216,501 236,924 242,091 AP9 revolving credit facility — — 12,118 12,118 HESI solar loan-backed notes 224,614 225,773 240,057 249,318 BMB revolving credit facility 832 832 — — SOLVI solar asset-backed notes 222,780 221,731 — — HELXIII solar loan-backed notes 209,026 207,723 — — HESII solar loan-backed notes 162,637 160,751 — — HELXIV solar loan-backed notes 225,297 223,976 — — SOLVII solar asset-backed notes 318,696 306,924 — — SOLVIII solar asset-backed notes 308,100 298,918 — — AURI solar asset-backed notes 153,201 153,540 — — Total (1) $ 8,721,212 $ 7,665,380 $ 7,715,914 $ 7,008,996 (1) Amounts exclude the net deferred financing costs (classified as debt) and net debt discounts of $260.8 million and $201.7 million as of December 31, 2024 and 2023, respectively.
Schedule of Maturities of Long-Term Debt	As of December 31, 2024, the principal maturities of our long-term debt were as follows: Principal Maturities (in thousands) 2025 $ 327,228 2026 2,607,108 2027 290,814 2028 1,308,832 2029 711,618 2030 and thereafter 3,475,612 Total $ 8,721,212

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivative Instruments	The following table presents a summary of the outstanding derivative instruments: As of December 31, 2024 2023 Effective Termination Fixed Aggregate Effective Termination Fixed Aggregate (in thousands, except interest rates) EZOP June 2024 - November 2024 June 2029 - December 2031 4.000% $ 148,303 July 2023 - December 2023 December 2028 - November 2035 2.000% $ 489,581 TEPH December 2023 - August 2024 April 2038 - January 2043 3.430% - 4.312% 1,130,190 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 AP9 — September 2023 September 2027 4.250% 25,000 Total $ 1,278,493 $ 1,723,984
Schedule of Fair Value of Interest Rate Swaps	The following table presents the fair value of the interest rate swaps and caps as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Other assets $ 11,954 $ 55,471 Year Ended 2024 2023 2022 (in thousands) Realized gain $ (51,047) $ (56,623) $ (51,207) Unrealized (gain) loss 3,771 67,318 (19,451) Total $ (47,276) $ 10,695 $ (70,658)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Our income tax (benefit) expense consists of the following: Year Ended 2024 2023 2022 (in thousands) Current: Federal $ (157,957) $ (15,893) $ — State and territory 12,239 14,516 3,886 Current income tax (benefit) expense (145,718) (1,377) 3,886 Deferred: State and territory 1,205 354 — Deferred income tax expense 1,205 354 — Total income tax (benefit) expense $ (144,513) $ (1,023) $ 3,886
Schedule of Effective Income Tax Rate Reconciliation	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 the intercompany sale of solar energy systems to our tax equity partnerships, our valuation allowance and income tax benefit from the sale of ITCs. The sources of these differences are as follows: Year Ended 2024 2023 2022 (in thousands) Loss before income tax $ (592,286) $ (503,449) $ (126,390) Statutory federal tax rate 21 % 21 % 21 % Tax benefit computed at statutory rate (124,380) (105,724) (26,542) State and territory income tax, net of federal (benefit) expense 12,615 14,804 (3,167) Adjustments from permanent differences: Tax equity activities 165,094 138,895 77,755 ITC sales (157,956) (15,893) — Redeemable noncontrolling interests and noncontrolling interests 16,775 17,738 (6,587) ITC recapture — — 101 Other 2,002 4,179 1,992 Decrease in valuation allowance, net (58,663) (55,022) (39,666) Total income tax (benefit) expense $ (144,513) $ (1,023) $ 3,886 The following table presents a reconciliation of the statutory federal tax rate to our effective income tax benefit (expense) rate: Year Ended 2024 2023 2022 Statutory federal tax rate 21 % 21 % 21 % State and territory income tax, net of federal (benefit) expense (2) (3) 3 Tax equity activities (27) (28) (62) ITC sales 26 3 — Redeemable noncontrolling interests and noncontrolling interests (3) (4) 5 Other — — (1) Decrease in valuation allowance, net 9 11 31 Total effective income tax benefit (expense) rate 24 % — % (3) %
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) are as follows: As of December 31, 2024 2023 (tax effected, in thousands) Federal net operating loss carryforward $ 285,915 $ 238,447 State net operating loss carryforward 89,558 60,980 ITC carryforward 313,329 309,693 Foreign tax credit carryforward 8,297 18,087 Federal unused interest deduction carryforward 73,417 49,979 Equity-based compensation 10,618 22,935 Deferred revenue 7,331 7,433 Unrealized loss on derivatives 1,785 (17,119) Other deferred tax assets 59,423 48,619 Deferred tax assets 849,673 739,054 Fixed asset basis difference (315,435) (253,194) Intangible asset basis difference (22,386) (30,921) Investment in certain financing arrangements (367,350) (223,620) Other deferred tax liabilities (2,907) (4,259) Deferred tax liabilities (708,078) (511,994) Valuation allowance (143,154) (227,414) Net deferred tax liability $ (1,559) $ (354)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest and Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable noncontrolling interests	The following table summarizes our redeemable noncontrolling interests and noncontrolling interests as of December 31, 2024: Tax Equity Entity Balance Sheet Classification Date Class A Class A Member Sunnova TEP II, LLC ("TEPII") Redeemable noncontrolling interests December 2017 $ 45,000 Sunnova TEP III, LLC Redeemable noncontrolling interests January 2019 $ 50,000 Sunnova TEP IV-A, LLC ("TEPIVA") Noncontrolling interests August 2019 $ 75,000 Sunnova TEP IV-B, LLC ("TEPIVB") Noncontrolling interests December 2019 $ 50,000 Sunnova TEP IV-C, LLC ("TEPIVC") Noncontrolling interests February 2020 $ 75,000 Sunnova TEP IV-D, LLC ("TEPIVD") Noncontrolling interests May 2020 $ 155,000 Sunnova TEP IV-F, LLC Noncontrolling interests July 2020 $ 10,000 Sunnova TEP IV-E, LLC ("TEPIVE") Noncontrolling interests September 2020 $ 75,000 Sunnova TEP IV-G, LLC ("TEPIVG") Noncontrolling interests November 2020 $ 100,000 Sunnova TEP V-D, LLC ("TEPVD") Noncontrolling interests April 2021 $ 50,000 Sunnova TEP V-A, LLC Noncontrolling interests April 2021 $ 25,000 Sunnova TEP V-B, LLC ("TEPVB") Noncontrolling interests May 2021 $ 150,000 Sunnova TEP V-C, LLC ("TEPVC") Noncontrolling interests July 2021 $ 150,152 Sunnova TEP V-E, LLC Redeemable noncontrolling interests October 2021 $ 11,634 Sunnova TEP 6-A, LLC ("TEP6A") Noncontrolling interests December 2021 $ 57,676 Sunnova TEP 6-B, LLC ("TEP6B") Noncontrolling interests February 2022 $ 150,000 Sunnova TEP 6-E, LLC Redeemable noncontrolling interests May 2022 $ 17,452 Sunnova TEP 6-D, LLC ("TEP6D") Noncontrolling interests September 2022 $ 79,598 Sunnova TEP 6-C, LLC ("TEP6C") Redeemable noncontrolling interests October 2022 $ 30,000 Sunnova TEP 7-C, LLC Redeemable noncontrolling interests November 2022 $ 53,077 Sunnova TEP 7-A, LLC ("TEP7A") Noncontrolling interests December 2022 $ 61,364 Sunnova TEP 7-B, LLC Redeemable noncontrolling interests December 2022 $ 137,721 Sunnova TEP 7-D, LLC ("TEP7D") Noncontrolling interests December 2022 $ 250,000 Sunnova TEP 7-E, LLC Redeemable noncontrolling interests May 2023 $ 59,766 Sunnova TEP 7-G, LLC Redeemable noncontrolling interests August 2023 $ 111,704 Sunnova TEP 7-F, LLC Redeemable noncontrolling interests September 2023 $ 190,773 Sunnova TEP 8-A, LLC ("TEP8A") Noncontrolling interests December 2023 $ 59,000 Sunnova TEP 8-B, LLC Noncontrolling interests December 2023 $ 300,000 Sunnova TEP 8-C, LLC Redeemable noncontrolling interests December 2023 $ 103,950 Sunnova TEP 8-D, LLC Redeemable noncontrolling interests February 2024 $ 195,000 Sunnova TEP 8-E, LLC ("TEP8E") Noncontrolling interests May 2024 $ 250,000 Sunnova TEP 8-F, LLC Redeemable noncontrolling interests August 2024 $ 152,064 Sunnova TEP 8-G, LLC Redeemable noncontrolling interests October 2024 $ 95,040 Sunnova TEP 8-I, LLC Redeemable noncontrolling interests December 2024 $ 500,000

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	We used the following assumptions to apply the Black-Scholes option-pricing model to stock options granted during the years ended December 31, 2024, 2023 and 2022: Year Ended 2024 2023 2022 Expected dividend yield 0.00% 0.00% 0.00% Risk-free interest rate 4.08% - 4.42% 3.50% - 4.38% 2.40% Expected term (in years) 6.50 - 6.56 6.26 - 6.57 6.37 - 6.46 Volatility 74.49% - 78.23% 65.58% - 69.81% 58.76%
Schedule of Stock Option Activity	The following tables summarize stock option activity: Number Weighted Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2022 3,259,459 $ 18.48 4.75 $ 10,341 Granted 1,017,493 $ 15.01 9.23 $ 8.82 Exercised (41,788) $ 12.91 $ 203 Forfeited (217,015) $ 19.38 $ 8.77 Outstanding, December 31, 2023 4,018,149 $ 17.61 4.97 $ 5,542 Granted 1,989,147 $ 6.87 9.20 $ 4.25 Exercised (11,357) $ 1.85 $ 118 Forfeited (619,553) $ 14.75 $ 8.17 Outstanding, December 31, 2024 5,376,386 $ 14.00 5.44 $ — Exercisable, December 31, 2024 2,623,734 $ 17.02 1.96 $ — Vested and expected to vest, December 31, 2024 5,376,386 $ 14.00 5.44 $ — Non-vested, December 31, 2023 1,443,054 $ 10.78 Non-vested, December 31, 2024 2,752,652 $ 6.43 Year Ended 2024 2023 (in thousands, except number of stock options vested) Number of stock options vested 148,859 16,816 Grant date fair value of stock options vested $ 2,247 $ 309
Schedule of Restricted Stock Unit Activity	The following tables summarize restricted stock unit activity related to equity classified awards: Number of Weighted Outstanding, December 31, 2022 1,609,615 $ 20.62 Granted 2,155,890 $ 14.50 Vested (1,009,102) $ 18.10 Forfeited (372,198) $ 17.78 Outstanding, December 31, 2023 2,384,205 $ 16.60 Granted 6,136,329 $ 5.85 Vested (2,135,502) $ 11.10 Forfeited (1,444,439) $ 9.70 Outstanding, December 31, 2024 4,940,593 $ 7.65 Year Ended 2024 2023 (in thousands, except number of restricted stock units vested) Number of restricted stock units vested 2,135,502 1,009,102 Grant date fair value of restricted stock units vested $ 23,698 $ 18,262 The following tables summarize restricted stock unit activity related to liability classified awards: Number of Weighted Outstanding, December 31, 2023 — $ — Granted 1,480,308 $ 6.29 Forfeited (352,100) $ 6.48 Outstanding, December 31, 2024 1,128,208 $ 3.43 Year Ended 2024 2023 (in thousands, except number of restricted stock units vested) Number of restricted stock units vested — — Grant date fair value of restricted stock units vested $ — $ —

Basic and Diluted Net Loss Pe_2

Basic and Diluted Net Loss Per Share (Tables)	12 Months Ended
	Dec. 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: Year Ended 2024 2023 2022 (in thousands, except share and per share amounts) Net loss attributable to stockholders—basic and diluted $ (367,893) $ (417,961) $ (161,642) Net loss per share attributable to stockholders—basic and diluted $ (2.96) $ (3.53) $ (1.41) Weighted average common shares outstanding—basic and diluted 124,240,517 118,344,728 114,451,034
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: Year Ended 2024 2023 2022 Equity-based compensation awards 10,212,159 6,093,155 4,907,458 Convertible senior notes 34,150,407 34,150,407 23,228,952

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Performance Guarantee Obligations	The following table presents the detail of performance guarantee obligations as recorded in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Other current liabilities $ 3,527 $ 2,667 Other long-term liabilities 5,179 4,086 Total $ 8,706 $ 6,753 The changes in our performance guarantee obligations are as follows: Year Ended 2024 2023 (in thousands) Balance at beginning of period $ 6,753 $ 4,845 Accruals 4,760 4,982 Settlements (2,807) (3,074) Balance at end of period $ 8,706 $ 6,753
Schedule of Lease expense	The following table presents the detail of lease expense as recorded in general and administrative expense in the Consolidated Statements of Operations: Year Ended 2024 2023 2022 (in thousands) Operating lease expense $ 3,019 $ 2,910 $ 2,753 Finance lease expense: Amortization expense 2,305 1,150 783 Interest on lease liabilities 277 109 60 Short-term lease expense 371 197 141 Variable lease expense 1,216 1,049 961 Total $ 7,188 $ 5,415 $ 4,698 Other information related to leases was as follows: Year Ended 2024 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,545 $ 2,765 $ 1,647 Operating cash flows from finance leases $ 277 $ 109 $ 60 Financing cash flows from finance leases $ 2,169 $ 1,059 $ 801 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 90 $ 741 $ 245 Finance leases $ 12,905 $ 2,759 $ 1,072 As of December 31, 2024 2023 Weighted average remaining lease term (years): Operating leases 4.58 5.51 Finance leases 3.59 3.12 Weighted average discount rate: Operating leases 4.01 % 4.06 % Finance leases 5.81 % 6.26 %
Schedule of Lease Assets and Liabilities	The following table presents the detail of right-of-use assets and lease liabilities as recorded in other assets and other current liabilities/other long-term liabilities, respectively, in the Consolidated Balance Sheets: As of December 31, 2024 2023 (in thousands) Right-of-use assets: Operating leases $ 10,941 $ 13,247 Finance leases 14,684 4,085 Total right-of-use assets $ 25,625 $ 17,332 Current lease liabilities: Operating leases $ 2,951 $ 2,883 Finance leases 4,580 1,348 Long-term leases liabilities: Operating leases 11,105 14,005 Finance leases 6,939 1,631 Total lease liabilities $ 25,575 $ 19,867
Schedule of Operating Lease, Future Minimum Lease Payments	Future minimum lease payments under our non-cancelable leases as of December 31, 2024 were as follows: Operating Finance (in thousands) 2025 $ 3,458 $ 5,125 2026 3,240 3,470 2027 3,304 2,487 2028 3,372 1,485 2029 2,113 — 2030 and thereafter — — Total 15,487 12,567 Amount representing interest (1,355) (1,048) Amount representing leasehold incentives (76) — Present value of future payments 14,056 11,519 Current portion of lease liability (2,951) (4,580) Long-term portion of lease liability $ 11,105 $ 6,939
Schedule of Other Commitments	Dealer Commitments. As of December 31, 2024 and 2023, the net unamortized balance of payments to dealers for exclusivity and other similar arrangements was $208.5 million and $166.4 million, respectively. During the years ended December 31, 2024 and 2023, we amortized $8.7 million and $6.9 million, respectively. Under these agreements, we paid $45.4 million and $53.8 million during the years ended December 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) 2025 $ 56,338 2026 35,000 2027 30,000 2028 — 2029 — 2030 and thereafter — Total $ 121,338
Schedule of Future Commitments	Future commitments as of December 31, 2024 were as follows: Software and Business Technology Commitments (in thousands) 2025 $ 11,320 2026 7,941 2027 6,434 2028 515 2029 515 2030 and thereafter 515 Total $ 27,240

Description of Business and B_3

Description of Business and Basis of Presentation - Narrative (Details) customer in Thousands	12 Months Ended
	Dec. 31, 2024 state customer renewalOption
Subsidiary, Sale of Stock [Line Items]
Number of customers | customer	441
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

Description of Business and B_4

Description of Business and Basis of Presentation - Consolidated Statements of Operations Revision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in Accounting Estimate [Line Items]
Revenue:	$ 839,922	$ 720,653	$ 557,690
Previously Reported
Change in Accounting Estimate [Line Items]
Cost of revenue—depreciation		130,261	96,280
Cost of revenue—inventory sales		176,371	178,310
Cost of revenue—other		120,865	52,487
Customer agreements and incentives
Change in Accounting Estimate [Line Items]
Revenue:	541,530	378,136	280,801
Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems	213,407	149,206	103,586
Solar energy system and product sales
Change in Accounting Estimate [Line Items]
Revenue:	298,392	342,517	276,889
Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems	$ 249,555	$ 278,291	$ 223,491

Significant Accounting Polici_4

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash deposits in excess of FDIC insured limit	$ 189	$ 187
Restricted cash deposits in excess of FDIC insured limit	$ 328.4	$ 274.4

Significant Accounting Polici_5

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 336,919	$ 281,570
Restricted cash included in other current assets	78,240	62,188	$ 51,733
Debt and inverter reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	257,886	247,394
Tax equity reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	73,374	25,778
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 5,659	$ 8,398

Significant Accounting Polici_6

Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 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	10,495	4,978
Write off of uncollectible accounts	(8,680)	(4,370)
Recoveries	442	275
Other, net	(115)	0
Balance at end of period	$ 4,701	$ 2,559

Significant Accounting Polici_7

Significant Accounting Policies - Allowance for Credit Losses - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 13,045	$ 0
Provision for current expected credit losses	418	18,402
Write off of uncollectible accounts	(13,178)	(5,357)
Balance at end of period	$ 285	$ 13,045

Significant Accounting Polici_8

Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventory	$ 126,695	$ 148,575
Energy storage systems and components
Inventory [Line Items]
Inventory	26,289	83,178
Homebuilder construction in progress
Inventory [Line Items]
Inventory	85,090	36,461
Modules and inverters
Inventory [Line Items]
Inventory	15,184	27,143
Meters and modems
Inventory [Line Items]
Inventory	$ 132	$ 1,793

Significant Accounting Polici_9

Significant Accounting Policies - Concentration of Services and Equipment from Dealers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) dealer	Dec. 31, 2023 USD ($)	Dec. 31, 2022
Inventory [Line Items]
Number of dealers | dealer	500
Accounts payable to dealers	$ 385	$ 147.8
Accrued expenses to dealers	$ 12	$ 19.1
Dealer One | Expenditures To Dealers | Customer Concentration Risk
Inventory [Line Items]
Concentration risk	25%	20%	26%
Dealer One | Revenue Benchmark | Customer Concentration Risk
Inventory [Line Items]
Concentration risk		16%	16%
Dealer Two | Expenditures To Dealers | Customer Concentration Risk
Inventory [Line Items]
Concentration risk		16%	16%
Dealer Three | Expenditures To Dealers | Customer Concentration Risk
Inventory [Line Items]
Concentration risk			11%

Significant Accounting Polic_10

Significant Accounting Policies - Dealer Commitments (Details)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Customer agreement, average term	23 years

Significant Accounting Polic_11

Significant Accounting Policies - Schedule of Fair Value of Recurring Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets:
Investments in solar receivables	$ 67,720	$ 69,334
Derivative assets	11,954	55,471
Total assets	79,674	124,805
Financial liabilities:
Contingent consideration	2,157	19,916
Total liabilities	2,157	19,916
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
Level 2
Financial assets:
Investments in solar receivables	0	0
Derivative assets	11,954	55,471
Total assets	11,954	55,471
Financial liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 3
Financial assets:
Investments in solar receivables	67,720	69,334
Derivative assets	0	0
Total assets	67,720	69,334
Financial liabilities:
Contingent consideration	2,157	19,916
Total liabilities	$ 2,157	$ 19,916

Significant Accounting Polic_12

Significant Accounting Policies - Schedule of Investment in Solar Receivables Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 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	(11,990)	(11,528)
Gain recognized in earnings	10,376	7,722
Balance at end of period	$ 67,720	$ 69,334
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net

Significant Accounting Polic_13

Significant Accounting Policies - Schedule of changes in fair value of liabilities accounted for an a recurring basis (Details) - Contingent Consideration Liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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	(3,901)	(10,832)
(Gain) loss recognized in earnings	(13,858)	3,961
Balance at end of period	$ 2,157	$ 19,916

Significant Accounting Polic_14

Significant Accounting Policies - Schedule of Fair Value Unobservable Inputs (Details) - Level 3 - Weighted Average	Dec. 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	15.16%
Risk-free discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration - installation earnout	4.37%
Contingent consideration - microgrid earnout	4.37%
Probability of success
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration - microgrid earnout	5%

Significant Accounting Polic_15

Significant Accounting Policies - Schedule of Detailed Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue:	$ 839,922	$ 720,653	$ 557,690
Customer agreements and incentives
Disaggregation of Revenue [Line Items]
Revenue:	541,530	378,136	280,801
PPA revenue
Disaggregation of Revenue [Line Items]
Revenue:	175,592	123,646	104,563
Lease revenue
Disaggregation of Revenue [Line Items]
Revenue:	239,018	147,788	100,070
Solar renewable energy certificate revenue
Disaggregation of Revenue [Line Items]
Revenue:	58,568	50,375	48,698
Loan revenue
Disaggregation of Revenue [Line Items]
Revenue:	47,940	34,716	18,601
Service revenue
Disaggregation of Revenue [Line Items]
Revenue:	11,786	16,197	4,178
Other revenue
Disaggregation of Revenue [Line Items]
Revenue:	8,626	5,414	4,691
Solar energy system and product sales
Disaggregation of Revenue [Line Items]
Revenue:	298,392	342,517	276,889
Inventory sales revenue
Disaggregation of Revenue [Line Items]
Revenue:	106,256	185,855	195,980
Cash sales revenue
Disaggregation of Revenue [Line Items]
Revenue:	142,786	96,072	72,425
Direct sales revenue
Disaggregation of Revenue [Line Items]
Revenue:	$ 49,350	$ 60,590	$ 8,484

Significant Accounting Polic_16

Significant Accounting Policies - Narrative (Details)

1 Months Ended

12 Months Ended

Jan. 31, 2025

Dec. 31, 2024 USD ($) kWh reportableSegment FICO_score renewalOption

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Mar. 03, 2025 USD ($)

Aug. 31, 2023 USD ($)

Mar. 31, 2023 USD ($)

Feb. 28, 2023 USD ($)

Sep. 30, 2022 USD ($)

Aug. 31, 2022 USD ($)

Jul. 31, 2022 USD ($)

Jun. 30, 2022 USD ($)

Mar. 31, 2021 USD ($)

Mar. 31, 2019 USD ($)

Aug. 31, 2017 USD ($)

Apr. 30, 2017 USD ($)

Disaggregation of Revenue [Line Items]

Contracted but not yet recognized revenue

$ 7,600,000,000

Performance obligation, description of timing

we do not expect the annual recognition to vary significantly over approximately the next 19 years as the majority of existing customer agreements have at least 19 years remaining

Average age of solar systems (in years)

4 years

Inventory

$ 126,695,000

$ 148,575,000

Revenue recognized

55,700,000

33,000,000

Deferred revenue / Contract liabilities

1,104,645,000

991,003,000

$ 615,600,000

Goodwill impairment

0

13,150,000

0

Advertising expense

1,600,000

5,000,000

2,500,000

Defined contribution plan, employer contribution

$ 5,300,000

4,200,000

$ 1,800,000

Number of reportable segments | reportableSegment

1

Self-insured claims liability

$ 3,500,000

3,500,000

Cash and cash equivalents

211,192,000

212,832,000

Cash held outside of secured collection accounts

34,700,000

Working capital deficit

(296,200,000)

Line of credit | EZOP

Disaggregation of Revenue [Line Items]

Maximum borrowing capacity

$ 400,000,000

$ 200,000,000

$ 70,000,000

$ 100,000,000

Credit facility | Line of credit | EZOP

Disaggregation of Revenue [Line Items]

Long-term debt, gross, non-current

166,640,000

511,000,000

Maximum borrowing capacity

$ 550,000,000

$ 1,000,000,000

$ 900,000,000

$ 800,000,000

$ 575,000,000

$ 585,000,000

$ 535,000,000

$ 475,000,000

$ 350,000,000

$ 200,000,000

Subsequent Event | Credit facility | Line of credit | Solstice Debt Facility

Disaggregation of Revenue [Line Items]

Maximum borrowing capacity

$ 185,000,000

Subsequent Event | Credit facility | Line of credit | EZOP

Disaggregation of Revenue [Line Items]

Debt covenant, takeout transactions not completed on percent of eligible loans

95%

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01

Disaggregation of Revenue [Line Items]

Contracted but not yet recognized revenue (as a percent)

4%

Contracted but not yet recognized revenue, expected timing of satisfaction (in months)

12 months

Transferred over Time

Disaggregation of Revenue [Line Items]

Revenue recognized

$ 2,300,000

0

Deferred revenue / Contract liabilities

9,300,000

3,800,000

Contract assets

0

279,000

Solar Renewable Energy Certificates

Disaggregation of Revenue [Line Items]

Inventory

$ 0

0

Minimum

Disaggregation of Revenue [Line Items]

Warranty periods

10 years

Maximum

Disaggregation of Revenue [Line Items]

Warranty periods

25 years

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 | 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

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

Service revenue

Disaggregation of Revenue [Line Items]

Agreement term

10 years

Loan revenue

Disaggregation of Revenue [Line Items]

Deferred revenue / Contract liabilities

$ 1,012,934,000

$ 930,999,000

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

Solar Service Agreement | Minimum

Disaggregation of Revenue [Line Items]

Agreement term

10 years

Solar Service Agreement | Maximum

Disaggregation of Revenue [Line Items]

Agreement term

25 years

SunStreet Energy Group, LLC

Disaggregation of Revenue [Line Items]

Contingent consideration arrangements, range of outcomes, high

$ 4,400,000

Contingent consideration arrangements, range of outcomes, low

$ 1,600,000

Significant Accounting Polic_17

Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	$ 1,104,645	$ 991,003	$ 615,600
Deferred revenue	60,408	50,815
Loans
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	1,012,934	930,999
PPAs and leases
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	72,426	55,651
Solar receivables
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	4,076	4,339
SRECs
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	15,209	0
Other
Disaggregation of Revenue [Line Items]
Deferred revenue / Contract liabilities	$ 0	$ 14

Significant Accounting Polic_18

Significant Accounting Policies - Intangibles Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 212,323	$ 212,734
Less: accumulated amortization	(107,109)	(78,676)
Intangible assets, net	$ 105,214	134,058
Customer relationships - system sales
Finite-Lived Intangible Assets [Line Items]
Useful Lives	10 years
Intangible assets, gross	$ 145,496	145,496
Customer relationships - servicing
Finite-Lived Intangible Assets [Line Items]
Useful Lives	10 years
Intangible assets, gross	$ 3,471	3,471
Customer relationships - new customers
Finite-Lived Intangible Assets [Line Items]
Useful Lives	4 years
Intangible assets, gross	$ 29,761	29,761
Trade name
Finite-Lived Intangible Assets [Line Items]
Useful Lives	15 years
Intangible assets, gross	$ 11,899	11,899
Tax equity commitment
Finite-Lived Intangible Assets [Line Items]
Useful Lives	4 years
Intangible assets, gross	$ 21,209	21,209
Software license
Finite-Lived Intangible Assets [Line Items]
Useful Lives	3 years
Intangible assets, gross	$ 331	331
Trademark
Finite-Lived Intangible Assets [Line Items]
Useful Lives	3 years
Intangible assets, gross	$ 68	68
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 88	$ 499
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives	3 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives	25 years

Significant Accounting Polic_19

Significant Accounting Policies - Amortization Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
2025	$ 18,875
2026	15,690
2027	15,690
2028	15,690
2029	15,690
2030 and thereafter	23,579
Intangible assets, net	$ 105,214	$ 134,058

Significant Accounting Polic_20

Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Issuance Costs [Roll Forward]
Balance at beginning of period	$ 128,361	$ 76,525
Capitalized	58,170	77,062
Amortized	(59,222)	(25,226)	$ (13,640)
Balance at end of period	$ 127,309	$ 128,361	$ 76,525

Significant Accounting Polic_21

Significant Accounting Policies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 5,965	$ 3,018
Accruals	4,259	2,959
Settlements	(529)	(12)
Balance at end of period	$ 9,695	$ 5,965

Significant Accounting Polic_22

Significant Accounting Policies - Segment Revenue and Significant Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Provision for current expected credit losses and other bad debt expense	$ 35,094	$ 46,199	$ 43,018
Goodwill impairment	0	13,150	0
Other operating (income) expense	17,478	(3,978)	(26,566)
Interest expense, net	491,172	371,937	107,775
Interest income	(149,918)	(115,872)	(59,799)
Income tax (benefit) expense	(144,513)	(1,023)	3,886
Net loss attributable to stockholders	(367,893)	(417,961)	(161,642)
Reportable Segment
Segment Reporting Information [Line Items]
Segment revenue	835,713	719,723	557,690
Depreciation related to solar energy systems and energy storage systems	190,306	130,261	96,280
Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems	23,101	18,944	7,306
Inventory sales costs	103,332	176,371	178,310
Cash sales costs	82,268	51,832	38,766
Direct sales costs	59,571	48,049	6,262
Maintenance and servicing of solar energy system and energy storage systems	29,732	37,444	16,786
Property insurance	14,847	11,207	7,820
Impairments, excluding goodwill	55,905	43,442	8,459
Payroll and employee related expense	217,392	187,186	116,029
Legal, insurance, office and business travel costs	39,439	37,664	24,858
Consultants, contractors and professional fees	44,537	36,614	25,378
Amortization expense	30,738	29,583	29,224
Software and business technology expense	33,203	26,506	15,778
Depreciation expense not related to solar energy systems and energy storage systems	38,706	23,126	11,887
Financing deal costs	14,547	1,723	930
Marketing expense	13,027	16,172	10,317
Sales, franchise, other taxes and bank fees	11,109	10,236	6,259
Provision for current expected credit losses and other bad debt expense	35,094	46,199	43,018
Goodwill impairment	0	13,150	0
Other operating (income) expense	17,478	(3,978)	(26,566)
Interest expense, net	491,172	371,937	107,775
Interest income	(149,918)	(115,872)	(59,799)
Income tax (benefit) expense	(144,513)	(1,023)	3,886
Other segment expenses	30,929	20,747	18,142
Segment net loss	(446,289)	(497,797)	(129,415)
Non-reportable segment net loss	(1,484)	(4,629)	(861)
Net loss attributable to stockholders	$ (447,773)	$ (502,426)	$ (130,276)

Significant Accounting Polic_23

Significant Accounting Policies - Other Information related to our Reportable Segment (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue:		$ 839,922	$ 720,653	$ 557,690
Total assets	[1]	13,353,699	11,340,971
Purchases of property and equipment		1,642,838	1,832,714	868,208
Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		835,713	719,723	557,690
Non-reportable segment revenue		4,209	930	0
Revenue:		839,922	720,653	557,690
Segment assets		13,339,654	11,334,748
Non-reportable segment assets		14,045	6,223
Total assets		13,353,699	11,340,971
Purchases of property and equipment		(1,637,926)	(1,831,305)	(868,208)
Non-reportable segment purchases of property and equipment		(4,912)	(1,409)	0
Purchases of property and equipment		1,642,838	1,832,714	868,208
Customer agreements and incentives
Disaggregation of Revenue [Line Items]
Revenue:		541,530	378,136	280,801
Customer agreements and incentives | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		541,513	378,136	280,801
PPA revenue
Disaggregation of Revenue [Line Items]
Revenue:		175,592	123,646	104,563
PPA revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		175,583	123,646	104,563
Lease revenue
Disaggregation of Revenue [Line Items]
Revenue:		239,018	147,788	100,070
Lease revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		239,010	147,788	100,070
Solar renewable energy certificate revenue
Disaggregation of Revenue [Line Items]
Revenue:		58,568	50,375	48,698
Solar renewable energy certificate revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		58,568	50,375	48,698
Loan revenue
Disaggregation of Revenue [Line Items]
Revenue:		47,940	34,716	18,601
Loan revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		47,940	34,716	18,601
Service revenue
Disaggregation of Revenue [Line Items]
Revenue:		11,786	16,197	4,178
Service revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		11,786	16,197	4,178
Other revenue
Disaggregation of Revenue [Line Items]
Revenue:		8,626	5,414	4,691
Other revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		8,626	5,414	4,691
Solar energy system and product sales
Disaggregation of Revenue [Line Items]
Revenue:		298,392	342,517	276,889
Solar energy system and product sales | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		294,200	341,587	276,889
Inventory sales revenue
Disaggregation of Revenue [Line Items]
Revenue:		106,256	185,855	195,980
Inventory sales revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		106,256	185,855	195,980
Cash sales revenue
Disaggregation of Revenue [Line Items]
Revenue:		142,786	96,072	72,425
Cash sales revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		138,594	95,142	72,425
Direct sales revenue
Disaggregation of Revenue [Line Items]
Revenue:		49,350	60,590	8,484
Direct sales revenue | Reportable Segment
Disaggregation of Revenue [Line Items]
Segment revenue		$ 49,350	$ 60,590	$ 8,484
[1]The consolidated assets as of December 31, 2024 and 2023 include $7,023,751 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 $96,508 and $54,674 as of December 31, 2024 and 2023, respectively; accounts receivable—trade, net of $23,950 and $13,860 as of December 31, 2024 and 2023, respectively; accounts receivable—other, net of $280,039 and $187,607 as of December 31, 2024 and 2023, respectively; other current assets of $647,464 and $693,772 as of December 31, 2024 and 2023, respectively; property and equipment, net of $5,827,836 and $4,273,478 as of December 31, 2024 and 2023, respectively; and other assets of $147,954 and $74,425 as of December 31, 2024 and 2023, respectively. The consolidated liabilities as of December 31, 2024 and 2023 include $419,902 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $293,329 and $197,072 as of December 31, 2024 and 2023, respectively; accrued expenses of $1,330 and $157 as of December 31, 2024 and 2023, respectively; other current liabilities of $8,486 and $7,269 as of December 31, 2024 and 2023, respectively; and other long-term liabilities of $116,757 and $73,518 as of December 31, 2024 and 2023, respectively.

Significant Accounting Polic_24

Significant Accounting Policies - ITC Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
ITC Sales	$ 839,922	$ 720,653	$ 557,690
Redeemable Noncontrolling Interests and Noncontrolling Interests	(79,880)	(84,465)	31,366
Income Tax Benefit	144,513	1,023	$ (3,886)
ITC sales related to tax equity partnerships
Disaggregation of Revenue [Line Items]
ITC Sales	616,319	192,729
Redeemable Noncontrolling Interests and Noncontrolling Interests	487,687	190,801
Income Tax Benefit	128,632	1,928
ITC sales unrelated to tax equity partnerships
Disaggregation of Revenue [Line Items]
ITC Sales	29,202	14,696
Redeemable Noncontrolling Interests and Noncontrolling Interests	0	0
Income Tax Benefit	29,202	14,696
Investment Tax Credits
Disaggregation of Revenue [Line Items]
ITC Sales	645,521	207,425
Redeemable Noncontrolling Interests and Noncontrolling Interests	487,687	190,801
Income Tax Benefit	157,834	16,624
Accounts receivable—other
Disaggregation of Revenue [Line Items]
Investment tax credits	294,649	200,679
Accounts payable
Disaggregation of Revenue [Line Items]
Investment tax credits	$ 264,750	$ 184,830

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,200,037	$ 6,199,718
Less: accumulated depreciation	(788,083)	(560,924)
Property and equipment, net	$ 7,411,954	5,638,794
Solar energy systems and energy storage systems
Property, Plant and Equipment [Line Items]
Useful Lives	35 years
Property and equipment, gross	$ 7,425,371	5,443,796
Less: accumulated depreciation	(678,200)	(489,700)
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 499,018	530,180
Asset retirement obligations
Property, Plant and Equipment [Line Items]
Useful Lives	30 years
Property and equipment, gross	$ 102,422	78,538
Software and business technology systems
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Property and equipment, gross	$ 155,044	130,300
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,743	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	$ 7,208	6,170
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	1 year
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	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current portion of customer notes receivable	$ 193,081	$ 176,562
Inventory	126,695	148,575
Restricted cash	78,240	62,188	$ 51,733
Prepaid assets	30,763	25,996
Deferred receivables	10,609	7,601
Other	14,923	8,377
Total	$ 454,311	$ 429,299

Detail of Certain Balance She_4

Detail of Certain Balance Sheet Captions - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 258,679	$ 219,382	$ 133,584
Prepaid assets	55,535	33,154
Other	569,558	643,349
Total	$ 883,772	$ 895,885

Detail of Certain Balance She_5

Detail of Certain Balance Sheet Captions - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payable	$ 73,812	$ 67,647
Deferred revenue	60,408	50,815
Other	31,641	15,187
Total	$ 165,861	$ 133,649

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 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	23,959	21,529
Accretion expense	6,652	4,905
Other	(111)	(76)
Balance at end of period	$ 126,727	$ 96,227

Customer Notes Receivable - Nar

Customer Notes Receivable - Narrative (Details) loan in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2024 loan	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans sold | loan	58	65
Proceeds from sale of customer notes receivable		$ 84,900
Loss on sale of loans		43,448	$ 0	$ 0
Amortized cost		116,500	$ 83,300
Accounts Receivable Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable other, loans sold, not yet received		4,400
Other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable other, loans sold, not yet received		5,200
Financing Receivables, Loans Sold
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable balance		$ 142,600
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	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer notes receivable	$ 4,258,386	$ 4,029,025
Allowance for credit losses	(140,049)	(116,477)	$ (81,248)
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer notes receivable	4,118,337	3,912,548
Estimated Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer notes receivable	$ 3,974,477	$ 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) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 116,477	$ 81,248
Provision for current expected credit losses	23,572	35,229
Balance at end of period	$ 140,049	$ 116,477
Provision for current expected credit losses (percent)	0.02	0.04

Customer Notes Receivable - S_3

Customer Notes Receivable - Schedule of Additional Information related to Customer Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in loan solar energy systems, energy storage systems and/or accessories not yet placed in service	$ 46,352	$ 159,066
Customer notes receivable not accruing interest	98,680	34,200
Allowance recorded for loans on nonaccrual status	2,783	754
Interest income related to customer notes receivable	149,918	115,872	$ 59,799
Interest income recognized for loans on nonaccrual status	0	0
Customer notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable related to customer notes receivable	6,657	14,305
Interest income related to customer notes receivable	130,550	98,848
Accrued interest receivable written off by reversing interest income	$ 178	$ 63

Customer Notes Receivable - S_4

Customer Notes Receivable - Schedule of Aged Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Customer notes receivable	$ 4,258,386	$ 4,029,025
Total past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	$ 385,051	$ 281,688
Percent of gross customer notes receivable	9%	7%
1-90 days past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	$ 169,904	$ 164,150
91-180 days past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	49,056	40,428
Greater than 180 days past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	166,091	77,110
Not past due
Financing Receivable, Past Due [Line Items]
Customer notes receivable	$ 3,873,335	$ 3,747,337

Customer Notes Receivable - S_5

Customer Notes Receivable - Schedule of Amortized cost of Customer Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 501,197
2023	1,338,166
2022	1,307,250
2021	680,741
2020	205,927
Prior	225,105
Total	4,258,386	$ 4,029,025
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024	489,635
2023	1,285,215
2022	1,254,490
2021	654,532
2020	198,621
Prior	209,802
Total	4,092,295
Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
2024	11,562
2023	52,951
2022	52,760
2021	26,209
2020	7,306
Prior	15,303
Total	$ 166,091

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	Aug. 31, 2022	Aug. 31, 2021	Jun. 30, 2021	May 31, 2021
Debt Instrument [Line Items]
Long-term debt, non-current	$ 8,133,179	$ 7,030,756
Long-term debt, current	327,228	483,497
SEI | Convertible senior notes
Debt Instrument [Line Items]
Debt discount, net, non-current	(13,918)	(19,174)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(535)	(748)
Deferred financing costs, net, current	$ 0	$ 0
SEI | Convertible senior notes | 0.25% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.25%									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 (as a percent)	2.625%						2.625%
Weighted average effective interest rate	3.03%	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	(10,888)	(13,288)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(8,695)	(12,119)
Deferred financing costs, net, current	$ 0	$ 0
Sunnova Energy Corporation | Notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			7.74%	7.49%	7.49%	7.24%
Weighted average effective interest rate	9.73%	7.07%
Long-term debt, gross, non-current	$ 0	$ 0
Long-term debt, gross, current	$ 2,489	$ 3,084
Sunnova Energy Corporation | Senior notes | 5.875% senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.875%							5.875%
Weighted average effective interest rate	6.52%	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 (as a percent)	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 | Credit facility
Debt Instrument [Line Items]
Debt discount, net, non-current	(137)	(302)
Debt discount, net, current	$ 0	$ 0
EZOP | Line of credit | Credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	10.84%	8.72%
Long-term debt, gross, non-current	$ 166,640	$ 511,000
Long-term debt, gross, current	0	0
HELII
Debt Instrument [Line Items]
Debt discount, net, non-current	(19)	(24)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,289)	(2,926)
Deferred financing costs, net, current	$ 0	$ 0
HELII | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.61%	5.64%
Long-term debt, gross, non-current	$ 185,698	$ 194,933
Long-term debt, gross, current	9,569	9,065
RAYSI
Debt Instrument [Line Items]
Debt discount, net, non-current	(535)	(753)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,537)	(3,004)
Deferred financing costs, net, current	$ 0	$ 0
RAYSI | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.55%	5.55%
Long-term debt, gross, non-current	$ 98,968	$ 105,096
Long-term debt, gross, current	6,725	6,349
HELIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(975)	(1,250)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(936)	(1,200)
Deferred financing costs, net, current	$ 0	$ 0
HELIII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	4.44%	4.43%
Long-term debt, gross, non-current	$ 78,963	$ 86,232
Long-term debt, gross, current	9,550	9,983
TEPH
Debt Instrument [Line Items]
Debt discount, net, non-current	(618)	(1,168)
Debt discount, net, current	$ 0	$ 0
TEPH | Line of credit | Credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	10.26%	10.03%
Long-term debt, gross, non-current	$ 1,167,950	$ 1,036,600
Long-term debt, gross, current	0	0
SOLI
Debt Instrument [Line Items]
Debt discount, net, non-current	(61)	(74)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,732)	(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	$ 319,437	$ 335,874
Long-term debt, gross, current	15,817	12,965
HELIV
Debt Instrument [Line Items]
Debt discount, net, non-current	(274)	(417)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,330)	(1,955)
Deferred financing costs, net, current	$ 0	$ 0
HELIV | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	4.15%	4.16%
Long-term debt, gross, non-current	$ 90,017	$ 97,458
Long-term debt, gross, current	10,249	10,854
AP8
Debt Instrument [Line Items]
Deferred financing costs, net, non-current	(6,095)	0
Deferred financing costs, net, current	$ 0	0
AP8 | Notes payable
Debt Instrument [Line Items]
Weighted average effective interest rate	6.02%
Long-term debt, gross, non-current	$ 71,754	0
Long-term debt, gross, current	$ 3,246	$ 0
AP8 | Line of credit | Credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	8.92%	9.42%
Long-term debt, gross, non-current	$ 0	$ 0
Long-term debt, gross, current	0	215,000
SOLII
Debt Instrument [Line Items]
Debt discount, net, non-current	(48)	(56)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(3,316)	(3,948)
Deferred financing costs, net, current	$ 0	$ 0
SOLII | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	2.90%	3.90%
Long-term debt, gross, non-current	$ 213,340	$ 221,955
Long-term debt, gross, current	6,314	7,195
HELV
Debt Instrument [Line Items]
Debt discount, net, non-current	(394)	(540)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,538)	(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	$ 125,690	$ 134,473
Long-term debt, gross, current	12,675	13,496
SOLIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(86)	(102)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,113)	(4,871)
Deferred financing costs, net, current	$ 0	$ 0
SOLIII | Solar asset-backed notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)									2.58%
Weighted average effective interest rate	2.83%	2.81%
Long-term debt, gross, non-current	$ 241,168	$ 257,545
Long-term debt, gross, current	13,672	15,762
HELVI
Debt Instrument [Line Items]
Debt discount, net, non-current	(24)	(32)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,786)	(2,345)
Deferred financing costs, net, current	$ 0	$ 0
HELVI | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	2.12%	2.10%
Long-term debt, gross, non-current	$ 151,053	$ 159,901
Long-term debt, gross, current	12,706	13,521
HELVII
Debt Instrument [Line Items]
Debt discount, net, non-current	(24)	(31)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(1,395)	(1,797)
Deferred financing costs, net, current	$ 0	$ 0
HELVII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	2.53%	2.53%
Long-term debt, gross, non-current	$ 117,257	$ 123,494
Long-term debt, gross, current	9,593	10,221
HELVIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(3,450)	(4,355)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,689)	(3,395)
Deferred financing costs, net, current	$ 0	$ 0
HELVIII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	3.66%	3.62%
Long-term debt, gross, non-current	$ 231,415	$ 243,020
Long-term debt, gross, current	18,768	19,995
SOLIV
Debt Instrument [Line Items]
Debt discount, net, non-current	(7,678)	(9,440)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(5,498)	(6,759)
Deferred financing costs, net, current	$ 0	$ 0
SOLIV | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	5.93%	5.90%
Long-term debt, gross, non-current	$ 313,897	$ 325,612
Long-term debt, gross, current	8,861	8,464
HELIX
Debt Instrument [Line Items]
Debt discount, net, non-current	(2,459)	(3,027)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,273)	(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	$ 188,266	$ 196,174
Long-term debt, gross, current	13,039	15,246
HELX
Debt Instrument [Line Items]
Debt discount, net, non-current	(11,983)	(17,015)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(2,245)	(3,064)
Deferred financing costs, net, current	$ 0	$ 0
HELX | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	8.12%	7.38%
Long-term debt, gross, non-current	$ 195,838	$ 200,842
Long-term debt, gross, current	$ 14,049	$ 19,996
IS | Line of credit | Credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	11.11%	8.90%
Long-term debt, gross, non-current	$ 7,419	$ 31,300
Long-term debt, gross, current	0	0
SOLV
Debt Instrument [Line Items]
Debt discount, net, non-current	(12,049)	(15,491)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(5,197)	(6,682)
Deferred financing costs, net, current	$ 0	$ 0
SOLV | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.94%	6.93%
Long-term debt, gross, non-current	$ 304,150	$ 312,844
Long-term debt, gross, current	8,256	7,775
HELXI
Debt Instrument [Line Items]
Debt discount, net, non-current	(10,171)	(12,007)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(3,957)	(5,195)
Deferred financing costs, net, current	$ 0	$ 0
HELXI | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.51%	6.29%
Long-term debt, gross, non-current	$ 243,339	$ 247,251
Long-term debt, gross, current	16,788	31,240
HELXII
Debt Instrument [Line Items]
Debt discount, net, non-current	(10,281)	(13,065)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(3,269)	(4,135)
Deferred financing costs, net, current	$ 0	$ 0
HELXII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	7.01%	6.71%
Long-term debt, gross, non-current	$ 199,779	$ 210,263
Long-term debt, gross, current	16,625	26,661
AP9
Debt Instrument [Line Items]
Debt discount, net, non-current	0	(572)
Debt discount, net, current	$ 0	$ 0
AP9 | Line of credit | Credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	26.25%	19.30%
Long-term debt, gross, non-current	$ 0	$ 12,118
Long-term debt, gross, current	0	0
HESI
Debt Instrument [Line Items]
Debt discount, net, non-current	(6,469)	(7,616)
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(5,954)	(7,058)
Deferred financing costs, net, current	$ 0	$ 0
HESI | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.14%	10.94%
Long-term debt, gross, non-current	$ 205,206	$ 213,432
Long-term debt, gross, current	$ 19,408	26,625
BMB | Line of credit | Credit facility
Debt Instrument [Line Items]
Weighted average effective interest rate	312.19%
Long-term debt, gross, non-current	$ 0	0
Long-term debt, gross, current	832	0
SOLVI
Debt Instrument [Line Items]
Debt discount, net, non-current	(11,055)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(5,603)	0
Deferred financing costs, net, current	$ 0	0
SOLVI | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.81%
Long-term debt, gross, non-current	$ 218,720	0
Long-term debt, gross, current	4,060	0
HELXIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(6,581)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,512)	0
Deferred financing costs, net, current	$ 0	0
HELXIII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.31%
Long-term debt, gross, non-current	$ 187,671	0
Long-term debt, gross, current	21,355	0
HESII
Debt Instrument [Line Items]
Debt discount, net, non-current	(112)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(6,366)	0
Deferred financing costs, net, current	$ 0	0
HESII | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.25%
Long-term debt, gross, non-current	$ 146,019	0
Long-term debt, gross, current	16,618	0
HELXIV
Debt Instrument [Line Items]
Debt discount, net, non-current	(6,976)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(4,945)	0
Deferred financing costs, net, current	$ 0	0
HELXIV | Solar loan-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	7.33%
Long-term debt, gross, non-current	$ 191,022	0
Long-term debt, gross, current	34,275	0
SOLVII
Debt Instrument [Line Items]
Debt discount, net, non-current	(8,657)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(8,984)	0
Deferred financing costs, net, current	$ 0	0
SOLVII | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	7.06%
Long-term debt, gross, non-current	$ 313,229	0
Long-term debt, gross, current	5,467	0
SOLVIII
Debt Instrument [Line Items]
Debt discount, net, non-current	(5,569)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(9,245)	0
Deferred financing costs, net, current	$ 0	0
SOLVIII | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.81%
Long-term debt, gross, non-current	$ 298,510	0
Long-term debt, gross, current	9,590	0
AURI
Debt Instrument [Line Items]
Debt discount, net, non-current	(12,740)	0
Debt discount, net, current	0	0
Deferred financing costs, net, non-current	(6,540)	0
Deferred financing costs, net, current	$ 0	0
AURI | Solar asset-backed notes
Debt Instrument [Line Items]
Weighted average effective interest rate	6.36%
Long-term debt, gross, non-current	$ 146,569	0
Long-term debt, gross, current	$ 6,632	$ 0

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)

1 Months Ended

12 Months Ended

Oct. 31, 2024 USD ($)

Aug. 31, 2024 USD ($)

Jun. 30, 2024 USD ($)

Apr. 30, 2024 USD ($)

Feb. 29, 2024 USD ($)

Oct. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Aug. 31, 2023 USD ($)

Jun. 30, 2023 USD ($)

May 31, 2023 USD ($)

Apr. 30, 2023 USD ($)

Mar. 31, 2023 USD ($)

Nov. 30, 2022 USD ($)

Aug. 31, 2022 USD ($) day $ / shares

Jun. 30, 2022 USD ($)

Feb. 28, 2022 USD ($)

Oct. 31, 2021 USD ($)

Aug. 31, 2021 USD ($)

Jul. 31, 2021 USD ($)

Jun. 30, 2021 USD ($)

May 31, 2021 USD ($) day $ / shares

Feb. 28, 2021 USD ($)

Nov. 30, 2020 USD ($)

Jun. 30, 2020 USD ($)

Feb. 29, 2020 USD ($)

Jun. 30, 2019 USD ($)

Mar. 31, 2019 USD ($)

Nov. 30, 2018 USD ($)

Apr. 30, 2017 USD ($)

Dec. 31, 2024 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2023 USD ($)

Nov. 30, 2023 USD ($)

Aug. 30, 2023 USD ($)

Feb. 28, 2023 USD ($)

Oct. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Jul. 31, 2022 USD ($)

Mar. 31, 2021 USD ($)

Oct. 31, 2020 USD ($)

Sep. 30, 2020 USD ($)

Sep. 30, 2019 USD ($)

Aug. 31, 2017 USD ($)

Debt Instrument [Line Items]

Borrowing capacity

$ 623,800,000

Capped call transactions

$ 48,400,000

$ 91,700,000

$ 48,420,000

Call Option

Debt Instrument [Line Items]

Capped call transaction (in USD per share) | $ / shares

$ 34.24

$ 60

HELVIII | HELVIII Series 2022-A Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 131,900,000

Stated interest rate (as a percent)

2.79%

Discount (as a percent)

1.55%

HELVIII | HELVIII Series 2022-A Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 102,200,000

Stated interest rate (as a percent)

3.13%

Discount (as a percent)

2.23%

HELVIII | HELVIII Series 2022-A Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 63,800,000

Stated interest rate (as a percent)

3.53%

Discount (as a percent)

2.62%

SOLIV | SOLIV Series 2022-1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 317,000,000

Stated interest rate (as a percent)

4.95%

Discount (as a percent)

3.55%

SOLIV | SOLIV Series 2022-1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 38,000,000

Stated interest rate (as a percent)

6.35%

Discount (as a percent)

2.10%

HELIX | HELIX Series 2022-B Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 178,000,000

Stated interest rate (as a percent)

5%

Discount (as a percent)

0.69%

HELIX | HELIX Series 2022-B Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 49,700,000

Stated interest rate (as a percent)

6%

Discount (as a percent)

5.10%

HELX | HELX Series 2022-C Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 103,400,000

Stated interest rate (as a percent)

5.30%

Discount (as a percent)

5.38%

HELX | HELX Series 2022-C Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 80,600,000

Stated interest rate (as a percent)

5.60%

Discount (as a percent)

8.98%

HELX | HELX Series 2022-C Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 51,700,000

Stated interest rate (as a percent)

6%

Discount (as a percent)

14.74%

HELXI | HELXI Series, 2023-A, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 174,900,000

Stated interest rate (as a percent)

5.30%

Discount (as a percent)

2.57%

HELXI | HELXI Series, 2023-A, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 80,100,000

Stated interest rate (as a percent)

5.60%

Discount (as a percent)

5.31%

HELXI | HELXI Series, 2023-A, Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 31,700,000

Stated interest rate (as a percent)

6%

Discount (as a percent)

13.56%

HELXII | HELXII Series, 2023-B, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 148,500,000

Stated interest rate (as a percent)

5.30%

Discount (as a percent)

4.23%

HELXII | HELXII Series, 2023-B, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 71,100,000

Stated interest rate (as a percent)

5.60%

Discount (as a percent)

6.67%

HELXII | HELXII Series, 2023-B, Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 23,100,000

Stated interest rate (as a percent)

6%

Discount (as a percent)

12.64%

HESI | HESII Series, 2024-GRID1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 219,600,000

Stated interest rate (as a percent)

5.75%

Discount (as a percent)

2.46%

HESI | HESII Series, 2024-GRID1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 24,400,000

Stated interest rate (as a percent)

8.25%

Discount (as a percent)

9.40%

Line of credit | EZOP

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 400,000,000

$ 200,000,000

$ 100,000,000

$ 70,000,000

Line of credit | EZOP | During Commitment Availability Period | Weighted-Average Cost To Lender Rate

Debt Instrument [Line Items]

Basis spread on variable rate

3.50%

Line of credit | EZOP | After Commitment Availability Period | Weighted-Average Cost To Lender Rate

Debt Instrument [Line Items]

Basis spread on variable rate

4.50%

Convertible senior notes | SEI | Debt Conversion Terms One

Debt Instrument [Line Items]

Threshold trading days | day

20

Threshold consecutive trading days | day

30

Threshold percentage of stock price trigger

130%

Redemption price, percentage

100%

100%

Convertible senior notes | SEI | Debt Conversion Terms Two

Debt Instrument [Line Items]

Threshold trading days | day

5

Threshold consecutive trading days | day

10

Threshold percentage of stock price trigger

98%

Convertible senior notes | SEI | 0.25% convertible senior notes

Debt Instrument [Line Items]

Principal amount of debt issued

$ 575,000,000

Stated interest rate (as a percent)

0.25%

0.25%

Discount (as a percent)

2.50%

Purchase price

$ 560,600,000

Conversion ratio

0.0289184

Conversion price (in USD per share) | $ / shares

$ 34.58

Convertible senior notes | SEI | 2.625% convertible senior notes

Debt Instrument [Line Items]

Principal amount of debt issued

$ 600,000,000

Stated interest rate (as a percent)

2.625%

2.625%

Discount (as a percent)

2.50%

Purchase price

$ 585,000,000

Conversion ratio

0.0292039

Conversion price (in USD per share) | $ / shares

$ 34.24

Convertible senior notes | SEI | 2.625% convertible senior notes | Debt Conversion Terms One

Debt Instrument [Line Items]

Threshold trading days | day

20

Threshold consecutive trading days | day

30

Threshold percentage of stock price trigger

130%

Convertible senior notes | SEI | 2.625% convertible senior notes | Debt Conversion Terms Two

Debt Instrument [Line Items]

Threshold trading days | day

5

Threshold consecutive trading days | day

10

Threshold percentage of stock price trigger

98%

Senior notes | Sunnova Energy Corporation | 5.875% senior notes

Debt Instrument [Line Items]

Principal amount of debt issued

$ 400,000,000

Stated interest rate (as a percent)

5.875%

5.875%

Discount (as a percent)

1.24%

Purchase price

$ 395,000,000

Senior notes | Sunnova Energy Corporation | 11.75% senior notes

Debt Instrument [Line Items]

Principal amount of debt issued

$ 400,000,000

Stated interest rate (as a percent)

11.75%

11.75%

Discount (as a percent)

2.74%

Purchase price

$ 389,000,000

Notes payable | Sunnova Energy Corporation

Debt Instrument [Line Items]

Principal amount of debt issued

$ 8,300,000

$ 1,900,000

$ 1,500,000

$ 6,800,000

Stated interest rate (as a percent)

7.74%

7.49%

7.49%

7.24%

Debt instrument term

10 months

9 months

10 months

10 months

Notes payable | AP8 | Asset Portfolio 8, Class A Notes

Debt Instrument [Line Items]

Principal amount of debt issued

$ 68,800,000

Stated interest rate (as a percent)

6.50%

Notes payable | AP8 | Asset Portfolio 8, Class B Notes

Debt Instrument [Line Items]

Principal amount of debt issued

$ 6,200,000

Stated interest rate (as a percent)

6.70%

Solar asset-backed notes | SOLI | SOLI Series 2020-1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 337,100,000

Stated interest rate (as a percent)

3.35%

Discount (as a percent)

0.89%

Solar asset-backed notes | SOLI | SOLI Series 2020-1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 75,400,000

Stated interest rate (as a percent)

5.54%

Discount (as a percent)

0.85%

Solar asset-backed notes | AP8 | AURI Series 2024-PR1, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 68,800,000

Solar asset-backed notes | AP8 | AURI Series 2024-PR1, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

6,200,000

Solar asset-backed notes | SOLII | SOLII Series 2020-2 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 209,100,000

Stated interest rate (as a percent)

2.73%

Discount (as a percent)

0.03%

Solar asset-backed notes | SOLII | SOLII Series 2020-2 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 45,600,000

Stated interest rate (as a percent)

5.47%

Discount (as a percent)

0.05%

Solar asset-backed notes | SOLIII

Debt Instrument [Line Items]

Principal amount of debt issued

$ 319,000,000

Stated interest rate (as a percent)

2.58%

Discount (as a percent)

0.04%

Solar asset-backed notes | SOLVI | SOLVI Series 2024-1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 194,500,000

Stated interest rate (as a percent)

5.65%

Discount (as a percent)

4.66%

Solar asset-backed notes | SOLVI | SOLVI Series 2024-1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 16,500,000

Stated interest rate (as a percent)

7%

Discount (as a percent)

7.08%

Solar asset-backed notes | SOLVI | SOLVI Series 2024-1 Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 15,000,000

Stated interest rate (as a percent)

9%

Discount (as a percent)

13.98%

Solar asset-backed notes | SOLVII | SOLVII Series 2024-2, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 308,500,000

Stated interest rate (as a percent)

6.58%

Discount (as a percent)

2.54%

Solar asset-backed notes | SOLVII | SOLVII Series 2024-2, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 11,700,000

Stated interest rate (as a percent)

9%

Discount (as a percent)

9.99%

Solar asset-backed notes | SOLVIII | SOLVIII Series 2024-3, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 295,200,000

Stated interest rate (as a percent)

6.45%

Discount (as a percent)

1.85%

Solar asset-backed notes | SOLVIII | SOLVIII Series 2024-3, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 12,900,000

Stated interest rate (as a percent)

8.78%

Discount (as a percent)

1.63%

Solar asset-backed notes | AURI | AURI Series 2024-PR1, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 197,600,000

Stated interest rate (as a percent)

6.50%

Discount (as a percent)

7.62%

Solar asset-backed notes | AURI | AURI Series 2024-PR1, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 17,900,000

Stated interest rate (as a percent)

6.70%

Discount (as a percent)

13.67%

Solar asset-backed notes | AURI | AURI Series 2024-PR1, Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 12,700,000

Stated interest rate (as a percent)

11%

Discount (as a percent)

10.40%

Solar asset-backed notes | HELII | HELII Series, 2018-1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 202,000,000

Stated interest rate (as a percent)

4.87%

Discount (as a percent)

0.02%

Solar asset-backed notes | HELII | HELII Series, 2018-1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 60,700,000

Stated interest rate (as a percent)

7.71%

Discount (as a percent)

0.02%

Solar asset-backed notes | RAYSI | RAYSI Series, 2019-1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 118,100,000

Stated interest rate (as a percent)

4.95%

Solar asset-backed notes | RAYSI | RAYSI Series, 2019-1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 15,000,000

Stated interest rate (as a percent)

6.35%

Discount (as a percent)

6.50%

Solar asset-backed notes | RAYSI | RAYSI Series, 2019-2 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 6,400,000

Stated interest rate (as a percent)

6.35%

Discount (as a percent)

10.50%

Solar loan-backed notes | HELIV | HELIV Series 2020-A Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 135,900,000

Stated interest rate (as a percent)

2.98%

Discount (as a percent)

0.01%

Solar loan-backed notes | HELIV | HELIV Series 2020-A Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 22,600,000

Stated interest rate (as a percent)

7.25%

Discount (as a percent)

4.18%

Solar loan-backed notes | HELV | HELV Series 2021-A Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 150,100,000

Stated interest rate (as a percent)

1.80%

Discount (as a percent)

0.001%

Solar loan-backed notes | HELV | HELV Series 2021-A Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 38,600,000

Stated interest rate (as a percent)

3.15%

Discount (as a percent)

2.487%

Solar loan-backed notes | HELVI | HELVI Series 2021-B Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 106,200,000

Stated interest rate (as a percent)

1.62%

Discount (as a percent)

0.01%

Solar loan-backed notes | HELVI | HELVI Series 2021-B Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 106,200,000

Stated interest rate (as a percent)

2.01%

Discount (as a percent)

0.04%

Solar loan-backed notes | HELVII | HELVII Series 2021-C Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 68,400,000

Stated interest rate (as a percent)

2.03%

Discount (as a percent)

0.04%

Solar loan-backed notes | HELVII | HELVII Series 2021-C Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 55,900,000

Stated interest rate (as a percent)

2.33%

Discount (as a percent)

0.03%

Solar loan-backed notes | HELVII | HELVII Series 2021-C Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 31,500,000

Stated interest rate (as a percent)

2.63%

Discount (as a percent)

0.01%

Solar loan-backed notes | HELXIII | HELXIII Series 2024-A, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 166,000,000

Stated interest rate (as a percent)

5.30%

Discount (as a percent)

2.77%

Solar loan-backed notes | HELXIII | HELXIII Series 2024-A, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 33,900,000

Stated interest rate (as a percent)

6%

Discount (as a percent)

2.83%

Solar loan-backed notes | HELXIII | HELXIII Series 2024-A, Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 27,100,000

Stated interest rate (as a percent)

7%

Discount (as a percent)

7.18%

Solar loan-backed notes | HESII | HESII Series, 2024-GRID1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 152,000,000

Stated interest rate (as a percent)

5.63%

Discount (as a percent)

0.0036%

Solar loan-backed notes | HESII | HESII Series, 2024-GRID1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 16,900,000

Stated interest rate (as a percent)

9.50%

Discount (as a percent)

0.67%

Solar loan-backed notes | HELXIV | HELXIV Series 2024-B, Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 151,900,000

Stated interest rate (as a percent)

6.15%

Discount (as a percent)

2.16%

Solar loan-backed notes | HELXIV | HELXIV Series 2024 -B, Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 54,400,000

Stated interest rate (as a percent)

7%

Discount (as a percent)

1.62%

Solar loan-backed notes | HELXIV | HELXIV Series 2024-B, Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 24,600,000

Stated interest rate (as a percent)

8%

Discount (as a percent)

13.76%

Solar loan-backed notes | HELIII | HELIII Series, 2019-A Class C

Debt Instrument [Line Items]

Principal amount of debt issued

$ 13,000,000

Stated interest rate (as a percent)

5.32%

Discount (as a percent)

0.03%

Solar loan-backed notes | HELIII | HELIII Series, 2019-A Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 139,700,000

Stated interest rate (as a percent)

3.75%

Discount (as a percent)

0.03%

Solar loan-backed notes | HELIII | HELIII Series, 2019-A Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 14,900,000

Stated interest rate (as a percent)

4.49%

Discount (as a percent)

0.01%

Secured Debt | SOLV | SOLV Series, 2023-1 Class A

Debt Instrument [Line Items]

Principal amount of debt issued

$ 300,000,000

Stated interest rate (as a percent)

5.40%

Discount (as a percent)

5.01%

Secured Debt | SOLV | SOLV Series, 2023-1 Class B

Debt Instrument [Line Items]

Principal amount of debt issued

$ 23,500,000

Stated interest rate (as a percent)

7.35%

Discount (as a percent)

11.63%

Credit facility | Line of credit | EZOP

Debt Instrument [Line Items]

Borrowing capacity

$ 383,400,000

Maximum borrowing capacity

$ 1,000,000,000

$ 900,000,000

$ 585,000,000

$ 475,000,000

$ 200,000,000

550,000,000

$ 800,000,000

$ 575,000,000

$ 535,000,000

$ 350,000,000

Aggregate committed amount

875,000,000

775,000,000

$ 450,000,000

550,000,000

$ 675,000,000

Credit facility | Line of credit | TEPH

Debt Instrument [Line Items]

Borrowing capacity

$ 194,100,000

Maximum borrowing capacity

789,700,000

$ 1,575,000,000

$ 859,000,000

$ 689,700,000

639,700,000

$ 600,000,000

Aggregate committed amount

$ 1,362,000,000

$ 1,361,000,000

700,000,000

$ 1,311,000,000

$ 1,309,000,000

$ 769,300,000

$ 600,000,000

$ 564,700,000

$ 460,700,000

$ 100,000,000

Credit facility | Line of credit | TEPH | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

2.90%

Credit facility | Line of credit | TEPH | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

4.30%

Credit facility | Line of credit | TEPH | Solar Projects Before Construction

Debt Instrument [Line Items]

Advanced rate

60%

Credit facility | Line of credit | TEPH | Solar Projects Under Construction

Debt Instrument [Line Items]

Advanced rate

80%

Reserve

100%

Credit facility | Line of credit | TEPH | Federal Funds Rate

Debt Instrument [Line Items]

Variable rate basis adjustment

0.50%

Takeout transaction period

18 months

Credit facility | Line of credit | IS

Debt Instrument [Line Items]

Borrowing capacity

$ 42,600,000

Maximum borrowing capacity

$ 50,000,000

Maturity period after parent credit facility maturity

6 months

Maturity trigger, parent credit facility, terminated minimum

$ 250,000,000

Increase in margin (as a percent)

0.75%

Credit facility | Line of credit | IS | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Credit facility | Line of credit | IS | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Credit facility | Line of credit | BMB

Debt Instrument [Line Items]

Borrowing capacity

3,800,000

Credit facility | Line of credit | AP8

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 215,000,000

$ 185,000,000

150,000,000

$ 75,000,000

$ 60,000,000

Basis spread on variable rate

3%

Credit facility | Line of credit | AP9

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 65,000,000

Credit facility | Line of credit | BMB

Debt Instrument [Line Items]

Aggregate committed amount

$ 25,000,000

Letter of Credit | Line of credit | IS

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 0

$ 6,000,000

Long-Term Debt - Schedule of Fa

Long-Term Debt - Schedule of Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	Aug. 31, 2022	Aug. 31, 2021	Jun. 30, 2021	May 31, 2021
Debt Instrument [Line Items]
Net deferred financing costs and debt discounts	$ 260,800		$ 201,700
Carrying Value
Debt Instrument [Line Items]
Long-term debt	8,721,212		7,715,914
Estimated Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 7,665,380		7,008,996
SEI | Convertible senior notes | 0.25% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.25%									0.25%
SEI | Convertible senior notes | 2.625% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.625%						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	342,114		397,728
SEI | Estimated Fair Value | Convertible senior notes | 2.625% convertible senior notes
Debt Instrument [Line Items]
Long-term debt	$ 237,000		390,000
Sunnova Energy Corporation | Notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)		7.74%		7.49%	7.49%	7.24%
Sunnova Energy Corporation | Senior notes | 5.875% senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.875%							5.875%
Sunnova Energy Corporation | Senior notes | 11.75% senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	11.75%			11.75%
Sunnova Energy Corporation | Carrying Value | Notes payable
Debt Instrument [Line Items]
Long-term debt	$ 2,489		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	2,489		3,084
Sunnova Energy Corporation | Estimated Fair Value | Senior notes | 5.875% senior notes
Debt Instrument [Line Items]
Long-term debt	333,804		339,236
Sunnova Energy Corporation | Estimated Fair Value | Senior notes | 11.75% senior notes
Debt Instrument [Line Items]
Long-term debt	283,656		365,000
HELII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	195,267		203,998
HELII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	187,463		198,590
RAYSI | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	105,693		111,445
RAYSI | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	95,188		102,480
HELIII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	88,513		96,215
HELIII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	80,453		87,982
SOLI | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	335,254		348,839
SOLI | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	296,462		310,928
HELIV | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	100,266		108,312
HELIV | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	91,562		96,603
AP8 | Carrying Value | Notes payable
Debt Instrument [Line Items]
Long-term debt	75,000		0
AP8 | Estimated Fair Value | Notes payable
Debt Instrument [Line Items]
Long-term debt	75,164		0
SOLII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	219,654		229,150
SOLII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	183,326		192,589
HELV | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	138,365		147,969
HELV | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	125,416		132,533
SOLIII | Solar asset-backed notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)									2.58%
SOLIII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	254,840		273,307
SOLIII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	216,337		235,318
HELVI | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	163,759		173,422
HELVI | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	146,402		153,836
HELVII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	126,850		133,715
HELVII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	114,480		120,413
HELVIII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	250,183		263,015
HELVIII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	228,803		241,599
SOLIV | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	322,758		334,076
SOLIV | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	309,118		325,816
HELIX | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	201,305		211,420
HELIX | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	190,531		203,375
HELX | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	209,887		220,838
HELX | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	207,941		221,655
SOLV | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	312,406		320,619
SOLV | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	304,836		317,481
HELXI | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	260,127		278,491
HELXI | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	254,157		275,323
HELXII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	216,404		236,924
HELXII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	216,501		242,091
SOLVI | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	222,780		0
SOLVI | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	221,731		0
HELXIII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	209,026		0
HELXIII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	207,723		0
HESII | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	162,637		0
HESII | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	160,751		0
HELXIV | Carrying Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	225,297		0
HELXIV | Estimated Fair Value | Solar loan-backed notes
Debt Instrument [Line Items]
Long-term debt	223,976		0
SOLVII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	318,696		0
SOLVII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	306,924		0
SOLVIII | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	308,100		0
SOLVIII | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	298,918		0
AURI | Carrying Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	153,201		0
AURI | Estimated Fair Value | Solar asset-backed notes
Debt Instrument [Line Items]
Long-term debt	153,540		0
Credit facility | EZOP | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	166,640		511,000
Credit facility | EZOP | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	166,640		511,000
Credit facility | TEPH | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	1,167,950		1,036,600
Credit facility | TEPH | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	1,167,950		1,036,600
Credit facility | AP8 | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	0		215,000
Credit facility | AP8 | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	0		215,000
Credit facility | IS | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	7,419		31,300
Credit facility | IS | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	7,419		31,300
Credit facility | AP9 | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	0		12,118
Credit facility | AP9 | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	0		12,118
Credit facility | HESI | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	224,614		240,057
Credit facility | HESI | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	225,773		249,318
Credit facility | BMB | Carrying Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	832		0
Credit facility | BMB | Estimated Fair Value | Line of credit
Debt Instrument [Line Items]
Long-term debt	$ 832		$ 0

Long-Term Debt - Schedule of Re

Long-Term Debt - Schedule of Revised Fair Value (Details) - Estimated Fair Value - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 7,665,380	$ 7,008,996
0.25% convertible senior notes | Convertible senior notes | SEI
Debt Instrument [Line Items]
Long-term debt	342,114	397,728
0.25% convertible senior notes | Convertible senior notes | SEI | Previously Reported
Debt Instrument [Line Items]
Long-term debt		528,927
2.625% convertible senior notes | Convertible senior notes | SEI
Debt Instrument [Line Items]
Long-term debt	237,000	390,000
2.625% convertible senior notes | Convertible senior notes | SEI | Previously Reported
Debt Instrument [Line Items]
Long-term debt		582,463
5.875% senior notes | Senior notes | Sunnova Energy Corporation
Debt Instrument [Line Items]
Long-term debt	333,804	339,236
5.875% senior notes | Senior notes | Sunnova Energy Corporation | Previously Reported
Debt Instrument [Line Items]
Long-term debt		369,522
11.75% senior notes | Senior notes | Sunnova Energy Corporation
Debt Instrument [Line Items]
Long-term debt	$ 283,656	365,000
11.75% senior notes | Senior notes | Sunnova Energy Corporation | Previously Reported
Debt Instrument [Line Items]
Long-term debt		$ 411,996

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Long-term Debt Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 327,228
2026	2,607,108
2027	290,814
2028	1,308,832
2029	711,618
2030 and thereafter	3,475,612
Total	$ 8,721,212

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Interest Rate Swap - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Aggregate notional amount of derivative	$ 1,278,493,000	$ 1,723,984,000
EZOP
Derivative [Line Items]
Aggregate notional amount of derivative	277,400,000	1,100,000,000
Aggregate notional amount of unwound derivative	699,700,000	798,000,000
Realized gain	27,000,000	45,800,000
TEPH
Derivative [Line Items]
Aggregate notional amount of derivative	1,200,000,000	851,600,000
Aggregate notional amount of unwound derivative	837,200,000	241,100,000
Realized gain	26,600,000	9,700,000
AP8
Derivative [Line Items]
Aggregate notional amount of derivative	0	140,000,000
Aggregate notional amount of unwound derivative	215,000,000	0
Realized gain		1,100,000
Realized loss	1,900,000
AP9
Derivative [Line Items]
Aggregate notional amount of derivative	0	25,000,000
Aggregate notional amount of unwound derivative	25,000,000	0
Realized gain		$ 62,000
Realized loss	$ 620,000

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Derivative Instruments (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 1,278,493,000	$ 1,723,984,000
EZOP | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 277,400,000	$ 1,100,000,000
EZOP | Interest Rate Swap One
Derivative [Line Items]
Fixed Interest Rate	4%	2%
Aggregate Notional Amount	$ 148,303,000	$ 489,581,000
TEPH | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	1,200,000,000	851,600,000
TEPH | Interest Rate Swap Two
Derivative [Line Items]
Aggregate Notional Amount	$ 1,130,190,000	$ 994,403,000
TEPH | Interest Rate Swap Two | Minimum
Derivative [Line Items]
Fixed Interest Rate	3.43%	2.62%
TEPH | Interest Rate Swap Two | Maximum
Derivative [Line Items]
Fixed Interest Rate	4.312%	4.202%
AP8 | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 0	$ 140,000,000
AP8 | Interest Rate Swap Three
Derivative [Line Items]
Fixed Interest Rate		4.25%
Aggregate Notional Amount	$ 0	$ 215,000,000
AP9 | Interest rate swap
Derivative [Line Items]
Aggregate Notional Amount	$ 0	$ 25,000,000
AP9 | Interest Rate Swap Four
Derivative [Line Items]
Fixed Interest Rate		4.25%
Aggregate Notional Amount	$ 0	$ 25,000,000

Derivative Instruments - Balanc

Derivative Instruments - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 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	$ 11,954	$ 55,471

Derivative Instruments - Intere

Derivative Instruments - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (gain) loss	$ 3,771	$ 67,318	$ (19,451)
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain	(51,047)	(56,623)	(51,207)
Unrealized (gain) loss	3,771	67,318	(19,451)
Total	$ (47,276)	$ 10,695	$ (70,658)

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (157,957)	$ (15,893)	$ 0
State and territory	12,239	14,516	3,886
Current income tax (benefit) expense	(145,718)	(1,377)	3,886
Deferred:
State and territory	1,205	354	0
Deferred income tax expense	1,205	354	0
Total income tax (benefit) expense	$ (144,513)	$ (1,023)	$ 3,886

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Total effective income tax benefit (expense) rate	24%	0%	(3.00%)
Income tax (benefit) expense	$ (144,513,000)	$ (1,023,000)	$ 3,886,000
Valuation allowance	143,154,000	227,414,000
Tax credit carryforward	313,300,000
Income tax penalties and interest accrued	0	$ 0
Investment Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	18,900,000
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 1,400,000,000

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Loss before income tax	$ (592,286)	$ (503,449)	$ (126,390)
Statutory federal tax rate	21%	21%	21%
Tax benefit computed at statutory rate	$ (124,380)	$ (105,724)	$ (26,542)
State and territory income tax, net of federal (benefit) expense	12,615	14,804	(3,167)
Tax equity activities	165,094	138,895	77,755
ITC sales	(157,956)	(15,893)	0
Redeemable noncontrolling interests and noncontrolling interests	16,775	17,738	(6,587)
ITC recapture	0	0	101
Other	2,002	4,179	1,992
Decrease in valuation allowance, net	(58,663)	(55,022)	(39,666)
Total income tax (benefit) expense	$ (144,513)	$ (1,023)	$ 3,886

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Statutory Federal Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21%	21%	21%
State and territory income tax, net of federal (benefit) expense	(2.00%)	(3.00%)	3%
Tax equity activities	(27.00%)	(28.00%)	(62.00%)
ITC sales	26%	3%	0%
Redeemable noncontrolling interests and noncontrolling interests	(3.00%)	(4.00%)	5%
Other	0%	0%	(1.00%)
Decrease in valuation allowance, net	9%	11%	31%
Total effective income tax benefit (expense) rate	24%	0%	(3.00%)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal net operating loss carryforward	$ 285,915	$ 238,447
State net operating loss carryforward	89,558	60,980
ITC carryforward	313,329	309,693
Foreign tax credit carryforward	8,297	18,087
Federal unused interest deduction carryforward	73,417	49,979
Equity-based compensation	10,618	22,935
Deferred revenue	7,331	7,433
Unrealized loss on derivatives	1,785	(17,119)
Other deferred tax assets	59,423	48,619
Deferred tax assets	849,673	739,054
Fixed asset basis difference	(315,435)	(253,194)
Intangible asset basis difference	(22,386)	(30,921)
Investment in certain financing arrangements	(367,350)	(223,620)
Other deferred tax liabilities	(2,907)	(4,259)
Deferred tax liabilities	(708,078)	(511,994)
Valuation allowance	(143,154)	(227,414)
Net deferred tax liability	$ (1,559)	$ (354)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest and Noncontrolling Interests - Schedule of Redeemable noncontrolling interests (Details) - USD ($) $ in Thousands

1 Months Ended

12 Months Ended

Dec. 31, 2024

Oct. 31, 2024

Aug. 31, 2024

May 31, 2024

Feb. 29, 2024

Dec. 31, 2023

Sep. 30, 2023

Aug. 31, 2023

May 31, 2023

Dec. 31, 2022

Nov. 30, 2022

Oct. 31, 2022

Sep. 30, 2022

May 31, 2022

Feb. 28, 2022

Dec. 31, 2021

Oct. 31, 2021

Jul. 31, 2021

May 31, 2021

Apr. 30, 2021

Nov. 30, 2020

Sep. 30, 2020

Jul. 31, 2020

May 31, 2020

Feb. 29, 2020

Dec. 31, 2019

Aug. 31, 2019

Jan. 31, 2019

Dec. 31, 2017

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 624,101

$ 382,904

$ 84,923

Class A members | Sunnova TEP II, LLC ("TEPII")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 45,000

Class A members | Sunnova TEP III, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 50,000

Class A members | Sunnova TEP IV-A, LLC ("TEPIVA")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 75,000

Class A members | Sunnova TEP IV-B, LLC ("TEPIVB")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 50,000

Class A members | Sunnova TEP IV-C, LLC ("TEPIVC")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 75,000

Class A members | Sunnova TEP IV-D, LLC ("TEPIVD")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 155,000

Class A members | Sunnova TEP IV-F, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 10,000

Class A members | Sunnova TEP IV-E, LLC ("TEPIVE")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 75,000

Class A members | Sunnova TEP IV-G, LLC ("TEPIVG")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 100,000

Class A members | Sunnova TEP V-D, LLC ("TEPVD")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 50,000

Class A members | Sunnova TEP V-A, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 25,000

Class A members | Sunnova TEP V-B, LLC ("TEPVB")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 150,000

Class A members | Sunnova TEP V-C, LLC ("TEPVC")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 150,152

Class A members | Sunnova TEP V-E, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 11,634

Class A members | Sunnova TEP 6-A, LLC ("TEP6A")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 57,676

Class A members | Sunnova TEP 6-B, LLC ("TEP6B")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 150,000

Class A members | Sunnova TEP 6-E, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 17,452

Class A members | Sunnova TEP 6-D, LLC ("TEP6D")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 79,598

Class A members | Sunnova TEP 6-C, LLC ("TEP6C")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 30,000

Class A members | Sunnova TEP 7-C, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 53,077

Class A members | Sunnova TEP 7-A, LLC ("TEP7A")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 61,364

Class A members | Sunnova TEP 7-B, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

137,721

Class A members | Sunnova TEP 7-D, LLC ("TEP7D")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 250,000

Class A members | Sunnova TEP 7-E, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 59,766

Class A members | Sunnova TEP 7-G, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 111,704

Class A members | Sunnova TEP 7-F, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 190,773

Class A members | Sunnova TEP 8-A, LLC ("TEP8A")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 59,000

Class A members | Sunnova TEP 8-B, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

300,000

Class A members | Sunnova TEP 8-C, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 103,950

Class A members | Sunnova TEP 8-D, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 195,000

Class A members | Sunnova TEP 8-E, LLC ("TEP8E")

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 250,000

Class A members | Sunnova TEP 8-F, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 152,064

Class A members | Sunnova TEP 8-G, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 95,040

Class A members | Sunnova TEP 8-I, LLC

Noncontrolling Interest [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 500,000

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests and Noncontrolling Interests - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2024	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Non-performance fees paid			$ 1,500	$ 766	$ 9,500
Non-performance fee			$ 29,100	$ 3,200
Class A members | Flip Date
Noncontrolling Interest [Line Items]
Allocation of income (loss)			5%
Class A members | TEPIVA, TEPIVB, TEPIVC, TEPIVD, TEPIVE, TEPIVG, TEPVB, TEPVC, TEPVD, TEP6A, TEP6B, TEP6C, TEP6D, TEP7A, TEP7D and TEP8A
Noncontrolling Interest [Line Items]
Allocation of income (loss)			67%
Class A members | Sunnova TEP I, LLC
Noncontrolling Interest [Line Items]
Interest purchased		100%
Purchase of noncontrolling interest		$ 5,900
Noncontrolling interest, period increase		$ 67,000
Class A members | Sunnova TEP II-B, LLC
Noncontrolling Interest [Line Items]
Interest purchased	100%
Purchase of noncontrolling interest	$ 4,200
Noncontrolling interest, period increase	$ 33,400
Class B Members | TEPIVA, TEPIVB, TEPIVC, TEPIVD, TEPIVE, TEPIVG, TEPVB, TEPVC, TEPVD, TEP6A, TEP6B, TEP6C, TEP6D, TEP7A, TEP7D and TEP8A
Noncontrolling Interest [Line Items]
Allocation of income (loss)			33%
Maximum | Class A members
Noncontrolling Interest [Line Items]
Allocation of income (loss)			99%
Minimum | Class B Members
Noncontrolling Interest [Line Items]
Allocation of income (loss)			1%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 30, 2023
Repayments of Debt [Line Items]
Common stock,authorized (in shares)		1,000,000,000	1,000,000,000
SunStreet Energy Group, LLC
Repayments of Debt [Line Items]
Shares issued (in shares)		636,555	693,443	694,446
Public Stock Offering
Repayments of Debt [Line Items]
Shares issued (in shares)	5,865,000
Common stock offering price (in USD per share)					$ 14.75
Sale of stock, net proceeds	$ 82,200
Underwriting discounts and commissions	3,900
Issuance costs on offering expenses	$ 400

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details)	1 Months Ended		12 Months Ended
	Feb. 29, 2024 shares	May 31, 2022 USD ($) shares	Dec. 31, 2024 USD ($) plan shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Jul. 29, 2019 shares	Mar. 31, 2016 shares	Dec. 01, 2013 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option plans | plan			2
Granted (in shares)			1,989,147	1,017,493	538,758
Stock options exercised (in shares)			11,357	41,788	18,383
Issued (in shares)			11,357	41,788	18,383
Proceeds from issuance of common stock, net | $			$ (1,668,000)	$ 81,316,000	$ (3,190,000)
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)				6,123,326		5,229,318
Additional shares authorized during period (in shares)	2,960,908
Common stock outstanding (as a percent)				5%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock, net | $			$ 21,000	$ 540,000	$ 213,000
Expected dividend yield			0%	0%	0%
Total unrecognized compensation expense | $			$ 8,600,000
Weighted average period			1 year 9 months 3 days
Stock Options | Prior Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)								26,032
Stock Options | 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)							4,288,950
Restricted Stock Units | Long-Term Incentive Plan | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				1 year
Restricted Stock Units | Long-Term Incentive Plan | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				2 years
Restricted Stock Units | Long-Term Incentive Plan | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Restricted Stock Units | Long-Term Incentive Plan | Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				7 years
Restricted Stock Units, Equity Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period			1 year 6 months
Unrecognized compensation expense | $			$ 26,300,000
Restricted Stock Units, Liability Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period			1 year 2 months 4 days
Unrecognized compensation expense | $			$ 2,800,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)		750,000
Discount from market price		95%
Purchase period		6 months
Maximum employee eligible contribution		15%
Maximum annual contributions per employee | $		$ 25,000
Shares issued in period (in shares)			167,967	35,160

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Stock Options Assumptions (Details) - Stock Options	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%	0%	0%
Risk-free interest rate			2.40%
Volatility			58.76%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.08%	3.50%
Expected term (in years)	6 years 6 months	6 years 3 months 3 days	6 years 4 months 13 days
Volatility	74.49%	65.58%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.42%	4.38%
Expected term (in years)	6 years 6 months 21 days	6 years 6 months 25 days	6 years 5 months 15 days
Volatility	78.23%	69.81%

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Stock Options
Outstanding, beginning balance (in shares)	4,018,149	3,259,459
Granted (in shares)	1,989,147	1,017,493	538,758
Exercised (in shares)	(11,357)	(41,788)	(18,383)
Forfeited (in shares)	(619,553)	(217,015)
Outstanding, ending balance (in shares)	5,376,386	4,018,149	3,259,459
Number of stock options, exercisable (in shares)	2,623,734
Number of stock options, vested and expected to vest (in shares)	5,376,386
Number of stock options, non-vested (in shares)	2,752,652	1,443,054
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 17.61	$ 18.48
Granted (in USD per share)	6.87	15.01
Exercised (in USD per share)	1.85	12.91
Forfeited (in USD per share)	14.75	19.38
Outstanding, ending balance (in USD per share)	14	$ 17.61	$ 18.48
Weighted average exercise price, exercisable (in USD per share)	17.02
Weighted average exercise price, vested and expected to vest (in USD per share)	$ 14
Weighted Average Remaining Contractual Term (Years)
Outstanding, balance	5 years 5 months 8 days	4 years 11 months 19 days	4 years 9 months
Granted	9 years 2 months 12 days	9 years 2 months 23 days
Weighted average remaining contractual term, exercisable	1 year 11 months 15 days
Weighted average remaining contractual term, vested and expected to vest	5 years 5 months 8 days
Weighted Average Grant Date Fair Value
Granted (in USD per share)	$ 4.25	$ 8.82
Forfeited (in USD per share)	8.17	8.77
Weighted average grant date fair value, non-vested (in USD per share)	$ 6.43	$ 10.78
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 5,542	$ 10,341
Exercised	118	203
Outstanding, ending balance	0	$ 5,542	$ 10,341
Aggregate intrinsic value, exercisable	0
Aggregate intrinsic value, vested and expected to vest	$ 0
Number of stock options vested (in shares)	148,859	16,816
Grant date fair value of stock options vested	$ 2,247	$ 309

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units, Equity Based Awards
Number of Restricted Stock Units
Outstanding, beginning balance (in shares)	2,384,205	1,609,615
Granted (in shares)	6,136,329	2,155,890
Vested (in shares)	(2,135,502)	(1,009,102)
Forfeited (in shares)	(1,444,439)	(372,198)
Outstanding, ending balance (in shares)	4,940,593	2,384,205
Weighted Average Grant Date Fair Value
Outstanding. beginning balance (in USD per share)	$ 7.65	$ 16.60	$ 20.62
Granted (in USD per share)	5.85	14.50
Vested (in USD per share)	11.10	18.10
Forfeited (in USD per share)	9.70	17.78
Outstanding, ending balance (in USD per share)	$ 7.65	$ 16.60
Grant date fair value of restricted stock units vested	$ 23,698	$ 18,262
Restricted Stock Units, Liability Based Awards
Number of Restricted Stock Units
Outstanding, beginning balance (in shares)	0
Granted (in shares)	1,480,308
Vested (in shares)	0	0
Forfeited (in shares)	(352,100)
Outstanding, ending balance (in shares)	1,128,208	0
Weighted Average Grant Date Fair Value
Outstanding. beginning balance (in USD per share)	$ 3.43	$ 0
Granted (in USD per share)	6.29
Forfeited (in USD per share)	6.48
Outstanding, ending balance (in USD per share)	$ 3.43	$ 0
Grant date fair value of restricted stock units vested	$ 0	$ 0

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to stockholders—basic	$ (367,893)	$ (417,961)	$ (161,642)
Net loss attributable to stockholders—diluted	$ (367,893)	$ (417,961)	$ (161,642)
Net loss per share attributable to stockholders - basic (in USD per share)	$ (2.96)	$ (3.53)	$ (1.41)
Net loss per share attributable to stockholders - diluted (in USD per share)	$ (2.96)	$ (3.53)	$ (1.41)
Weighted average common shares outstanding - basic (in shares)	124,240,517	118,344,728	114,451,034
Weighted average common shares outstanding - diluted (in shares)	124,240,517	118,344,728	114,451,034

Basic and Diluted Net Loss Pe_4

Basic and Diluted Net Loss Per Share - Anti-Dilutive Weighted Average Shares (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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)	10,212,159	6,093,155	4,907,458
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	23,228,952

Commitments and Contingencies -

Commitments and Contingencies - Performance Guarantee Obligations (Details) - Performance Guarantee Obligations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Other current liabilities	$ 3,527	$ 2,667
Other long-term liabilities	5,179	4,086
Total	8,706	6,753
Performance Guarantee Obligations [Roll Forward]
Balance at beginning of period	6,753	4,845
Accruals	4,760	4,982
Settlements	(2,807)	(3,074)
Balance at end of period	$ 8,706	$ 6,753

Commitments and Contingencies_2

Commitments and Contingencies - Lease Expenses and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 3,019	$ 2,910	$ 2,753
Finance lease expense:
Amortization expense	2,305	1,150	783
Interest on lease liabilities	277	109	60
Short-term lease expense	371	197	141
Variable lease expense	1,216	1,049	961
Total	$ 7,188	$ 5,415	$ 4,698

Commitments and Contingencies_3

Commitments and Contingencies - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Right-of-use assets:
Operating leases	$ 10,941	$ 13,247
Finance leases	14,684	4,085
Total right-of-use assets	25,625	17,332
Current lease liabilities:
Operating leases	2,951	2,883
Finance leases	4,580	1,348
Long-term leases liabilities:
Operating leases	11,105	14,005
Finance leases	6,939	1,631
Total lease liabilities	$ 25,575	$ 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_4

Commitments and Contingencies - Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,545	$ 2,765	$ 1,647
Operating cash flows from finance leases	277	109	60
Financing cash flows from finance leases	2,169	1,059	801
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	90	741	245
Finance leases	$ 12,905	$ 2,759	$ 1,072
Weighted average remaining lease term (years):
Operating leases	4 years 6 months 29 days	5 years 6 months 3 days
Finance leases	3 years 7 months 2 days	3 years 1 month 13 days
Weighted average discount rate:
Operating leases	4.01%	4.06%
Finance leases	5.81%	6.26%

Commitments and Contingencies_5

Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 3,458
2026	3,240
2027	3,304
2028	3,372
2029	2,113
2030 and thereafter	0
Total	15,487
Amount representing interest	(1,355)
Amount representing leasehold incentives	(76)
Present value of future payments	14,056
Current portion of lease liability	(2,951)	$ (2,883)
Long-term portion of lease liability	11,105	14,005
Finance Leases
2025	5,125
2026	3,470
2027	2,487
2028	1,485
2029	0
2030 and thereafter	0
Total	12,567
Amount representing interest	(1,048)
Amount representing leasehold incentives	0
Present value of future payments	11,519
Current portion of lease liability	(4,580)	(1,348)
Long-term portion of lease liability	$ 6,939	$ 1,631

Commitments and Contingencies_6

Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025	Jun. 30, 2025	Sep. 30, 2024
Other Commitments [Line Items]
Letter of credit outstanding	$ 3,000,000	$ 0
Amount of the gurantee	12,000,000	12,000,000
Other commitment	208,500,000	166,400,000
Amortized balance	8,700,000	6,900,000
Payments for dealer commitments	45,400,000	$ 53,800,000
Purchase commitment	108,800,000				$ 163,000,000
Purchase obligation due in first quarter of next twelve months	52,400,000
Purchase obligation due in second quarter of next twelve months	$ 56,500,000
Forecast
Other Commitments [Line Items]
Amount of the gurantee			$ 7,000,000	$ 5,000,000

Commitments and Contingencies_7

Commitments and Contingencies - Dealer Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Total	$ 208,500	$ 166,400
Long-Term Dealer Commitments
Other Commitments [Line Items]
2025	56,338
2026	35,000
2027	30,000
2028	0
2029	0
2030 and thereafter	0
Total	$ 121,338

Commitments and Contingencies_8

Commitments and Contingencies - Information Technology Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 11,320
2026	7,941
2027	6,434
2028	515
2029	515
2030 and thereafter	515
Total	$ 27,240

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

1 Months Ended

2 Months Ended

12 Months Ended

Feb. 28, 2025

Jan. 31, 2025

Aug. 31, 2024

Dec. 31, 2017

Mar. 03, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Aug. 31, 2023

Mar. 31, 2023

Feb. 28, 2023

Sep. 30, 2022

Aug. 31, 2022

Jul. 31, 2022

Jun. 30, 2022

Mar. 31, 2021

Mar. 31, 2019

Aug. 31, 2017

Apr. 30, 2017

Subsequent Event [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 624,101,000

$ 382,904,000

$ 84,923,000

Sunnova TEP II, LLC ("TEPII") | Class A members

Subsequent Event [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 45,000,000

Sunnova TEP 8-F, LLC | Class A members

Subsequent Event [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 152,064,000

Line of credit | EZOP

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 400,000,000

$ 200,000,000

$ 70,000,000

$ 100,000,000

Credit facility | Line of credit | EZOP

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 550,000,000

$ 1,000,000,000

$ 900,000,000

$ 800,000,000

$ 575,000,000

$ 585,000,000

$ 535,000,000

$ 475,000,000

$ 350,000,000

$ 200,000,000

Subsequent Event

Subsequent Event [Line Items]

Outstanding payables balance

$ 44,500,000

Subsequent Event | Sunnova TEP II, LLC ("TEPII") | Class A members

Subsequent Event [Line Items]

Interest purchased

100%

Purchase of noncontrolling interest

$ 2,600,000

Noncontrolling interest, period increase

$ 25,200,000

Subsequent Event | Sunnova TEP 8-F, LLC | Class A members

Subsequent Event [Line Items]

Contributions from redeemable noncontrolling interests and noncontrolling interests

$ 176,800,000

Subsequent Event | Solar asset-backed notes | SOLIX Issuer, LLC | Asset-backed Securities, 2025-P1 Class A

Subsequent Event [Line Items]

Principal amount of debt issued

$ 282,300,000

Discount (as a percent)

4.59%

Stated interest rate (as a percent)

6.28%

Subsequent Event | Solar asset-backed notes | SOLIX Issuer, LLC | Asset-backed Securities, 2025-P1 Class B

Subsequent Event [Line Items]

Principal amount of debt issued

$ 13,500,000

Discount (as a percent)

3.46%

Stated interest rate (as a percent)

8.65%

Subsequent Event | Credit facility | Line of credit | Solstice Debt Facility

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 185,000,000

Stated interest rate (as a percent)

15%

Subsequent Event | Credit facility | Line of credit | EZOP

Subsequent Event [Line Items]

Debt covenant, takeout transactions not completed on percent of eligible loans

95%

Debt instrument, reserve account deposit

$ 7,100,000

Schedule I Parent Company Fin_2

Schedule I Parent Company Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash		$ 211,192	$ 212,832	$ 360,257
Accounts receivable, including affiliates		43,670	40,767
Total current assets		1,027,503	936,248
Total assets	[1]	13,353,699	11,340,971
Current liabilities:
Accounts payable		699,396	355,791
Other current liabilities		165,861	133,649
Total current liabilities		1,323,751	1,095,292
Total liabilities	[1]	10,668,606	9,212,059
Stockholders' equity:
Common stock, 125,067,917 and 122,466,515 shares issued as of December 31, 2024 and 2023, respectively, at $0.0001 par value		13	12
Additional paid-in capital—common stock		1,785,041	1,755,461
Accumulated deficit		46,590	(228,583)
Total stockholders' equity		1,831,644	1,526,890
Total liabilities, redeemable noncontrolling interests and equity		13,353,699	11,340,971
Parent Company
Current assets:
Cash		30	75
Accounts receivable, including affiliates		4	7
Total current assets		34	82
Investments in subsidiaries		1,265,602	1,677,268
Total assets		1,265,636	1,677,350
Current liabilities:
Accounts payable		0	2
Other current liabilities		7,147	6,138
Total current liabilities		7,147	6,140
Long-term debt, net		1,160,547	1,155,078
Total liabilities		1,167,694	1,161,218
Stockholders' equity:
Common stock, 125,067,917 and 122,466,515 shares issued as of December 31, 2024 and 2023, respectively, at $0.0001 par value		13	12
Additional paid-in capital—common stock		1,765,050	1,735,470
Accumulated deficit		(1,667,121)	(1,219,350)
Total stockholders' equity		97,942	516,132
Total liabilities, redeemable noncontrolling interests and equity		$ 1,265,636	$ 1,677,350
[1]The consolidated assets as of December 31, 2024 and 2023 include $7,023,751 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 $96,508 and $54,674 as of December 31, 2024 and 2023, respectively; accounts receivable—trade, net of $23,950 and $13,860 as of December 31, 2024 and 2023, respectively; accounts receivable—other, net of $280,039 and $187,607 as of December 31, 2024 and 2023, respectively; other current assets of $647,464 and $693,772 as of December 31, 2024 and 2023, respectively; property and equipment, net of $5,827,836 and $4,273,478 as of December 31, 2024 and 2023, respectively; and other assets of $147,954 and $74,425 as of December 31, 2024 and 2023, respectively. The consolidated liabilities as of December 31, 2024 and 2023 include $419,902 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $293,329 and $197,072 as of December 31, 2024 and 2023, respectively; accrued expenses of $1,330 and $157 as of December 31, 2024 and 2023, respectively; other current liabilities of $8,486 and $7,269 as of December 31, 2024 and 2023, respectively; and other long-term liabilities of $116,757 and $73,518 as of December 31, 2024 and 2023, respectively.

Schedule I Parent Company Fin_3

Schedule I Parent Company Financial Statements - Condensed Balance Sheets Additional Information (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Common stock, issued (in shares)	125,067,917	122,466,515
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Parent Company
Condensed Financial Statements, Captions [Line Items]
Common stock, issued (in shares)	125,067,917	122,466,515
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001

Schedule I Parent Company Fin_4

Schedule I Parent Company Financial Statements - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Revenue:	$ 839,922	$ 720,653	$ 557,690
General and administrative expense	458,982	384,223	258,986
Operating loss	(239,541)	(243,435)	(81,504)
Loss before income tax	(592,286)	(503,449)	(126,390)
Income tax (benefit) expense	(144,513)	(1,023)	3,886
Net loss	(447,773)	(502,426)	(130,276)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Revenue:	0	0	0
General and administrative expense	238	1,367	1,362
Other operating expense	0	24	0
Operating loss	(238)	(1,391)	(1,362)
Interest expense, net	22,652	22,536	10,835
Equity in losses of subsidiaries	424,883	478,494	118,079
Loss before income tax	(447,773)	(502,421)	(130,276)
Income tax (benefit) expense	0	5	0
Net loss	$ (447,773)	$ (502,426)	$ (130,276)

Schedule I Parent Company Fin_5

Schedule I Parent Company Financial Statements - Condensed Statements of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$ (310,848)	$ (237,562)	$ (333,426)
CASH FLOWS FROM INVESTING ACTIVITIES
Other, net	6,632	5,238	680
Net cash used in investing activities	(1,615,775)	(2,544,661)	(1,981,602)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	2,780,375	3,507,828	2,903,727
Payments of deferred financing costs	(61,053)	(75,920)	(30,791)
Purchase of capped call transactions	0	0	(48,420)
Proceeds from issuance of common stock, net	(1,668)	81,316	(3,190)
Net cash provided by financing activities	1,980,332	2,731,051	2,468,705
Net increase (decrease) in cash, cash equivalents and restricted cash	53,709	(51,172)	153,677
Cash, cash equivalents and restricted cash at beginning of period	494,402	545,574	391,897
Cash, cash equivalents and restricted cash at end of period	548,111	494,402	545,574
Supplemental cash flow information:
Cash paid for interest	440,920	283,985	142,870
Cash paid for income taxes	12,011	14,726	2,000
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	(14,873)	(13,605)	3,045
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in subsidiaries	(4,727)	(88,645)	(560,700)
Distributions from subsidiaries	19,534	19,650	21,100
Other, net	0	90	0
Net cash used in investing activities	14,807	(68,905)	(539,600)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	0	0	585,000
Payments of deferred financing costs	0	(43)	(516)
Purchase of capped call transactions	0	0	(48,420)
Proceeds from issuance of common stock, net	21	82,563	38
Net cash provided by financing activities	21	82,520	536,102
Net increase (decrease) in cash, cash equivalents and restricted cash	(45)	10	(453)
Cash, cash equivalents and restricted cash at beginning of period	75	65	518
Cash, cash equivalents and restricted cash at end of period	30	75	65
Non-cash investing and financing activities:
Non-cash issuance of common stock related to the settlement of contingent consideration	3,902	10,832	16,014
Supplemental cash flow information:
Cash paid for interest	17,188	17,013	1,438
Cash paid for income taxes	$ 0	$ 0	$ 0

Schedule I Parent Company Fin_6

Schedule I Parent Company Financial Statements - Basis of Presentation (Details) - Parent Company - IPO	Jul. 24, 2019 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares) | shares	14,000,000
Common stock offering price (in USD per share) | $ / shares	$ 12