SUNNOVA ENERGY INTERNATIONAL INC., 10-K filed on 3/3/2025
Annual Report
v3.25.0.1
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    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Houston, TX
Auditor Firm ID 238
v3.25.0.1
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 $73,518 as of December 31, 2024 and 2023, respectively.
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ 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 $73,518 as of December 31, 2024 and 2023, respectively.
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ 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
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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
December 31,
20232022
(in thousands)
Revenue:
Customer agreements and incentives$378,136 $280,801 
Solar energy system and product sales342,517 276,889 
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
December 31,
20232022
(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
December 31,
20232022
(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.
v3.25.0.1
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,
20242023
(in thousands)
Debt and inverter reserves$257,886 $247,394 
Tax equity reserves (1)73,374 25,778 
Other5,659 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 
 December 31,
20242023
(in thousands)
Balance at beginning of period$2,559 $1,676 
Provision for current expected credit losses10,495 4,978 
Write off of uncollectible accounts(8,680)(4,370)
Recoveries442 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 
 December 31,
20242023
(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,
20242023
(in thousands)
Energy storage systems and components$26,289 $83,178 
Homebuilder construction in progress85,090 36,461 
Modules and inverters15,184 27,143 
Meters and modems132 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
TotalLevel 1Level 2Level 3
(in thousands)
Financial assets:
Investments in solar receivables$67,720 $— $— $67,720 
Derivative assets11,954 — 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
TotalLevel 1Level 2Level 3
(in thousands)
Financial assets:
Investments in solar receivables$69,334 $— $— $69,334 
Derivative assets55,471 — 55,471 — 
Total$124,805 $— $55,471 $69,334 
Financial liabilities:
Contingent consideration$19,916 $— $— $19,916 
Total$19,916 $— $— $19,916 

Changes in the fair value of our investments in solar receivables are included in other operating (income) expense in the Consolidated Statements of Operations. The following table summarizes the change in the fair value of our financial assets accounted for at fair value on a recurring basis using Level 3 inputs as recorded in other current assets and other assets in the Consolidated Balance Sheets:

Year Ended 
 December 31,
20242023
(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 in the Consolidated Statements of Operations. 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 
 December 31,
20242023
(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
Input		Weighted
Average
Liabilities:
Contingent consideration - installation earnoutVolatility30.00%
Revenue risk premium15.16%
Risk-free discount rate4.37%
Contingent consideration - microgrid earnoutProbability of success5.00%
Risk-free discount rate4.37%

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 
 December 31,
202420232022
(in thousands)
PPA revenue$175,592 $123,646 $104,563 
Lease revenue239,018 147,788 100,070 
Solar renewable energy certificate revenue
58,568 50,375 48,698 
Loan revenue
47,940 34,716 18,601 
Service revenue11,786 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 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

Deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes (a) payments for unfulfilled performance obligations that will be recognized on a straight-line basis over the remaining term of the respective customer agreements, net of any cash incentives earned by the customers, (b) down payments and partial or full prepayments from customers and (c) differences due to the timing of energy production versus billing for certain types of PPAs. Deferred revenue was $615.6 million as of December 31, 2022. The following table presents the detail of deferred revenue as recorded in other current liabilities and other long-term liabilities in the Consolidated Balance Sheets:

As of December 31,
20242023
(in thousands)
Loans$1,012,934 $930,999 
PPAs and leases72,426 55,651 
Solar receivables4,076 4,339 
SRECs15,209 — 
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.

During the years ended December 31, 2024 and 2023, we recognized revenue of $55.7 million and $33.0 million, respectively, from amounts recorded in deferred revenue at the beginning of the respective years.

Contract Assets and Contract Liabilities

Billing practices are governed by the contract terms of each project based upon costs incurred, production or predetermined schedules. Billings do not necessarily correlate with revenue recognized using the percentage-of-completion method to reflect the transfer of control over time. Contract assets include unbilled amounts typically resulting from revenue under contracts when the percentage-of-completion method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Retainage, included in contract assets, represents the amounts withheld from billings by our customers pursuant to provisions in the contracts and may not be paid to us until the completion of specific tasks or the completion of the project and, in some instances, for even longer periods. Retainage may also be subject to restrictive conditions such as performance guarantees. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. The payment terms of our contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. As of December 31, 2024 and 2023, contract assets were $0 and $279,000, respectively, and contract liabilities were $9.3 million and $3.8 million, respectively. The decrease in contract assets was primarily due to revenue recognized on certain contracts and the timing of billings. The increase in contract liabilities was primarily due to the timing of advance payments partially offset by revenue recognized during the period. During the years ended December 31, 2024 and 2023, we recognized revenue of $2.3 million and $0, respectively, from amounts recorded in contract liabilities at the beginning of the respective years.

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
account as early as the first anniversary of the solar energy system's placed in service date and then every annual period thereafter. We monitor the solar energy systems to ensure these outputs are achieved. We evaluate if any amounts are due to our customers based upon not meeting the guaranteed solar energy production outputs at each reporting period end. For leases, these estimated amounts are recorded as a reduction to revenues from customers and a current or long-term liability, as applicable. For loans, these estimated amounts are recorded as an increase to cost of revenue—customer agreements and incentives and a current or long-term liability, as applicable. See Note 14, Commitments and Contingencies.

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

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
amortization. We amortize intangible assets to general and administrative expense using the straight-line method. 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 Lives20242023
(in years)(in thousands)
Customer relationships - system sales10$145,496 $145,496 
Customer relationships - servicing103,471 3,471 
Customer relationships - new customers429,761 29,761 
Trade name1511,899 11,899 
Tax equity commitment421,209 21,209 
Software license3331 331 
Trademark368 68 
Other
3-25
88 499 
Intangible assets, gross212,323 212,734 
Less: accumulated amortization(107,109)(78,676)
Intangible assets, net$105,214 $134,058 

As of December 31, 2024, amortization expense related to intangible assets to be recognized is as follows:

Amortization
Expense
(in thousands)
2025$18,875 
202615,690 
202715,690 
202815,690 
202915,690 
2030 and thereafter23,579 
Total$105,214 

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 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)
for term loans or in other current assets and other assets for revolving credit facilities and debt and equity transactions not yet completed, in the Consolidated Balance Sheets. The following table presents the changes in net deferred financing costs:
Year Ended 
 December 31,
20242023
(in thousands)
Balance at beginning of period$128,361 $76,525 
Capitalized58,170 77,062 
Amortized(59,222)(25,226)
Balance at end of period$127,309 $128,361 

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. See Note 5, Asset Retirement Obligations.

Warranty Obligations

In connection with our customer agreements, we warrant the solar energy systems against defects in workmanship, against component or materials breakdowns and against any damages to rooftops during the installation process. The dealers' warranties on the workmanship, including work during the installation process, and the manufacturers' warranties over component parts have a range of warranty periods which are generally 10 to 25 years. 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 
 December 31,
20242023
(in thousands)
Balance at beginning of period$5,965 $3,018 
Accruals4,259 2,959 
Settlements(529)(12)
Balance at end of period$9,695 $5,965 

Advertising Costs

We expense advertising costs as they are incurred to general and administrative expense in the Consolidated Statements of Operations. We recognized advertising expense of $1.6 million, $5.0 million and $2.5 million during the years ended December 31, 2024, 2023 and 2022, respectively.

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

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.

We determine whether a tax position taken in a filed tax return, planned to be taken in a future tax return or claim, or otherwise subject to interpretation, is 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. We use a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates it is more likely than not the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit or obligation as the largest amount that is more than 50% likely of being realized upon ultimate settlement. See Note 9, Income Taxes.

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

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

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
decision-making functions are located in the U.S. The following table presents the details of segment revenue and significant segment expenses for our reportable segment:

Year Ended 
 December 31,
202420232022
(in thousands)
Segment revenue$835,713 $719,723 $557,690 
Less significant segment expenses:
Depreciation related to solar energy systems and energy storage systems190,306 130,261 96,280 
Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems23,101 18,944 7,306 
Inventory sales costs103,332 176,371 178,310 
Cash sales costs82,268 51,832 38,766 
Direct sales costs59,571 48,049 6,262 
Maintenance and servicing of solar energy system and energy storage systems29,732 37,444 16,786 
Property insurance14,847 11,207 7,820 
Impairments, excluding goodwill55,905 43,442 8,459 
Payroll and employee related expense217,392 187,186 116,029 
Legal, insurance, office and business travel costs39,439 37,664 24,858 
Consultants, contractors and professional fees44,537 36,614 25,378 
Amortization expense30,738 29,583 29,224 
Software and business technology expense33,203 26,506 15,778 
Depreciation expense not related to solar energy systems and energy storage systems38,706 23,126 11,887 
Financing deal costs14,547 1,723 930 
Marketing expense13,027 16,172 10,317 
Sales, franchise, other taxes and bank fees11,109 10,236 6,259 
Provision for current expected credit losses and other bad debt expense35,094 46,199 43,018 
Goodwill impairment— 13,150 — 
Other operating (income) expense17,478 (3,978)(26,566)
Interest expense, net491,172 371,937 107,775 
Interest income(149,918)(115,872)(59,799)
Income tax (benefit) expense(144,513)(1,023)3,886 
Other segment expenses (1)
30,929 20,747 18,142 
Segment net loss
(446,289)(497,797)(129,415)
Non-reportable segment net loss
(1,484)(4,629)(861)
Net loss$(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 
 December 31,
202420232022
(in thousands)
PPA revenue$175,583 $123,646 $104,563 
Lease revenue239,010 147,788 100,070 
Solar renewable energy certificate revenue58,568 50,375 48,698 
Loan revenue47,940 34,716 18,601 
Service revenue11,786 16,197 4,178 
Other revenue8,626 5,414 4,691 
Customer agreements and incentives541,513 378,136 280,801 
Inventory sales revenue106,256 185,855 195,980 
Cash sales revenue138,594 95,142 72,425 
Direct sales revenue49,350 60,590 8,484 
Solar energy system and product sales294,200 341,587 276,889 
Total segment revenue
835,713 719,723 557,690 
Non-reportable segment revenue4,209 930 — 
Total revenue$839,922 $720,653 $557,690 

As of December 31,
20242023
(in thousands)
Segment assets
$13,339,654 $11,334,748 
Non-reportable segment assets14,045 6,223 
Total assets
$13,353,699 $11,340,971 

Year Ended 
 December 31,
202420232022
(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)

Basic and Diluted Net Income (Loss) Per Share

Our basic net income (loss) per share attributable to stockholders is calculated by dividing the net income (loss) attributable to stockholders by the weighted-average number of shares of common stock outstanding for the period. Our diluted net income (loss) per share attributable to stockholders is calculated by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method or the if-converted method, as applicable. During periods in which we incur a net loss attributable to stockholders, stock options and restricted stock units are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share attributable to stockholders as the effect is antidilutive. See Note 13, Basic and Diluted Net Loss Per Share.

Equity-Based Compensation

We account for equity-based compensation, which requires the measurement and recognition of compensation expense related to the fair value of equity-based compensation awards. Equity-based compensation expense includes the compensation cost for all share-based awards granted to employees, consultants and members of our board of directors. We use the Black-
Scholes option-pricing model to measure the fair value of stock options at the measurement date. For restricted stock units that will be settled in cash, we use the closing price of our common stock on the measurement date to measure the fair value at the measurement date and record in other current liabilities in the Consolidated Balance Sheets. For restricted stock units that will be settled in common stock, we use the closing price of our common stock on the grant date to measure the fair value at the measurement date and record in additional paid-in capital—common stock in the Consolidated Balance Sheets. We recognize the fair value of equity-based compensation awards as compensation cost in the financial statements, beginning on the grant date. We base compensation expense on the fair value of the awards we expect to vest, recognized over the service period, and adjusted for actual forfeitures as they occur. Equity-based compensation expense is recorded in general and administrative expense in the Consolidated Statements of Operations. See Note 12, Equity-Based Compensation.

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

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.
Sales of Investment Tax Credits ("ITCs")

We enter into tax credit purchase and sale agreements with third-party purchasers to sell to such third-party purchasers, for cash, the Section 48(a) ITCs and Section 48E ITCs generated by certain solar energy systems that have or will be placed in service, subject to certain conditions set forth therein. We account for ITCs using the flow-through method, which states the tax benefit is to be recognized when the ITC is realizable. For interim periods, we account for income tax under ASC 740-270 which prescribes the use of an estimated annual effective tax rate to be applied to year-to-date ordinary income or loss before tax to compute the year-to-date income tax provision. In calculating the estimated annual effective tax rate, we include the forecasted tax benefit from the sale of ITCs for the year. For tax credit purchase and sale agreements entered into by certain of our consolidated tax equity partnerships, we record our share of the sale as income tax benefit in the Consolidated Statements of Operations and the tax equity investor's share as an increase to redeemable noncontrolling interests or noncontrolling interests in the Consolidated Balance Sheets. We record an accrued distribution to redeemable noncontrolling interests and noncontrolling interests for their share of the ITC sales (at the time the ITC sale is recognized) when such accrual is stipulated in the operating agreement of the tax equity partnership. 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,
20242023
(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, 2024Year Ended December 31, 2023
Financial Statement ClassificationFinancial Statement Classification
ITC
Sales
Redeemable
Noncontrolling
Interests and
Noncontrolling
Interests
Income
Tax
Benefit
ITC
Sales		Redeemable
Noncontrolling
Interests and
Noncontrolling
Interests		Income
Tax
Benefit
(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 

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.
v3.25.0.1
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 Lives20242023
(in years)(in thousands)
Solar energy systems and energy storage systems35$7,425,371 $5,443,796 
Construction in progress499,018 530,180 
Asset retirement obligations30102,422 78,538 
Software and business technology systems
3155,044 130,300 
Computers and equipment
3-5
7,743 7,503 
Leasehold improvements
1-6
7,208 6,170 
Furniture and fixtures71,172 1,172 
Vehicles
4-5
1,640 1,640 
Other
5-6
419 419 
Property and equipment, gross8,200,037 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.
v3.25.0.1
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,
20242023
(in thousands)
Current portion of customer notes receivable$193,081 $176,562 
Inventory126,695 148,575 
Restricted cash78,240 62,188 
Prepaid assets30,763 25,996 
Deferred receivables10,609 7,601 
Other14,923 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,
20242023
(in thousands)
Restricted cash$258,679 $219,382 
Prepaid assets
55,535 33,154 
Other569,558 643,349 
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,
20242023
(in thousands)
Interest payable$73,812 $67,647 
Deferred revenue60,408 50,815 
Other31,641 15,187 
Total$165,861 $133,649 
v3.25.0.1
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 
 December 31,
20242023
(in thousands)
Balance at beginning of period$96,227 $69,869 
Additional obligations incurred23,959 21,529 
Accretion expense6,652 4,905 
Other(111)(76)
Balance at end of period$126,727 $96,227 
v3.25.0.1
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,
20242023
(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 
 December 31,
20242023
(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,
20242023
(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 
 December 31,
20242023
(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,
20242023
(in thousands)
1-90 days past due$169,904 $164,150 
91-180 days past due49,056 40,428 
Greater than 180 days past due166,091 77,110 
Total past due (1)
385,051 281,688 
Not past due3,873,335 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
20242023202220212020PriorTotal
(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.
v3.25.0.1
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, 2024Year Ended
December 31, 2023
Weighted Average
Effective Interest
Rates		As of December 31, 2023
Long-termCurrentLong-termCurrent
(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 facility10.84 %166,640 — 8.72 %511,000 — 
Debt discount, net(137)— (302)— 
HELII
Solar asset-backed notes5.61 %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 notes5.55 %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 notes4.44 %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 facility10.26 %1,167,950 — 10.03 %1,036,600 — 
Debt discount, net(618)— (1,168)— 
SOLI
Solar asset-backed notes3.93 %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 notes4.15 %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 notes2.90 %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 notes2.51 %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 notes2.83 %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 notes2.12 %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 notes2.53 %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 notes3.66 %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 notes5.93 %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 notes5.67 %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 notes8.12 %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 facility11.11 %7,419 — 8.90 %31,300 — 
SOLV
Solar asset-backed notes6.94 %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 notes6.51 %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 notes7.01 %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 notes6.14 %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 notes6.81 %218,720 4,060 — — 
Debt discount, net(11,055)— — — 
Deferred financing costs, net(5,603)— — — 
HELXIII
Solar loan-backed notes6.31 %187,671 21,355 — — 
Debt discount, net(6,581)— — — 
Deferred financing costs, net(4,512)— — — 
HESII
Solar loan-backed notes6.25 %146,019 16,618 — — 
Debt discount, net(112)— — — 
Deferred financing costs, net(6,366)— — — 
HELXIV
Solar loan-backed notes7.33 %191,022 34,275 — — 
Debt discount, net(6,976)— — — 
Deferred financing costs, net(4,945)— — — 
SOLVII
Solar asset-backed notes7.06 %313,229 5,467 — — 
Debt discount, net(8,657)— — — 
Deferred financing costs, net(8,984)— — — 
SOLVIII
Solar asset-backed notes6.81 %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, respectively. In June 2019, RAYSI issued $6.4 million in aggregate principal amount of 2019-2 Class B solar asset-backed notes with a maturity date of April 2034 pursuant to a supplemental note purchase agreement at a discount rate of 10.50% and bear interest at an annual rate equal to 6.35%. The notes issued by RAYSI are referred to as the "RAYSI Notes". The cash flows generated by these solar energy systems are used to service the semi-annual principal and interest payments on the RAYSI Notes and satisfy RAYSI's expenses, and any remaining cash can be distributed to Sunnova RAYS Depositor II, LLC, RAYSI's sole member. In connection with the RAYSI Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management, servicing, facility administration and asset management agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management, servicing, facility administration and asset management agreements, (b) the managing member's obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to RAYSI pursuant to the related sale and contribution agreement. RAYSI is also required to maintain certain reserve accounts for the benefit of the holders of the RAYSI Notes, each of which must remain funded at all times to the levels specified in the RAYSI Notes. The indenture requires RAYSI 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 RAYSI Notes as of such date with the potential to enter into an early amortization period if the DSCR drops below a certain threshold. The indenture contains cross-default provisions under which a material default by (a) RAYSI or (b) a tax equity fund under the applicable tax equity transaction documents would, upon the expiration of certain time periods, result in an event of default under the RAYSI indenture. The holders of the RAYSI Notes have no recourse to our other assets except as expressly set forth in the RAYSI Notes.

HELIII Debt.    In June 2019, we pooled and transferred eligible solar loans and the related receivables into HELIII, a special purpose entity, that issued $139.7 million in aggregate principal amount of Series 2019-A Class A solar loan-backed notes, $14.9 million in aggregate principal amount of Series 2019-A Class B solar loan-backed notes and $13.0 million in aggregate principal amount of Series 2019-A Class C solar loan-backed notes (collectively, the "HELIII Notes") with a maturity date of June 2046. The HELIII Notes were issued at a discount of 0.03% for Class A, 0.01% for Class B and 0.03% for Class C and bear interest at an annual rate of 3.75%, 4.49% and 5.32% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans are used to service the semi-annual principal and interest payments on the HELIII Notes and satisfy HELIII's expenses, and any remaining cash can be distributed to Sunnova Helios III Depositor, LLC, HELIII's sole member. In connection with the HELIII 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, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements, (b) the managing member's obligations, in such capacity, under the related financing
fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELIII pursuant to the related sale and contribution agreement. HELIII is also required to maintain certain reserve accounts for inverter replacement and a capitalized interest reserve account for the benefit of the holders of the HELIII Notes, each of which must remain funded at all times to the levels specified in the HELIII Notes. The holders of the HELIII Notes have no recourse to our other assets except as expressly set forth in the HELIII Notes.

TEPH Debt.      In September 2019, TEPH, a wholly-owned subsidiary of SEI, entered into a revolving credit facility with Credit Suisse AG, New York Branch, as administrative agent, and the lenders party thereto, for an aggregate committed amount of $100.0 million with a maturity date of November 2022. The TEPH revolving credit facility allows for borrowings based on the aggregate value of solar assets owned by subsidiaries of TEPH subject to certain excess concentration limitations. The proceeds from the TEPH revolving credit facility are available for purchasing solar energy systems, funding certain reserve accounts required by the TEPH revolving credit facility, making distributions to the parent of TEPH and paying fees incurred in connection with closing the TEPH revolving credit facility. The TEPH revolving credit facility is non-recourse to SEI and is secured by net cash flows from PPAs and leases available to the borrower after distributions to tax equity investors and payment of certain operating, maintenance and other expenses. Sunnova Energy Corporation guarantees the performance of certain affiliates who manage the collateral related to the TEPH revolving credit facility as well as certain indemnity and repurchase obligations. 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 facility. In addition, TEPH's obligations under the TEPH revolving credit facility are guaranteed by certain subsidiaries of TEPH. Borrowings under the TEPH revolving credit facility are made in Class A loans and Class B loans. The TEPH revolving credit facility has an advance rate equal to approximately 60% of the value of the solar projects in the portfolio that have not yet begun construction and 80% of the value of the solar projects that have reached substantial completion. Interest on the borrowings under the TEPH revolving credit facility is due quarterly. Borrowings under the TEPH revolving credit facility initially bore interest at an annual rate of either LIBOR divided by a percentage equal to 100% minus a reserve percentage or a base rate (defined as, for any day, a rate of interest per annum equal to the highest of (a) the prime rate for such day and (b) the sum of the weighted average of the rates on overnight federal funds transactions with members of the federal reserve system arranged by federal funds brokers as published for such day plus 0.50%), plus a margin of between 2.90% and 4.30%, which varies based on criteria including (a) whether the availability period has expired, (b) whether a takeout transaction has occurred in the last 18 months and (c) the ratio of Class A loans to Class B loans outstanding at such time.

In January 2021, we amended the TEPH revolving credit facility to, among other things, (a) permit certain transactions in SRECs (or proceeds therefrom) and related hedging arrangements and exclude certain of such amounts from the calculation of net cash flow available to service the indebtedness and (b) allow for borrowings with respect to certain ancillary components. In September 2021, we amended the TEPH revolving credit facility to, among other things, modify the hedging requirements to be based on borrowing capacity until March 2022, rather than amount currently borrowed. In October 2021, we amended the TEPH revolving credit facility to, among other things, update the LIBOR transition terms and transfer a portion of the loan commitment to an additional lender. In September 2022, we amended the TEPH revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $460.7 million to $564.7 million, (b) increase the uncommitted maximum facility amount from $600.0 million to $639.7 million, (c) extend the facility maturity date to November 2024, (d) amend certain excess concentration limitations, (e) replace LIBOR with Term SOFR (as defined by such revolving credit facility) as the interest rate benchmark and include benchmark replacement provisions and (f) include certain provisions addressing grid services revenue and related matters. In October 2022, we amended the TEPH revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $564.7 million to $600.0 million and (b) increase the uncommitted maximum facility amount from $639.7 million to $689.7 million.

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 "TEPH Assignment") under the TEPH revolving credit facility. In connection with the TEPH Assignment, CSNYB resigned as the agent under the TEPH revolving credit facility, Atlas was appointed as the successor agent thereunder and, in connection with such appointment, the Successor Agent assumed the agent roles under the TEPH 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 TEPH revolving credit facility to one of its affiliates subject to certain conditions set forth therein. In March 2023, after the TEPH Assignment, we amended the TEPH revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $600.0 million to $700.0 million, (b) increase the uncommitted maximum facility amount from $689.7 million to $789.7 million, (c) add provisions to allow TEPH to request an increase in the aggregate commitment amount (subject to certain conditions) by adding additional lenders to the TEPH revolving credit facility, (d) amend and supplement certain defaulting lender provisions, (e) modify the hedging provisions to give all hedge counterparties the benefit of certain payment priorities and certain other terms previously limited to qualifying hedge counterparties (as defined by such revolving credit facility), to
extend the time period for the event of default resulting from hedge counterparties ceasing to be qualifying hedge counterparties and to make other hedge-related amendments, (f) update the references from CSNYB, the predecessor administrative agent, to Atlas, the successor administrative 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 TEPH revolving credit facility and pursuant to the TEPH Assignment, had assigned their loans and commitments to lenders affiliated with Atlas), (g) add European Union bail-in provisions and (h) add certain syndication-related provisions. In August 2023, we amended the TEPH revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $700.0 million to $769.3 million, (b) increase the uncommitted maximum facility amount from $789.7 million to $859.0 million and (c) extend the maturity date from November 2024 to November 2025. In November 2023, we amended and restated the TEPH revolving credit facility to, among other things, (a) increase the aggregate commitment amount from $769.3 million to $1.309 billion and (b) increase the uncommitted maximum facility amount from $859.0 million to $1.575 billion. In December 2023, an additional lender joined the TEPH revolving credit facility and the aggregate commitment amount was increased from $1.309 billion to $1.311 billion.

In February 2024, we amended the TEPH revolving credit facility to, among other things, reflect an assignment of commitments occurring within the Atlas Lender Group (as defined by such revolving credit facility) without increasing the existing commitments and the appointment of a new Atlas funding agent for the Atlas Lender Group. In April 2024, additional lenders joined the TEPH revolving credit facility and the aggregate commitment amount was increased from $1.3 billion to $1.4 billion. In August 2024, we amended the TEPH revolving credit facility to, among other things, modify certain eligibility criteria to allow for energy community, domestic content and low-income community tax credit bonuses. In October 2024, we amended the TEPH revolving credit facility to, among other things, (a) extend the maturity date from November 2025 to August 2026, (b) extend the date upon which lender commitments terminate (and no further advances are permitted under the TEPH revolving credit facility) from May 2025 to May 2026, (c) require us to maintain a specified minimum working capital amount as of quarterly determination dates, (d) add certain events of default and (e) increase the aggregate commitment amount from $1.361 billion to $1.362 billion. In addition, the debt agreement governing our TEPH revolving credit facility contains contingent stepdowns in advance rates and contingent cash reserve requirements triggered by the failure of Sunnova Energy Corporation to satisfy or maintain specified minimum working capital amounts as of quarterly determination dates. If Sunnova Energy Corporation fails to maintain such specified working capital amounts, the funds otherwise distributable to us under such facilities may become restricted and the availability of advances thereunder may be reduced, which could reduce our available cash and lead to potential prepayment of the facility

SOLI Debt.    In February 2020, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLI, a special purpose entity, that issued $337.1 million in aggregate principal amount of Series 2020-1 Class A solar asset-backed notes and $75.4 million in aggregate principal amount of Series 2020-1 Class B solar asset-backed notes (collectively, the "SOLI Notes") with a maturity date of January 2055. The SOLI Notes were issued at a discount of 0.89% for Class A and 0.85% for Class B and bear interest at an annual rate equal to 3.35% and 5.54% for the Class A and Class B notes, respectively. The cash flows generated by the solar energy systems of SOLI's subsidiaries are used to service the quarterly principal and interest payments on the SOLI Notes and satisfy SOLI's expenses, and any remaining cash can be distributed to Sunnova Sol Depositor, LLC, SOLI's sole member. In connection with the SOLI Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to a transaction management agreement and managing and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management, servicing and transaction management agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLI pursuant to the sale and contribution agreement. SOLI is also required to maintain certain reserve accounts for the benefit of the holders of the SOLI Notes, each of which must remain funded at all times to the levels specified in the SOLI Notes. The indenture requires SOLI 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 SOLI 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 SOLI Notes have no recourse to our other assets except as expressly set forth in the SOLI Notes.

HELIV Debt.    In June 2020, we pooled and transferred eligible solar loans and the related receivables into HELIV, a special purpose entity, that issued $135.9 million in aggregate principal amount of Series 2020-A Class A solar loan-backed notes and $22.6 million in aggregate principal amount of Series 2020-A Class B solar loan-backed notes (collectively, the "HELIV Notes") with a maturity date of June 2047. The HELIV Notes were issued at a discount of 0.01% for Class A and 4.18% for Class B and bear interest at an annual rate of 2.98% and 7.25% for the Class A and Class B notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELIV Notes and satisfy HELIV's expenses, and any remaining cash can be distributed to Sunnova Helios IV Depositor, LLC, HELIV's sole
member. In connection with the HELIV Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELIV pursuant to the related sale and contribution agreement. HELIV is also required to maintain certain reserve accounts for the benefit of the holders of the HELIV Notes, each of which must be funded at all times to the levels specified in the HELIV Notes. The holders of the HELIV Notes have no recourse to our other assets except as expressly set forth in the HELIV Notes.

AP8 Debt.    In September 2020, AP8 entered into a secured credit facility with Banco Popular de Puerto Rico, as agent, and the lenders party thereto, for an aggregate committed amount of $60.0 million with a maturity date of September 2023. The proceeds of the loans under the AP8 credit facility were initially available to purchase or otherwise acquire solar loans, fund a reserve account that is required to be maintained by AP8 in accordance with the credit agreement and pay fees and expenses incurred in connection with the AP8 credit facility. The amount available for borrowings at any one time under the AP8 credit facility was initially limited to a borrowing base amount determined at each borrowing and calculated based on a specified advance rate applied to the net outstanding principal balance of the solar loans securing the AP8 credit facility. After giving effect to the amendments described below, interest on the borrowings under the AP8 credit facility is due quarterly. Borrowings under the AP8 credit facility bear interest at an annual rate based on Term SOFR (as defined by such credit facility).

In connection with the AP8 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) Sunnova Asset Portfolio 8 Holdings, LLC's obligations to repurchase or substitute certain ineligible solar loans sold to AP8 pursuant to certain sale and contribution agreements, (d) the obligation of AP8 to cure any condition that has caused a solar asset to become a defective solar asset or pay certain liquidated damages, (e) the performance by AP8 of certain obligations in respect of its role as managing member of the financing funds under the credit agreement, (f) certain indemnification obligations related to its affiliates in connection with the AP8 credit facility and (g) the obligation of AP8 under the AP8 credit facility to the extent a default is caused by a misappropriation of funds or certain insolvency events related to AP8, but does not provide a general guarantee of the creditworthiness of the assets of AP8 pledged as the collateral for the AP8 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 AP8 credit facility. In addition, AP8's obligations under the AP8 credit facility are guaranteed by certain subsidiaries of AP8.

In November 2022, we amended the AP8 credit facility to, among other things, (a) increase the aggregate commitment amount from $60.0 million to $75.0 million, (b) extend the facility maturity date from September 2023 to September 2024, (c) add provisions to permit the borrower to acquire and own managing members of financing funds and related covenants regarding the ownership of such managing members of financing funds, (d) add the ability to borrow against solar assets, including amending the definition of "Borrowing Base" and related provisions and covenants to account for solar assets, (e) amend the eligibility criteria, concentration limits and amortization events for solar loans and the addition of solar assets, (f) replace LIBOR with Term SOFR (as defined by such credit facility) as the interest rate benchmark and include benchmark replacement provisions, (g) amend the interest rate on borrowings to an annual rate of Term SOFR (as defined by such credit facility) plus 3.00%, with interest payments being due quarterly and (h) include certain provisions addressing grid services revenue, service incentives, service incentives rebates and related matters. In March 2023, we amended the AP8 credit facility to, among other things, increase the aggregate commitment amount from $75.0 million to $150.0 million. In June 2023, we amended the AP8 credit facility to, among other things, increase the aggregate commitment amount from $150.0 million to $185.0 million. In August 2023, we amended the AP8 credit facility to, among other things, increase the aggregate commitment amount from $185.0 million to $215.0 million.

In June 2024, we amended the AP8 credit facility to, among other things, extend the maturity date from September 2024 to October 2025. As a result of this amendment, (a) no further borrowings are permitted under the AP8 credit facility and (b) no distributions of cash are permitted without the consent of the agent thereunder. In December 2024, we voluntarily terminated the AP8 credit facility. At the time of termination, all outstanding obligations under the AP8 credit facility were paid in full and all hedging agreements permitted by the AP8 credit facility were settled.

In December 2024, AP8 entered into a notes payable agreement with Banco Popular de Puerto Rico, as agent, and the lenders party thereto, for an amount of $68.8 million for Class A notes and $6.2 million for Class B notes with a maturity date of October 2059. The Class A and Class B notes bear interest at an annual rate of 6.50% and 6.70%, respectively. The proceeds of the loans under the AP8 credit facility are available to (a) pay expenses related to the offering of the notes, (b) repay a
portion of one or more of our existing financing arrangements and (c) finance or refinance, in whole or in part, our existing or new investments and expenditures related to capital investment, research, development, acquisition, manufacturing, distribution, maintenance and operation of solar energy systems and energy storage systems and enabling technologies for solar energy storage and optimization.

SOLII Debt.    In November 2020, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLII, a special purpose entity, that issued $209.1 million in aggregate principal amount of Series 2020-2 Class A solar asset-backed notes and $45.6 million in aggregate principal amount of Series 2020-2 Class B solar asset-backed notes (collectively, the "SOLII Notes") with a maturity date of November 2055. The SOLII Notes were issued at a discount of 0.03% for Class A and 0.05% for Class B and bear interest at an annual rate equal to 2.73% and 5.47% for the Class A and Class B notes, respectively. The cash flows generated by the solar energy systems of SOLII's subsidiaries are used to service the quarterly principal and interest payments on the SOLII Notes and satisfy SOLII's expenses, and any remaining cash can be distributed to Sunnova Sol II Depositor, LLC, SOLII's sole member. In connection with the SOLII Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to a transaction management agreement and managing and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management, servicing and transaction management agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLII pursuant to the sale and contribution agreement. SOLII is also required to maintain certain reserve accounts for the benefit of the holders of the SOLII Notes, each of which must remain funded at all times to the levels specified in the SOLII Notes. The indenture requires SOLII 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 SOLII 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 SOLII Notes have no recourse to our other assets except as expressly set forth in the SOLII Notes.

HELV Debt.    In February 2021, we pooled and transferred eligible solar loans and the related receivables into HELV, a special purpose entity, that issued $150.1 million in aggregate principal amount of Series 2021-A Class A solar loan-backed notes and $38.6 million in aggregate principal amount of Series 2021-A Class B solar loan-backed notes (collectively, the "HELV Notes") with a maturity date of February 2048. The HELV Notes were issued at a discount of 0.001% for Class A and 2.487% for Class B and bear interest at an annual rate of 1.80% and 3.15% for the Class A and Class B notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELV Notes and satisfy HELV's expenses, and any remaining cash can be distributed to Sunnova Helios V Depositor, LLC, HELV's sole member. In connection with the HELV Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELV pursuant to the related sale and contribution agreement. HELV is also required to maintain certain reserve accounts for the benefit of the holders of the HELV Notes, each of which must be funded at all times to the levels specified in the HELV Notes. The holders of the HELV Notes have no recourse to our other assets except as expressly set forth in the HELV Notes.

SOLIII Debt.    In June 2021, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLIII, a special purpose entity, that issued $319.0 million in aggregate principal amount of Series 2021-1 solar asset-backed notes (the "SOLIII Notes") with a maturity date of April 2056. The SOLIII Notes were issued at a discount of 0.04% and bear interest at an annual rate equal to 2.58%. The cash flows generated by the solar energy systems of SOLIII's subsidiaries are used to service the quarterly principal and interest payments on the SOLIII Notes and satisfy SOLIII's expenses, and any remaining cash can be distributed to Sunnova Sol III Depositor, LLC, SOLIII's sole member. In connection with the SOLIII Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to a transaction management agreement and managing and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management, servicing and transaction management agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLIII pursuant to the sale and contribution agreement. SOLIII is also required to maintain certain reserve accounts for the benefit of the holders of the SOLIII Notes, each of which must remain funded at all times to the levels specified in the SOLIII Notes. The indenture requires SOLIII to track the debt service coverage ratio (such ratio, the "DSCR") of (a) the amount of certain payments received from customers, certain performance based incentives, certain energy credits and any applicable insurance proceeds as of a specific date to (b) interest and scheduled principal due on the SOLIII 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 SOLIII Notes have no recourse to our other assets except as expressly set forth in the SOLIII Notes.

HELVI Debt.    In July 2021, we pooled and transferred eligible solar loans and the related receivables into HELVI, a special purpose entity, that issued $106.2 million in aggregate principal amount of Series 2021-B Class A solar loan-backed notes and $106.2 million in aggregate principal amount of Series 2021-B Class B solar loan-backed notes (collectively, the "HELVI Notes") with a maturity date of July 2048. The HELVI Notes were issued at a discount of 0.01% for Class A and 0.04% for Class B and bear interest at an annual rate of 1.62% and 2.01% for the Class A and Class B notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELVI Notes and satisfy HELVI's expenses, and any remaining cash can be distributed to Sunnova Helios VI Depositor, LLC, HELVI's sole member. In connection with the HELVI Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELVI pursuant to the related sale and contribution agreement. HELVI is also required to maintain certain reserve accounts for the benefit of the holders of the HELVI Notes, each of which must be funded at all times to the levels specified in the HELVI Notes. The holders of the HELVI Notes have no recourse to our other assets except as expressly set forth in the HELVI Notes.

HELVII Debt.    In October 2021, we pooled and transferred eligible solar loans and the related receivables into HELVII, a special purpose entity, that issued $68.4 million in aggregate principal amount of Series 2021-C Class A solar loan-backed notes, $55.9 million in aggregate principal amount of Series 2021-C Class B solar loan-backed notes and $31.5 million in aggregate principal amount of Series 2021-C Class C solar loan-backed notes (collectively, the "HELVII Notes") with a maturity date of October 2048. The HELVII Notes were issued at a discount of 0.04% for Class A, 0.03% for Class B and 0.01% for Class C and bear interest at an annual rate of 2.03%, 2.33% and 2.63% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELVII Notes and satisfy HELVII's expenses, and any remaining cash can be distributed to Sunnova Helios VII Depositor, LLC, HELVII's sole member. In connection with the HELVII Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELVII pursuant to the related sale and contribution agreement. HELVII is also required to maintain certain reserve accounts for the benefit of the holders of the HELVII Notes, each of which must be funded at all times to the levels specified in the HELVII Notes. The holders of the HELVII Notes have no recourse to our other assets except as expressly set forth in the HELVII Notes.

HELVIII Debt.    In February 2022, we pooled and transferred eligible solar loans and the related receivables into HELVIII, a special purpose entity, that issued $131.9 million in aggregate principal amount of Series 2022-A Class A solar loan-backed notes, $102.2 million in aggregate principal amount of Series 2022-A Class B solar loan-backed notes and $63.8 million in aggregate principal amount of Series 2022-A Class C solar loan-backed notes (collectively, the "HELVIII Notes") with a maturity date of February 2049. The HELVIII Notes were issued at a discount of 1.55% for Class A, 2.23% for Class B and 2.62% for Class C and bear interest at an annual rate of 2.79%, 3.13% and 3.53% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELVIII Notes and satisfy HELVIII's expenses, and any remaining cash can be distributed to Sunnova Helios VIII Depositor, LLC, HELVIII's sole member. In connection with the HELVIII Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELVIII pursuant to the related sale and contribution agreement. HELVIII is also required to maintain certain reserve accounts for the benefit of the holders of the HELVIII Notes, each of which must be funded at all times to the levels specified in the HELVIII Notes. The holders of the HELVIII Notes have no recourse to our other assets except as expressly set forth in the HELVIII Notes.

SOLIV Debt.    In June 2022, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLIV, a special purpose entity, that issued $317.0 million in aggregate principal amount of Series 2022-1 Class A solar asset-backed notes and $38.0 million in aggregate principal amount of Series 2022-1 Class B solar asset-backed notes (collectively, the "SOLIV Notes") with a maturity date of April 2057. The SOLIV Notes were issued at a discount of 3.55% and 2.10%, respectively, and bear interest at an annual rate equal to 4.95% and 6.35% for the Class A and Class B notes, respectively. The cash flows generated by the solar energy systems of SOLIV's subsidiaries are used to service
the quarterly principal and interest payments on the SOLIV Notes and satisfy SOLIV's expenses, and any remaining cash can be distributed to Sunnova Sol IV Depositor, LLC, SOLIV's sole member. In connection with the SOLIV Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to a transaction management agreement and management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to a transaction management agreement and management and servicing agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLIV pursuant to the sale and contribution agreement. SOLIV is also required to maintain certain reserve accounts for the benefit of the holders of the SOLIV Notes, each of which must remain funded at all times to the levels specified in the SOLIV Notes. The indenture requires SOLIV to track the debt service coverage ratio (such ratio, the "DSCR") of (a) the amount of certain payments received from customers, certain performance based incentives, certain energy credits and any applicable insurance proceeds as of a specific date to (b) interest and scheduled principal due on the SOLIV 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 SOLIV Notes have no recourse to our other assets except as expressly set forth in the SOLIV Notes.

HELIX Debt.    In August 2022, we pooled and transferred eligible solar loans and the related receivables into HELIX, a special purpose entity, that issued $178.0 million in aggregate principal amount of Series 2022-B Class A solar loan-backed notes and $49.7 million in aggregate principal amount of Series 2022-B Class B solar loan-backed notes (collectively, the "HELIX Notes") with a maturity date of August 2049. The HELIX Notes were issued at a discount of 0.69% for Class A and 5.10% for Class B and bear interest at an annual rate of 5.00% and 6.00% for the Class A and Class B notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELIX Notes and satisfy HELIX's expenses, and any remaining cash can be distributed to Sunnova Helios IX Depositor, LLC, HELIX's sole member. In connection with the HELIX Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELIX pursuant to the related sale and contribution agreement. HELIX is also required to maintain certain reserve accounts for the benefit of the holders of the HELIX Notes, each of which must be funded at all times to the levels specified in the HELIX Notes. The holders of the HELIX Notes have no recourse to our other assets except as expressly set forth in the HELIX Notes.

HELX Debt.    In November 2022, we pooled and transferred eligible solar loans and the related receivables into HELX, a special purpose entity, that issued $103.4 million in aggregate principal amount of Series 2022-C Class A solar loan-backed notes, $80.6 million in aggregate principal amount of Series 2022-C Class B solar loan-backed notes and $51.7 million in aggregate principal amount of Series 2022-C Class C solar loan-backed notes (collectively, the "HELX Notes") with a maturity date of November 2049. The HELX Notes were issued at a discount of 5.38% for Class A, 8.98% for Class B and 14.74% for Class C and bear interest at an annual rate of 5.30%, 5.60% and 6.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELX Notes and satisfy HELX's expenses, and any remaining cash can be distributed to Sunnova Helios X Depositor, LLC, HELX's sole member. In connection with the HELX Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELX pursuant to the related sale and contribution agreement. HELX is also required to maintain certain reserve accounts for the benefit of the holders of the HELX Notes, each of which must be funded at all times to the levels specified in the HELX Notes. The holders of the HELX Notes have no recourse to our other assets except as expressly set forth in the HELX Notes.

IS Debt.      In March 2023, IS entered into a secured revolving credit facility with Texas Capital Bank, as agent, and the lenders party thereto, for an aggregate commitment amount of $50.0 million with a maturity date of the earlier of (a) March 2026 and (b) six months from the latest maturity date of any material parent credit facility (defined as a parent credit facility with a commitment amount of $250.0 million or more that, if terminated could individually be expected to result in a liquidity event (as defined by the IS revolving credit facility)). The proceeds of the loans under the IS revolving credit facility are available to purchase or otherwise acquire certain accounts receivable and inventory, fund certain reserve accounts that are required to be maintained by IS in accordance with the revolving credit agreement and pay fees and expenses incurred in connection with the IS revolving credit facility. Interest on the borrowings under the IS revolving credit facility is due monthly. Borrowings under the IS revolving credit facility bear interest at an annual rate based on Term SOFR (as defined by the IS revolving credit facility). In April 2024, we amended the IS revolving credit facility to, among other things, (a) change the date
on which payments are made to borrower from the collections account from monthly to weekly and (b) increase the applicable margin by 0.75% which results in a revised margin of (i) 3.25% for term SOFR loans and (ii) 2.25% for base rate loans. In December 2024, we amended the IS revolving credit facility to, among other things, increase the amount of letter of credit that can be issued under the IS revolving credit facility from $0 to $6.0 million.

SOLV Debt.    In April 2023, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLV, a special purpose entity, that issued $300.0 million in aggregate principal amount of Series 2023-1 Class A solar asset-backed notes and $23.5 million in aggregate principal amount of Series 2023-1 Class B solar asset-backed notes (collectively, the "SOLV Notes") with a maturity date of April 2058. The SOLV Notes were issued at a discount of 5.01% and 11.63% for the Class A and Class B notes, respectively, and bear interest at an annual rate equal to 5.40% and 7.35% for the Class A and Class B notes, respectively. The cash flows generated by the solar energy systems of SOLV's subsidiaries are used to service the quarterly principal and interest payments on the SOLV Notes and satisfy SOLV's expenses, and any remaining cash can be distributed to Sunnova Sol V Depositor, LLC, SOLV's sole member. In connection with the SOLV Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to a transaction management agreement and management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to a transaction management agreement and management and servicing agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLV pursuant to the sale and contribution agreement. SOLV is also required to maintain certain reserve accounts for the benefit of the holders of the SOLV Notes, each of which must remain funded at all times to the levels specified in the SOLV Notes. The indenture requires SOLV to track the debt service coverage ratio (such ratio, the "DSCR") of (a) the amount of certain payments received from customers, certain performance based incentives, certain energy credits and any applicable insurance proceeds as of a specific date to (b) interest and scheduled principal due on the SOLV 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 SOLV Notes have no recourse to our other assets except as expressly set forth in the SOLV Notes.

HELXI Debt.    In May 2023, we pooled and transferred eligible solar loans and the related receivables into HELXI, a special purpose entity, that issued $174.9 million in aggregate principal amount of Series 2023-A Class A solar loan-backed notes, $80.1 million in aggregate principal amount of Series 2023-A Class B solar loan-backed notes and $31.7 million in aggregate principal amount of Series 2023-A Class C solar loan-backed notes (collectively, the "HELXI Notes") with a maturity date of May 2050. The HELXI Notes were issued at a discount of 2.57% for Class A, 5.31% for Class B and 13.56% for Class C and bear interest at an annual rate of 5.30%, 5.60% and 6.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELXI Notes and satisfy HELXI's expenses, and any remaining cash can be distributed to Sunnova Helios XI Depositor, LLC, HELXI's sole member. In connection with the HELXI Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELXI pursuant to the related sale and contribution agreement. HELXI is also required to maintain certain reserve accounts for the benefit of the holders of the HELXI Notes, each of which must be funded at all times to the levels specified in the HELXI Notes. The holders of the HELXI Notes have no recourse to our other assets except as expressly set forth in the HELXI Notes.

HELXII Debt.    In August 2023, we pooled and transferred eligible solar loans and the related receivables into HELXII, a special purpose entity, that issued $148.5 million in aggregate principal amount of Series 2023-B Class A solar loan-backed notes, $71.1 million in aggregate principal amount of Series 2023-B Class B solar loan-backed notes and $23.1 million in aggregate principal amount of Series 2023-B Class C solar loan-backed notes (collectively, the "HELXII Notes") with a maturity date of August 2050. The HELXII Notes were issued at a discount of 4.23% for Class A, 6.67% for Class B and 12.64% for Class C and bear interest at an annual rate of 5.30%, 5.60% and 6.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELXII Notes and satisfy HELXII's expenses, and any remaining cash can be distributed to Sunnova Helios XII Depositor, LLC, HELXII's sole member. In connection with the HELXII Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELXII pursuant to the related sale and contribution agreement. HELXII is also required to maintain certain reserve accounts for the benefit of the holders of the HELXII Notes, each of which must be funded at all times to the levels specified in the HELXII Notes. The holders of the HELXII Notes have no recourse to
our other assets except as expressly set forth in the HELXII Notes.

AP9 Debt.    In September 2023, AP9 entered into a secured revolving credit facility with Citibank, N.A., as administrative agent, and the lenders party thereto, for an aggregate commitment amount of $65.0 million, subject to a borrowing base calculated based on the sum of a specified advance rate applied to the net aggregate balance of the home improvement loans securing the AP9 revolving credit facility, with a maturity date of October 2027. The proceeds of the loans under the AP9 revolving credit facility were available for funding the purchase of home improvement loans and the related home improvement assets, fund certain reserve accounts that are required to be maintained by AP9 in accordance with the AP9 revolving credit facility and pay fees and expenses incurred in connection with the AP9 revolving credit facility. Interest on the borrowings under the AP9 revolving credit facility was due monthly. Borrowings under the AP9 revolving credit facility bore interest at an annual rate based on Term SOFR (as defined by the AP9 revolving credit facility) plus a margin specific to each lender. In connection with the AP9 revolving credit facility, one of our affiliates received a fee for servicing the home improvement loans and related home improvement assets pursuant to a servicing agreement. In addition, Sunnova Energy Corporation guaranteed (a) the servicer's obligations to service the home improvement loans and related home improvement assets pursuant to the servicing agreement, (b) some of the obligations of Sunnova Asset Portfolio 9 Holdings, LLC, a Delaware limited liability company ("AP9H") pursuant to that certain sale and contribution agreement between AP9H and AP9, which include specified indemnity obligations and refund obligations for certain breaches of representations and warranties in respect of the home improvement loans, (c) AP9H's obligations to repurchase or substitute certain ineligible home improvement loans or cure a defective home improvement loan sold to AP9 pursuant to the sale and contribution agreement and (d) certain indemnification obligations related to its affiliates in connection with the AP9 revolving credit facility, but does not provide a general guarantee of AP9's obligations under the AP9 revolving credit facility or of the creditworthiness of the assets of AP9 pledged as the collateral for the AP9 revolving credit facility. Under the limited guarantee, Sunnova Energy Corporation was subject to certain financial covenants regarding tangible net worth, working capital and restrictions on the use of proceeds from the AP9 revolving credit facility. Obligations of AP9 under the AP9 revolving credit facility were secured by first priority liens on substantially all of the assets of AP9. Certain obligations of AP9H under the sale and contribution agreement were secured by a first priority lien on the equity of AP9 owned by AP9H. In October 2024, we voluntarily terminated the AP9 revolving credit facility. At the time of termination, no loans were outstanding under the AP9 revolving credit facility. Upon termination, all outstanding obligations under the AP9 revolving credit facility were paid in full and all hedging agreements permitted by the AP9 revolving credit facility were settled.

HESI Debt.     In October 2023, we entered into a note purchase agreement, which will indirectly benefit from a partial guarantee provided by the U.S. Department of Energy ("DOE") Loan Programs Office. The notes will not be directly guaranteed by the DOE. The offering consists of $219.6 million in aggregate principal amount of Series 2023-GRID1 Class A solar loan-backed notes and $24.4 million in aggregate principal amount of Series 2023-GRID1 Class B solar loan-backed notes (collectively, the "HESI Notes") with a maturity date of December 2050. The HESI Notes were issued at a discount of 2.46% for Class A and 9.40% for Class B and bear interest at an annual rate of 5.75% and 8.25% for the Class A and Class B notes, respectively.

BMB Debt.     In December 2023, BMB, along with its two wholly-owned subsidiaries, entered into a secured revolving credit facility with Mitsubishi HC Capital America, Inc., as administrative agent, and the lenders party thereto from time to time, for an aggregate principal amount of up to $25.0 million with a maturity date, for each loan thereunder, as set forth in the BMB revolving credit facility and, in any event, no later than December 27, 2025 (after giving effect to any extension thereof pursuant to that aforementioned BMB revolving credit facility). The proceeds of the loans under the BMB revolving credit facility are available to, among other things, finance project costs related to commercial, industrial and other solar energy systems and energy storage systems owned by BMB or one of its subsidiaries or by a customer (each, a "Project"). The BMB revolving credit facility is also available to finance completed Projects. Interest on the borrowings under the BMB revolving credit facility is due monthly (or, in the case of borrowings for construction loans, paid in kind monthly). Borrowings under the BMB revolving credit facility bear interest at an annual rate (which can vary for different Projects) based on Term SOFR plus a specified margin or, in the case of certain term loans for completed Projects, a fixed margin. In connection with the BMB revolving credit facility, certain of our affiliates receive fees for managing and servicing the Projects pursuant to certain management and servicing agreements. In addition, Sunnova Energy Corporation guarantees the obligations of certain of its affiliates under those certain management agreements, servicing agreements, a sale and contribution agreement and a development and purchase agreement, along with reasonable and documented out-of-pocket expenses incurred by BMB or the administrative agent in enforcing their respective rights thereunder, but does not provide a general guarantee of BMB's obligations under the BMB revolving credit facility or of the creditworthiness of the assets of BMB and its wholly-owned subsidiaries that are pledged as collateral for the BMB revolving credit facility.

SOLVI Debt.    In February 2024, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLVI, a special purpose entity, that issued $194.5 million in aggregate
principal amount of Series 2024-1 Class A solar asset-backed notes, $16.5 million in aggregate principal amount of Series 2024-1 Class B solar asset-backed notes and $15.0 million in aggregate principal amount of Series 2024-1 Class C solar asset-backed notes (collectively, the "SOLVI Notes") with a maturity date of January 2059. The SOLVI Notes were issued at a discount of 4.66%, 7.08% and 13.98% for the Class A, Class B and Class C notes, respectively, and bear interest at an annual rate equal to 5.65%, 7.00% and 9.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by the solar energy systems and the related asset receivables of SOLVI's subsidiaries are used to service the quarterly principal and interest payments on the SOLVI Notes and satisfy SOLVI's expenses, and any remaining cash can be distributed to Sunnova SOL VI Depositor, LLC, SOLVI's sole member. In connection with the SOLVI Notes, certain of our affiliates receive a fee for managing the solar energy systems and servicing the related asset receivables pursuant to a transaction management agreement and management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage the solar energy systems and service the related asset receivables pursuant to a transaction management agreement and management and servicing agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLVI pursuant to the sale and contribution agreement. SOLVI is also required to maintain certain reserve accounts for the benefit of the holders of the SOLVI Notes, each of which must remain funded at all times to the levels specified in the SOLVI Notes. The indenture requires SOLVI to track the debt service coverage ratio (such ratio, the "DSCR") of (a) the amount of certain payments received from customers, certain performance based incentives, certain energy credits and any applicable insurance proceeds as of a specific date to (b) interest and scheduled principal due on the SOLVI Notes as of such date, with the potential to enter into an early amortization period if the DSCR drops below a certain threshold. The holders of the SOLVI Notes have no recourse to our other assets except as expressly set forth in the SOLVI Notes.

HELXIII Debt.    In February 2024, we pooled and transferred eligible solar loans and home improvement loans and the related receivables into HELXIII, a special purpose entity, that issued $166.0 million in aggregate principal amount of Series 2024-A Class A loan-backed notes, $33.9 million in aggregate principal amount of Series 2024-A Class B loan-backed notes and $27.1 million in aggregate principal amount of Series 2024-A Class C loan-backed notes (collectively, the "HELXIII Notes") with a maturity date of February 2051. The HELXIII Notes were issued at a discount of 2.77%, 2.83% and 7.18% for the Class A, Class B and Class C notes, respectively, and bear interest at an annual rate of 5.30%, 6.00% and 7.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans and home improvement loans are used to service the monthly principal and interest payments on the HELXIII Notes and satisfy HELXIII's expenses, and any remaining cash can be distributed to Sunnova Helios XIII Depositor, LLC, HELXIII's sole member. In connection with the HELXIII Notes, certain of our affiliates receive a fee for managing the solar energy systems and servicing the loans pursuant to management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage the solar energy systems and service the loans pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible loans eventually sold to HELXIII pursuant to the related sale and contribution agreement. HELXIII is also required to maintain certain reserve accounts for the benefit of the holders of the HELXIII Notes, each of which must be funded at all times to the levels specified in the HELXIII Notes. The holders of the HELXIII Notes have no recourse to our other assets except as expressly set forth in the HELXIII Notes.

HESII Debt.     In June 2024, we pooled and transferred eligible solar loans and home improvement loans and the related receivables into HESII, a special purpose entity, that issued $152.0 million in aggregate principal amount of Series 2024-GRID1 Class A solar loan-backed notes and $16.9 million in aggregate principal amount of Series 2024-GRID1 Class B solar loan-backed notes (collectively, the "HESII Notes") with a maturity date of July 2051. The HESII Notes indirectly benefit from a partial guarantee provided by the U.S. Department of Energy ("DOE") Loan Programs Office. The HESII Notes are not directly guaranteed by the DOE. The HESII Notes were issued at a discount of 0.0036% and 0.67% for the Class A and Class B notes, respectively, and bear interest at an annual rate of 5.63% and 9.50% for the Class A and Class B notes, respectively.

HELXIV Debt.    In June 2024, we pooled and transferred eligible solar loans and the related receivables into HELXIV, a special purpose entity, that issued $151.9 million in aggregate principal amount of Series 2024-B Class A solar loan-backed notes, $54.4 million in aggregate principal amount of Series 2024-B Class B solar loan-backed notes and $24.6 million in aggregate principal amount of Series 2024-B Class C solar loan-backed notes (collectively, the "HELXIV Notes") with a maturity date of May 2051. The HELXIV Notes were issued at a discount of 2.16%, 1.62% and 13.76% for the Class A, Class B and Class C notes, respectively, and bear interest at an annual rate of 6.15%, 7.00% and 8.00% for the Class A, Class B and Class C notes, respectively. The cash flows generated by these solar loans are used to service the monthly principal and interest payments on the HELXIV Notes and satisfy HELXIV's expenses, and any remaining cash can be distributed to Sunnova Helios XIV Depositor, LLC, HELXIV's sole member. In connection with the HELXIV Notes, certain of our affiliates receive a fee for managing and servicing the solar energy systems pursuant to management and service agreements. In addition, Sunnova Energy Corporation has guaranteed, among other things, (a) the obligations of certain of our subsidiaries to manage and service the
solar energy systems pursuant to management and servicing agreements and (b) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar loans eventually sold to HELXIV pursuant to the related sale and contribution agreement. HELXIV is also required to maintain certain reserve accounts for the benefit of the holders of the HELXIV Notes, each of which must be funded at all times to the levels specified in the HELXIV Notes. The holders of the HELXIV Notes have no recourse to our other assets except as expressly set forth in the HELXIV Notes.

SOLVII Debt.    In August 2024, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLVII, a special purpose entity, that issued $308.5 million in aggregate principal amount of Series 2024-2 Class A solar asset-backed notes and $11.7 million in aggregate principal amount of Series 2024-2 Class B solar asset-backed notes (collectively, the "SOLVII Notes") with a maturity date of July 2059. The SOLVII Notes were issued at a discount of 2.54% and 9.99% for the Class A and Class B notes, respectively, and bear interest at an annual rate equal to 6.58% and 9.00% for the Class A and Class B notes, respectively. The cash flows generated by the solar energy systems and the related asset receivables of SOLVII's subsidiaries are used to service the quarterly principal and interest payments on the SOLVII Notes and satisfy SOLVII's expenses, and any remaining cash can be distributed to Sunnova Sol VII Depositor, LLC, SOLVII's sole member. In connection with the SOLVII Notes, certain of our affiliates receive a fee for managing the solar energy systems and servicing the related asset receivables pursuant to a transaction management agreement and management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage the solar energy systems and service the related asset receivables pursuant to a transaction management agreement and management and servicing agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLVII pursuant to the sale and contribution agreement. SOLVII is also required to maintain certain reserve accounts for the benefit of the holders of the SOLVII Notes, each of which must remain funded at all times to the levels specified in the SOLVII Notes. The indenture requires SOLVII to track the debt service coverage ratio (such ratio, the "DSCR") of (a) the amount of certain payments received from customers, certain performance based incentives, certain energy credits and any applicable insurance proceeds as of a specific date to (b) interest and scheduled principal due on the SOLVII 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 SOLVII Notes have no recourse to our other assets except as expressly set forth in the SOLVII Notes.

SOLVIII Debt.    In October 2024, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of SOLVIII, a special purpose entity, that issued $295.2 million in aggregate principal amount of Series 2024-3 Class A solar asset-backed notes and $12.9 million in aggregate principal amount of Series 2024-3 Class B solar asset-backed notes (collectively, the "SOLVIII Notes") with a maturity date of July 2059. The SOLVIII Notes were issued at a discount of 1.85% and 1.63% for the Class A and Class B notes, respectively, and bear interest at an annual rate equal to 6.45% and 8.78% for the Class A and Class B notes, respectively. The cash flows generated by the solar energy systems and the related asset receivables of SOLVIII's subsidiaries are used to service the quarterly principal and interest payments on the SOLVIII Notes and satisfy SOLVIII's expenses, and any remaining cash can be distributed to Sunnova Sol VIII Depositor, LLC, SOLVIII's sole member. In connection with the SOLVIII Notes, certain of our affiliates receive a fee for managing the solar energy systems and servicing the related asset receivables pursuant to a transaction management agreement and management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage the solar energy systems and service the related asset receivables pursuant to a transaction management agreement and management and servicing agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to SOLVIII pursuant to the sale and contribution agreement. SOLVIII is also required to maintain certain reserve accounts for the benefit of the holders of the SOLVIII Notes, each of which must remain funded at all times to the levels specified in the SOLVIII Notes. The indenture requires SOLVIII to track the debt service coverage ratio (such ratio, the "DSCR") of (a) the amount of certain payments received from customers, certain performance based incentives, certain energy credits and any applicable insurance proceeds as of a specific date to (b) interest and scheduled principal due on the SOLVIII 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 SOLVIII Notes have no recourse to our other assets except as expressly set forth in the SOLVIII Notes.

AURI Debt.    In December 2024, we pooled and transferred eligible solar energy systems and the related asset receivables into wholly-owned subsidiaries of AURI, a special purpose entity, that issued $197.6 million in aggregate principal amount of Series 2024-PR1 Class A solar asset-backed notes (of which $68.8 million is held by AP8), $17.9 million in aggregate principal amount of Series 2024-PR1 Class B solar asset-backed notes (of which $6.2 million is held by AP8) and $12.7 million in aggregate principal amount of Series 2024-PR1 Class C solar asset-backed notes (collectively, the "AURI Notes") with a maturity date of October 2059. The AURI Notes were issued at a discount of 7.62%, 13.67% and 10.40% for the Class A, Class B and Class C notes, respectively, and bear interest at an annual rate equal to 6.50%, 6.70% and 11.00% for the Class A, Class
B and Class C notes, respectively. The cash flows generated by the solar energy systems and the related asset receivables of AURI's subsidiaries are used to service the quarterly principal and interest payments on the AURI Notes and satisfy AURI's expenses, and any remaining cash can be distributed to Sunnova Aurora I Depositor, LLC, AURI's sole member. In connection with the AURI Notes, certain of our affiliates receive a fee for managing the solar energy systems and servicing the related asset receivables pursuant to a transaction management agreement and management and servicing agreements. In addition, Sunnova Energy Corporation has guaranteed (a) the obligations of certain of our subsidiaries to manage the solar energy systems and service the related asset receivables pursuant to a transaction management agreement and management and servicing agreements, (b) the managing members' obligations, in such capacity, under the related financing fund's limited liability company agreement and (c) certain of our subsidiaries' obligations to repurchase or substitute certain ineligible solar energy systems eventually sold to AURI pursuant to the sale and contribution agreement. AURI is also required to maintain certain reserve accounts for the benefit of the holders of the AURI Notes, each of which must remain funded at all times to the levels specified in the AURI Notes. The indenture requires AURI 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 AURI 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 AURI Notes have no recourse to our other assets except as expressly set forth in the AURI Notes.

Fair Values of Long-Term Debt.    The fair values of our long-term debt and the corresponding carrying values are as
follows:

As of December 31, 2024As of December 31, 2023
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
(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 facility166,640 166,640 511,000 511,000 
HELII solar asset-backed notes195,267 187,463 203,998 198,590 
RAYSI solar asset-backed notes105,693 95,188 111,445 102,480 
HELIII solar loan-backed notes88,513 80,453 96,215 87,982 
TEPH revolving credit facility1,167,950 1,167,950 1,036,600 1,036,600 
SOLI solar asset-backed notes335,254 296,462 348,839 310,928 
HELIV solar loan-backed notes100,266 91,562 108,312 96,603 
AP8 credit facility
— — 215,000 215,000 
AP8 notes payable
75,000 75,164 — — 
SOLII solar asset-backed notes219,654 183,326 229,150 192,589 
HELV solar loan-backed notes138,365 125,416 147,969 132,533 
SOLIII solar asset-backed notes254,840 216,337 273,307 235,318 
HELVI solar loan-backed notes163,759 146,402 173,422 153,836 
HELVII solar loan-backed notes126,850 114,480 133,715 120,413 
HELVIII solar loan-backed notes250,183 228,803 263,015 241,599 
SOLIV solar asset-backed notes322,758 309,118 334,076 325,816 
HELIX solar loan-backed notes201,305 190,531 211,420 203,375 
HELX solar loan-backed notes209,887 207,941 220,838 221,655 
IS revolving credit facility7,419 7,419 31,300 31,300 
SOLV solar asset-backed notes312,406 304,836 320,619 317,481 
HELXI solar loan-backed notes260,127 254,157 278,491 275,323 
HELXII solar loan-backed notes216,404 216,501 236,924 242,091 
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 notes222,780 221,731 — — 
HELXIII solar loan-backed notes209,026 207,723 — — 
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.
For the notes payable, EZOP, TEPH, IS and BMB debt, the estimated fair values approximate the carrying amounts primarily due to the variable nature of the interest rates of the underlying instruments. For the convertible senior notes and senior notes, we determined the estimated fair values based on observed market trading prices. For the HELII, RAYSI, HELIII, SOLI, HELIV, AP8, SOLII, HELV, SOLIII, HELVI, HELVII, HELVIII, SOLIV, HELIX, HELX, SOLV, HELXI, HELXII, HESI, SOLVI, HELXIII, HESII, HELXIV, SOLVII, SOLVIII and AURI debt, we determined the estimated fair values based on an analysis of debt with similar book values, maturities and required market yields based on current interest rates.

We have revised our previously issued annual financial statements to correct immaterial errors related to the presentation of the fair value of our long-term debt. We have evaluated the historical presentation in our previously issued annual financial statements and concluded the disclosure errors are immaterial. The following table presents a summary of these changes in the estimated fair values for certain of our debt instruments:

As of December 31, 2023
As
Reported
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 

Principal Maturities of Long-Term Debt.    As of December 31, 2024, the principal maturities of our long-term debt were as follows:
Principal Maturities
of Long-Term Debt
(in thousands)
2025$327,228 
20262,607,108 
2027290,814 
20281,308,832 
2029711,618 
2030 and thereafter3,475,612 
Total$8,721,212 
v3.25.0.1
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,
20242023
Effective
Date		Termination
Date		Fixed
Interest
Rate		Aggregate
Notional
Amount		Effective
Date		Termination
Date		Fixed
Interest
Rate		Aggregate
Notional
Amount
(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,
20242023
(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 
 December 31,
202420232022
(in thousands)
Realized gain$(51,047)$(56,623)$(51,207)
Unrealized (gain) loss3,771 67,318 (19,451)
Total$(47,276)$10,695 $(70,658)
v3.25.0.1
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 
 December 31,
202420232022
(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 
 December 31,
202420232022
(in thousands)
Loss before income tax$(592,286)$(503,449)$(126,390)
Statutory federal tax rate21 %21 %21 %
Tax benefit computed at statutory rate(124,380)(105,724)(26,542)
State and territory income tax, net of federal (benefit) expense12,615 14,804 (3,167)
Adjustments from permanent differences:
Tax equity activities165,094 138,895 77,755 
ITC sales(157,956)(15,893)— 
Redeemable noncontrolling interests and noncontrolling interests16,775 17,738 (6,587)
ITC recapture— — 101 
Other2,002 4,179 1,992 
Decrease in valuation allowance, net(58,663)(55,022)(39,666)
Total income tax (benefit) expense$(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 
 December 31,
202420232022
Statutory federal tax rate21 %21 %21 %
State and territory income tax, net of federal (benefit) expense(2)(3)3 
Tax equity activities(27)(28)(62)
ITC sales26 3 — 
Redeemable noncontrolling interests and noncontrolling interests(3)(4)5 
Other— — (1)
Decrease in valuation allowance, net9 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,
20242023
(tax effected, in thousands)
Federal net operating loss carryforward
$285,915 $238,447 
State net operating loss carryforward
89,558 60,980 
ITC carryforward313,329 309,693 
Foreign tax credit carryforward
8,297 18,087 
Federal unused interest deduction carryforward73,417 49,979 
Equity-based compensation10,618 22,935 
Deferred revenue7,331 7,433 
Unrealized loss on derivatives
1,785 (17,119)
Other deferred tax assets59,423 48,619 
Deferred tax assets849,673 739,054 
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%.
v3.25.0.1
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 EntityBalance Sheet ClassificationDate Class A
Member Admitted		Class A Member
Capital Commitment
Sunnova TEP II, LLC ("TEPII")Redeemable noncontrolling interestsDecember 2017$45,000 
Sunnova TEP III, LLCRedeemable noncontrolling interestsJanuary 2019$50,000 
Sunnova TEP IV-A, LLC ("TEPIVA")Noncontrolling interestsAugust 2019$75,000 
Sunnova TEP IV-B, LLC ("TEPIVB")Noncontrolling interestsDecember 2019$50,000 
Sunnova TEP IV-C, LLC ("TEPIVC")Noncontrolling interestsFebruary 2020$75,000 
Sunnova TEP IV-D, LLC ("TEPIVD")Noncontrolling interestsMay 2020$155,000 
Sunnova TEP IV-F, LLCNoncontrolling interestsJuly 2020$10,000 
Sunnova TEP IV-E, LLC ("TEPIVE")Noncontrolling interestsSeptember 2020$75,000 
Sunnova TEP IV-G, LLC ("TEPIVG")Noncontrolling interestsNovember 2020$100,000 
Sunnova TEP V-D, LLC ("TEPVD")Noncontrolling interestsApril 2021$50,000 
Sunnova TEP V-A, LLCNoncontrolling interestsApril 2021$25,000 
Sunnova TEP V-B, LLC ("TEPVB")Noncontrolling interestsMay 2021$150,000 
Sunnova TEP V-C, LLC ("TEPVC")Noncontrolling interestsJuly 2021$150,152 
Sunnova TEP V-E, LLCRedeemable noncontrolling interestsOctober 2021$11,634 
Sunnova TEP 6-A, LLC ("TEP6A")Noncontrolling interestsDecember 2021$57,676 
Sunnova TEP 6-B, LLC ("TEP6B")Noncontrolling interestsFebruary 2022$150,000 
Sunnova TEP 6-E, LLCRedeemable noncontrolling interestsMay 2022$17,452 
Sunnova TEP 6-D, LLC ("TEP6D")
Noncontrolling interestsSeptember 2022$79,598 
Sunnova TEP 6-C, LLC ("TEP6C")Redeemable noncontrolling interestsOctober 2022$30,000 
Sunnova TEP 7-C, LLC
Redeemable noncontrolling interestsNovember 2022$53,077 
Sunnova TEP 7-A, LLC ("TEP7A")
Noncontrolling interestsDecember 2022$61,364 
Sunnova TEP 7-B, LLC
Redeemable noncontrolling interestsDecember 2022$137,721 
Sunnova TEP 7-D, LLC ("TEP7D")
Noncontrolling interestsDecember 2022$250,000 
Sunnova TEP 7-E, LLC
Redeemable noncontrolling interestsMay 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.
v3.25.0.1
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.
v3.25.0.1
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 
 December 31,
202420232022
Expected dividend yield0.00%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
of Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (Years)		Weighted
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20223,259,459 $18.48 4.75$10,341 
Granted1,017,493 $15.01 9.23$8.82 
Exercised(41,788)$12.91 $203 
Forfeited(217,015)$19.38 $8.77 
Outstanding, December 31, 20234,018,149 $17.61 4.97$5,542 
Granted1,989,147 $6.87 9.20$4.25 
Exercised(11,357)$1.85 $118 
Forfeited(619,553)$14.75 $8.17 
Outstanding, December 31, 20245,376,386 $14.00 5.44$— 
Exercisable, December 31, 20242,623,734 $17.02 1.96$— 
Vested and expected to vest, December 31, 20245,376,386 $14.00 5.44$— 
Non-vested, December 31, 20231,443,054 $10.78 
Non-vested, December 31, 20242,752,652 $6.43 

Year Ended 
 December 31,
20242023
(in thousands, except number of stock options vested)
Number of stock options vested148,859 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
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding, December 31, 20221,609,615 $20.62 
Granted2,155,890 $14.50 
Vested(1,009,102)$18.10 
Forfeited(372,198)$17.78 
Outstanding, December 31, 20232,384,205 $16.60 
Granted6,136,329 $5.85 
Vested(2,135,502)$11.10 
Forfeited(1,444,439)$9.70 
Outstanding, December 31, 20244,940,593 $7.65 
Year Ended 
 December 31,
20242023
(in thousands, except number of restricted stock units vested)
Number of restricted stock units vested2,135,502 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
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding, December 31, 2023— $— 
Granted1,480,308 $6.29 
Forfeited(352,100)$6.48 
Outstanding, December 31, 20241,128,208 $3.43 

Year Ended 
 December 31,
20242023
(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.
v3.25.0.1
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 
 December 31,
202420232022
(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 diluted124,240,517 118,344,728 114,451,034 

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 
 December 31,
202420232022
Equity-based compensation awards10,212,159 6,093,155 4,907,458 
Convertible senior notes34,150,407 34,150,407 23,228,952 
v3.25.0.1
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,
20242023
(in thousands)
Other current liabilities$3,527 $2,667 
Other long-term liabilities5,179 4,086 
Total$8,706 $6,753 

The changes in our performance guarantee obligations are as follows:

Year Ended 
 December 31,
20242023
(in thousands)
Balance at beginning of period$6,753 $4,845 
Accruals4,760 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 
 December 31,
202420232022
(in thousands)
Operating lease expense$3,019 $2,910 $2,753 
Finance lease expense:
Amortization expense2,305 1,150 783 
Interest on lease liabilities277 109 60 
Short-term lease expense371 197 141 
Variable lease expense1,216 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,
20242023
(in thousands)
Right-of-use assets:
Operating leases$10,941 $13,247 
Finance leases14,684 4,085 
Total right-of-use assets$25,625 $17,332 
Current lease liabilities:
Operating leases$2,951 $2,883 
Finance leases4,580 1,348 
Long-term leases liabilities:
Operating leases11,105 14,005 
Finance leases6,939 1,631 
Total lease liabilities$25,575 $19,867 

Other information related to leases was as follows:

Year Ended 
 December 31,
202420232022
(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,
20242023
Weighted average remaining lease term (years):
Operating leases4.585.51
Finance leases3.593.12
Weighted average discount rate:
Operating leases4.01 %4.06 %
Finance leases5.81 %6.26 %

Future minimum lease payments under our non-cancelable leases as of December 31, 2024 were as follows:

Operating
Leases		Finance
Leases
(in thousands)
2025$3,458 $5,125 
20263,240 3,470 
20273,304 2,487 
20283,372 1,485 
20292,113 — 
2030 and thereafter— — 
Total15,487 12,567 
Amount representing interest(1,355)(1,048)
Amount representing leasehold incentives(76)— 
Present value of future payments14,056 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
Commitments
(in thousands)
2025$56,338 
202635,000 
202730,000 
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 
20267,941 
20276,434 
2028515 
2029515 
2030 and thereafter515 
Total$27,240 
v3.25.0.1
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.
v3.25.0.1
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,
20242023
Assets
Current assets:
Cash$30 $75 
Accounts receivable, including affiliates
4 7 
Total current assets34 82 
Investments in subsidiaries1,265,602 1,677,268 
Total assets$1,265,636 $1,677,350 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$— $2 
Other current liabilities7,147 6,138 
Total current liabilities7,147 6,140 
Long-term debt, net1,160,547 1,155,078 
Total liabilities1,167,694 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 stock1,765,050 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 
 December 31,
202420232022
Revenue$— $— $— 
General and administrative expense238 1,367 1,362 
Other operating expense— 24 — 
Operating loss
(238)(1,391)(1,362)
Interest expense, net22,652 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 
 December 31,
202420232022
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 subsidiaries19,534 19,650 21,100 
Other, net— 90 — 
Net cash provided by (used in) investing activities14,807 (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, net21 82,563 38 
Net cash provided by financing activities21 82,520 536,102 
Net increase (decrease) in cash(45)10 (453)
Cash at beginning of period75 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.
Basis of Presentation
On July 24, 2019, Sunnova Energy International Inc. ("SEI") priced 14,000,000 shares of its common stock at a public offering price of $12.00 per share and on July 25, 2019, SEI's common stock began trading on the New York Stock Exchange under the symbol "NOVA". Upon the closing of our initial public offering on July 29, 2019 (our "IPO"), Sunnova Energy Corporation was contributed to SEI and SEI became the holding company of Sunnova Energy Corporation through a reverse merger. In addition, the historical financial statements of Sunnova Energy Corporation became the historical financial statements of SEI. These condensed financial statements include the Condensed Balance Sheets, Condensed Statements of Operations and Condensed Statements of Cash Flows and have been prepared on a parent-only basis. These parent-only financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America for annual financial statements and therefore, these parent-only financial statements and other information included should be read in conjunction with SEI's consolidated financial statements and related notes contained within this Annual Report on Form 10-K.
Guarantees
See Note 7, Long-Term Debt.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ 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)
v3.25.0.1
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
Start
Date
Plan
End
Date
Michael Grasso
Executive Vice President, Chief Revenue Officer
December 12, 2024March 14, 2025May 5, 2025
Jackson Lynch
Executive Vice President and Chief Human Resources Officer
December 12, 2024March 14, 2025July 31, 2025
Paul Mathews
Executive Vice President, Chief Operating Officer
December 12, 2024March 14, 2025July 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  
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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
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).
Accounts Receivable
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.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.
Inventory
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.
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
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.
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.
Changes in the fair value of our investments in solar receivables are included in other operating (income) expense in the Consolidated Statements of Operations. Changes in the fair value of our contingent consideration are included in other operating (income) expense in the Consolidated Statements of Operations.
Derivative Instruments
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.
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
Deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes (a) payments for unfulfilled performance obligations that will be recognized on a straight-line basis over the remaining term of the respective customer agreements, net of any cash incentives earned by the customers, (b) down payments and partial or full prepayments from customers and (c) differences due to the timing of energy production versus billing for certain types of PPAs.
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
account as early as the first anniversary of the solar energy system's placed in service date and then every annual period thereafter. We monitor the solar energy systems to ensure these outputs are achieved. We evaluate if any amounts are due to our customers based upon not meeting the guaranteed solar energy production outputs at each reporting period end. For leases, these estimated amounts are recorded as a reduction to revenues from customers and a current or long-term liability, as applicable. For loans, these estimated amounts are recorded as an increase to cost of revenue—customer agreements and incentives and a current or long-term liability, as applicable.
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
amortization. We amortize intangible assets to general and administrative expense using the straight-line method.
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)
for term loans or in other current assets and other assets for revolving credit facilities and debt and equity transactions not yet completed, in the Consolidated Balance Sheets.
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
In connection with our customer agreements, we warrant the solar energy systems against defects in workmanship, against component or materials breakdowns and against any damages to rooftops during the installation process. The dealers' warranties on the workmanship, including work during the installation process, and the manufacturers' warranties over component parts have a range of warranty periods which are generally 10 to 25 years.
Advertising Costs
Advertising Costs
We expense advertising costs as they are incurred to general and administrative expense in the Consolidated Statements of Operations.
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.
We determine whether a tax position taken in a filed tax return, planned to be taken in a future tax return or claim, or otherwise subject to interpretation, is 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. We use a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates it is more likely than not the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit or obligation as the largest amount that is more than 50% likely of being realized upon ultimate settlement.
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
decision-making functions are located in the U.S.
Basic and Diluted Net Income (Loss) Per Share
Basic and Diluted Net Income (Loss) Per Share
Our basic net income (loss) per share attributable to stockholders is calculated by dividing the net income (loss) attributable to stockholders by the weighted-average number of shares of common stock outstanding for the period. Our diluted net income (loss) per share attributable to stockholders is calculated by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method or the if-converted method, as applicable. During periods in which we incur a net loss attributable to stockholders, stock options and restricted stock units are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share attributable to stockholders as the effect is antidilutive.
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-
Scholes option-pricing model to measure the fair value of stock options at the measurement date. For restricted stock units that will be settled in cash, we use the closing price of our common stock on the measurement date to measure the fair value at the measurement date and record in other current liabilities in the Consolidated Balance Sheets. For restricted stock units that will be settled in common stock, we use the closing price of our common stock on the grant date to measure the fair value at the measurement date and record in additional paid-in capital—common stock in the Consolidated Balance Sheets. We recognize the fair value of equity-based compensation awards as compensation cost in the financial statements, beginning on the grant date. We base compensation expense on the fair value of the awards we expect to vest, recognized over the service period, and adjusted for actual forfeitures as they occur. Equity-based compensation expense is recorded in general and administrative expense in the Consolidated Statements of Operations.
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.
v3.25.0.1
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
December 31,
20232022
(in thousands)
Revenue:
Customer agreements and incentives$378,136 $280,801 
Solar energy system and product sales342,517 276,889 
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
December 31,
20232022
(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
December 31,
20232022
(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 
v3.25.0.1
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,
20242023
(in thousands)
Debt and inverter reserves$257,886 $247,394 
Tax equity reserves (1)73,374 25,778 
Other5,659 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 
 December 31,
20242023
(in thousands)
Balance at beginning of period$2,559 $1,676 
Provision for current expected credit losses10,495 4,978 
Write off of uncollectible accounts(8,680)(4,370)
Recoveries442 275 
Other, net(115)— 
Balance at end of period$4,701 $2,559 
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 
 December 31,
20242023
(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 
 December 31,
20242023
(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,
20242023
(in thousands)
Energy storage systems and components$26,289 $83,178 
Homebuilder construction in progress85,090 36,461 
Modules and inverters15,184 27,143 
Meters and modems132 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
TotalLevel 1Level 2Level 3
(in thousands)
Financial assets:
Investments in solar receivables$67,720 $— $— $67,720 
Derivative assets11,954 — 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
TotalLevel 1Level 2Level 3
(in thousands)
Financial assets:
Investments in solar receivables$69,334 $— $— $69,334 
Derivative assets55,471 — 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 
 December 31,
20242023
(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 
 December 31,
20242023
(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
Input		Weighted
Average
Liabilities:
Contingent consideration - installation earnoutVolatility30.00%
Revenue risk premium15.16%
Risk-free discount rate4.37%
Contingent consideration - microgrid earnoutProbability of success5.00%
Risk-free discount rate4.37%
Schedule of Disaggregation of Revenue
The following table presents the detail of revenue as recorded in the Consolidated Statements of Operations:

Year Ended 
 December 31,
202420232022
(in thousands)
PPA revenue$175,592 $123,646 $104,563 
Lease revenue239,018 147,788 100,070 
Solar renewable energy certificate revenue
58,568 50,375 48,698 
Loan revenue
47,940 34,716 18,601 
Service revenue11,786 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,
20242023
(in thousands)
Loans$1,012,934 $930,999 
PPAs and leases72,426 55,651 
Solar receivables4,076 4,339 
SRECs15,209 — 
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 Lives20242023
(in years)(in thousands)
Customer relationships - system sales10$145,496 $145,496 
Customer relationships - servicing103,471 3,471 
Customer relationships - new customers429,761 29,761 
Trade name1511,899 11,899 
Tax equity commitment421,209 21,209 
Software license3331 331 
Trademark368 68 
Other
3-25
88 499 
Intangible assets, gross212,323 212,734 
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
Expense
(in thousands)
2025$18,875 
202615,690 
202715,690 
202815,690 
202915,690 
2030 and thereafter23,579 
Total$105,214 
Schedule of Deferred Financing Costs The following table presents the changes in net deferred financing costs:
Year Ended 
 December 31,
20242023
(in thousands)
Balance at beginning of period$128,361 $76,525 
Capitalized58,170 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 
 December 31,
20242023
(in thousands)
Balance at beginning of period$5,965 $3,018 
Accruals4,259 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 
 December 31,
202420232022
(in thousands)
Segment revenue$835,713 $719,723 $557,690 
Less significant segment expenses:
Depreciation related to solar energy systems and energy storage systems190,306 130,261 96,280 
Cost of revenue related to service customers, loan agreements and underwriting costs for new customers and solar energy systems23,101 18,944 7,306 
Inventory sales costs103,332 176,371 178,310 
Cash sales costs82,268 51,832 38,766 
Direct sales costs59,571 48,049 6,262 
Maintenance and servicing of solar energy system and energy storage systems29,732 37,444 16,786 
Property insurance14,847 11,207 7,820 
Impairments, excluding goodwill55,905 43,442 8,459 
Payroll and employee related expense217,392 187,186 116,029 
Legal, insurance, office and business travel costs39,439 37,664 24,858 
Consultants, contractors and professional fees44,537 36,614 25,378 
Amortization expense30,738 29,583 29,224 
Software and business technology expense33,203 26,506 15,778 
Depreciation expense not related to solar energy systems and energy storage systems38,706 23,126 11,887 
Financing deal costs14,547 1,723 930 
Marketing expense13,027 16,172 10,317 
Sales, franchise, other taxes and bank fees11,109 10,236 6,259 
Provision for current expected credit losses and other bad debt expense35,094 46,199 43,018 
Goodwill impairment— 13,150 — 
Other operating (income) expense17,478 (3,978)(26,566)
Interest expense, net491,172 371,937 107,775 
Interest income(149,918)(115,872)(59,799)
Income tax (benefit) expense(144,513)(1,023)3,886 
Other segment expenses (1)
30,929 20,747 18,142 
Segment net loss
(446,289)(497,797)(129,415)
Non-reportable segment net loss
(1,484)(4,629)(861)
Net loss$(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 
 December 31,
202420232022
(in thousands)
PPA revenue$175,583 $123,646 $104,563 
Lease revenue239,010 147,788 100,070 
Solar renewable energy certificate revenue58,568 50,375 48,698 
Loan revenue47,940 34,716 18,601 
Service revenue11,786 16,197 4,178 
Other revenue8,626 5,414 4,691 
Customer agreements and incentives541,513 378,136 280,801 
Inventory sales revenue106,256 185,855 195,980 
Cash sales revenue138,594 95,142 72,425 
Direct sales revenue49,350 60,590 8,484 
Solar energy system and product sales294,200 341,587 276,889 
Total segment revenue
835,713 719,723 557,690 
Non-reportable segment revenue4,209 930 — 
Total revenue$839,922 $720,653 $557,690 

As of December 31,
20242023
(in thousands)
Segment assets
$13,339,654 $11,334,748 
Non-reportable segment assets14,045 6,223 
Total assets
$13,353,699 $11,340,971 

Year Ended 
 December 31,
202420232022
(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,
20242023
(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, 2024Year Ended December 31, 2023
Financial Statement ClassificationFinancial Statement Classification
ITC
Sales
Redeemable
Noncontrolling
Interests and
Noncontrolling
Interests
Income
Tax
Benefit
ITC
Sales		Redeemable
Noncontrolling
Interests and
Noncontrolling
Interests		Income
Tax
Benefit
(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 
v3.25.0.1
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 Lives20242023
(in years)(in thousands)
Solar energy systems and energy storage systems35$7,425,371 $5,443,796 
Construction in progress499,018 530,180 
Asset retirement obligations30102,422 78,538 
Software and business technology systems
3155,044 130,300 
Computers and equipment
3-5
7,743 7,503 
Leasehold improvements
1-6
7,208 6,170 
Furniture and fixtures71,172 1,172 
Vehicles
4-5
1,640 1,640 
Other
5-6
419 419 
Property and equipment, gross8,200,037 6,199,718 
Less: accumulated depreciation(788,083)(560,924)
Property and equipment, net$7,411,954 $5,638,794 
v3.25.0.1
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,
20242023
(in thousands)
Current portion of customer notes receivable$193,081 $176,562 
Inventory126,695 148,575 
Restricted cash78,240 62,188 
Prepaid assets30,763 25,996 
Deferred receivables10,609 7,601 
Other14,923 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,
20242023
(in thousands)
Restricted cash$258,679 $219,382 
Prepaid assets
55,535 33,154 
Other569,558 643,349 
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,
20242023
(in thousands)
Interest payable$73,812 $67,647 
Deferred revenue60,408 50,815 
Other31,641 15,187 
Total$165,861 $133,649 
v3.25.0.1
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 
 December 31,
20242023
(in thousands)
Balance at beginning of period$96,227 $69,869 
Additional obligations incurred23,959 21,529 
Accretion expense6,652 4,905 
Other(111)(76)
Balance at end of period$126,727 $96,227 
v3.25.0.1
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,
20242023
(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,
20242023
(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 
 December 31,
20242023
(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 
 December 31,
20242023
(in thousands)
Balance at beginning of period$2,559 $1,676 
Provision for current expected credit losses10,495 4,978 
Write off of uncollectible accounts(8,680)(4,370)
Recoveries442 275 
Other, net(115)— 
Balance at end of period$4,701 $2,559 
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 
 December 31,
20242023
(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 
 December 31,
20242023
(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,
20242023
(in thousands)
1-90 days past due$169,904 $164,150 
91-180 days past due49,056 40,428 
Greater than 180 days past due166,091 77,110 
Total past due (1)
385,051 281,688 
Not past due3,873,335 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
20242023202220212020PriorTotal
(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.
v3.25.0.1
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, 2024Year Ended
December 31, 2023
Weighted Average
Effective Interest
Rates		As of December 31, 2023
Long-termCurrentLong-termCurrent
(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 facility10.84 %166,640 — 8.72 %511,000 — 
Debt discount, net(137)— (302)— 
HELII
Solar asset-backed notes5.61 %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 notes5.55 %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 notes4.44 %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 facility10.26 %1,167,950 — 10.03 %1,036,600 — 
Debt discount, net(618)— (1,168)— 
SOLI
Solar asset-backed notes3.93 %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 notes4.15 %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 notes2.90 %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 notes2.51 %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 notes2.83 %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 notes2.12 %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 notes2.53 %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 notes3.66 %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 notes5.93 %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 notes5.67 %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 notes8.12 %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 facility11.11 %7,419 — 8.90 %31,300 — 
SOLV
Solar asset-backed notes6.94 %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 notes6.51 %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 notes7.01 %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 notes6.14 %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 notes6.81 %218,720 4,060 — — 
Debt discount, net(11,055)— — — 
Deferred financing costs, net(5,603)— — — 
HELXIII
Solar loan-backed notes6.31 %187,671 21,355 — — 
Debt discount, net(6,581)— — — 
Deferred financing costs, net(4,512)— — — 
HESII
Solar loan-backed notes6.25 %146,019 16,618 — — 
Debt discount, net(112)— — — 
Deferred financing costs, net(6,366)— — — 
HELXIV
Solar loan-backed notes7.33 %191,022 34,275 — — 
Debt discount, net(6,976)— — — 
Deferred financing costs, net(4,945)— — — 
SOLVII
Solar asset-backed notes7.06 %313,229 5,467 — — 
Debt discount, net(8,657)— — — 
Deferred financing costs, net(8,984)— — — 
SOLVIII
Solar asset-backed notes6.81 %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 
The following table presents a summary of these changes in the estimated fair values for certain of our debt instruments:
As of December 31, 2023
As
Reported
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, 2024As of December 31, 2023
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
(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 facility166,640 166,640 511,000 511,000 
HELII solar asset-backed notes195,267 187,463 203,998 198,590 
RAYSI solar asset-backed notes105,693 95,188 111,445 102,480 
HELIII solar loan-backed notes88,513 80,453 96,215 87,982 
TEPH revolving credit facility1,167,950 1,167,950 1,036,600 1,036,600 
SOLI solar asset-backed notes335,254 296,462 348,839 310,928 
HELIV solar loan-backed notes100,266 91,562 108,312 96,603 
AP8 credit facility
— — 215,000 215,000 
AP8 notes payable
75,000 75,164 — — 
SOLII solar asset-backed notes219,654 183,326 229,150 192,589 
HELV solar loan-backed notes138,365 125,416 147,969 132,533 
SOLIII solar asset-backed notes254,840 216,337 273,307 235,318 
HELVI solar loan-backed notes163,759 146,402 173,422 153,836 
HELVII solar loan-backed notes126,850 114,480 133,715 120,413 
HELVIII solar loan-backed notes250,183 228,803 263,015 241,599 
SOLIV solar asset-backed notes322,758 309,118 334,076 325,816 
HELIX solar loan-backed notes201,305 190,531 211,420 203,375 
HELX solar loan-backed notes209,887 207,941 220,838 221,655 
IS revolving credit facility7,419 7,419 31,300 31,300 
SOLV solar asset-backed notes312,406 304,836 320,619 317,481 
HELXI solar loan-backed notes260,127 254,157 278,491 275,323 
HELXII solar loan-backed notes216,404 216,501 236,924 242,091 
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 notes222,780 221,731 — — 
HELXIII solar loan-backed notes209,026 207,723 — — 
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
of Long-Term Debt
(in thousands)
2025$327,228 
20262,607,108 
2027290,814 
20281,308,832 
2029711,618 
2030 and thereafter3,475,612 
Total$8,721,212 
v3.25.0.1
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,
20242023
Effective
Date		Termination
Date		Fixed
Interest
Rate		Aggregate
Notional
Amount		Effective
Date		Termination
Date		Fixed
Interest
Rate		Aggregate
Notional
Amount
(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,
20242023
(in thousands)
Other assets$11,954 $55,471 
The following table presents the impact of the interest rate swaps and caps as recorded in the Consolidated Statements of Operations:
Year Ended 
 December 31,
202420232022
(in thousands)
Realized gain$(51,047)$(56,623)$(51,207)
Unrealized (gain) loss3,771 67,318 (19,451)
Total$(47,276)$10,695 $(70,658)
v3.25.0.1
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 
 December 31,
202420232022
(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)$3,886 
Schedule of Effective Income Tax Rate Reconciliation Total income tax differs from the amounts computed by applying the statutory income tax rate to loss before income tax primarily as a result of the intercompany sale of solar energy systems to our tax equity partnerships, our valuation allowance and income tax benefit from the sale of ITCs. The sources of these differences are as follows:
Year Ended 
 December 31,
202420232022
(in thousands)
Loss before income tax$(592,286)$(503,449)$(126,390)
Statutory federal tax rate21 %21 %21 %
Tax benefit computed at statutory rate(124,380)(105,724)(26,542)
State and territory income tax, net of federal (benefit) expense12,615 14,804 (3,167)
Adjustments from permanent differences:
Tax equity activities165,094 138,895 77,755 
ITC sales(157,956)(15,893)— 
Redeemable noncontrolling interests and noncontrolling interests16,775 17,738 (6,587)
ITC recapture— — 101 
Other2,002 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 
 December 31,
202420232022
Statutory federal tax rate21 %21 %21 %
State and territory income tax, net of federal (benefit) expense(2)(3)3 
Tax equity activities(27)(28)(62)
ITC sales26 3 — 
Redeemable noncontrolling interests and noncontrolling interests(3)(4)5 
Other— — (1)
Decrease in valuation allowance, net9 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,
20242023
(tax effected, in thousands)
Federal net operating loss carryforward
$285,915 $238,447 
State net operating loss carryforward
89,558 60,980 
ITC carryforward313,329 309,693 
Foreign tax credit carryforward
8,297 18,087 
Federal unused interest deduction carryforward73,417 49,979 
Equity-based compensation10,618 22,935 
Deferred revenue7,331 7,433 
Unrealized loss on derivatives
1,785 (17,119)
Other deferred tax assets59,423 48,619 
Deferred tax assets849,673 739,054 
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)
v3.25.0.1
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 EntityBalance Sheet ClassificationDate Class A
Member Admitted		Class A Member
Capital Commitment
Sunnova TEP II, LLC ("TEPII")Redeemable noncontrolling interestsDecember 2017$45,000 
Sunnova TEP III, LLCRedeemable noncontrolling interestsJanuary 2019$50,000 
Sunnova TEP IV-A, LLC ("TEPIVA")Noncontrolling interestsAugust 2019$75,000 
Sunnova TEP IV-B, LLC ("TEPIVB")Noncontrolling interestsDecember 2019$50,000 
Sunnova TEP IV-C, LLC ("TEPIVC")Noncontrolling interestsFebruary 2020$75,000 
Sunnova TEP IV-D, LLC ("TEPIVD")Noncontrolling interestsMay 2020$155,000 
Sunnova TEP IV-F, LLCNoncontrolling interestsJuly 2020$10,000 
Sunnova TEP IV-E, LLC ("TEPIVE")Noncontrolling interestsSeptember 2020$75,000 
Sunnova TEP IV-G, LLC ("TEPIVG")Noncontrolling interestsNovember 2020$100,000 
Sunnova TEP V-D, LLC ("TEPVD")Noncontrolling interestsApril 2021$50,000 
Sunnova TEP V-A, LLCNoncontrolling interestsApril 2021$25,000 
Sunnova TEP V-B, LLC ("TEPVB")Noncontrolling interestsMay 2021$150,000 
Sunnova TEP V-C, LLC ("TEPVC")Noncontrolling interestsJuly 2021$150,152 
Sunnova TEP V-E, LLCRedeemable noncontrolling interestsOctober 2021$11,634 
Sunnova TEP 6-A, LLC ("TEP6A")Noncontrolling interestsDecember 2021$57,676 
Sunnova TEP 6-B, LLC ("TEP6B")Noncontrolling interestsFebruary 2022$150,000 
Sunnova TEP 6-E, LLCRedeemable noncontrolling interestsMay 2022$17,452 
Sunnova TEP 6-D, LLC ("TEP6D")
Noncontrolling interestsSeptember 2022$79,598 
Sunnova TEP 6-C, LLC ("TEP6C")Redeemable noncontrolling interestsOctober 2022$30,000 
Sunnova TEP 7-C, LLC
Redeemable noncontrolling interestsNovember 2022$53,077 
Sunnova TEP 7-A, LLC ("TEP7A")
Noncontrolling interestsDecember 2022$61,364 
Sunnova TEP 7-B, LLC
Redeemable noncontrolling interestsDecember 2022$137,721 
Sunnova TEP 7-D, LLC ("TEP7D")
Noncontrolling interestsDecember 2022$250,000 
Sunnova TEP 7-E, LLC
Redeemable noncontrolling interestsMay 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 
v3.25.0.1
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 
 December 31,
202420232022
Expected dividend yield0.00%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
of Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (Years)		Weighted
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20223,259,459 $18.48 4.75$10,341 
Granted1,017,493 $15.01 9.23$8.82 
Exercised(41,788)$12.91 $203 
Forfeited(217,015)$19.38 $8.77 
Outstanding, December 31, 20234,018,149 $17.61 4.97$5,542 
Granted1,989,147 $6.87 9.20$4.25 
Exercised(11,357)$1.85 $118 
Forfeited(619,553)$14.75 $8.17 
Outstanding, December 31, 20245,376,386 $14.00 5.44$— 
Exercisable, December 31, 20242,623,734 $17.02 1.96$— 
Vested and expected to vest, December 31, 20245,376,386 $14.00 5.44$— 
Non-vested, December 31, 20231,443,054 $10.78 
Non-vested, December 31, 20242,752,652 $6.43 

Year Ended 
 December 31,
20242023
(in thousands, except number of stock options vested)
Number of stock options vested148,859 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
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding, December 31, 20221,609,615 $20.62 
Granted2,155,890 $14.50 
Vested(1,009,102)$18.10 
Forfeited(372,198)$17.78 
Outstanding, December 31, 20232,384,205 $16.60 
Granted6,136,329 $5.85 
Vested(2,135,502)$11.10 
Forfeited(1,444,439)$9.70 
Outstanding, December 31, 20244,940,593 $7.65 
Year Ended 
 December 31,
20242023
(in thousands, except number of restricted stock units vested)
Number of restricted stock units vested2,135,502 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
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding, December 31, 2023— $— 
Granted1,480,308 $6.29 
Forfeited(352,100)$6.48 
Outstanding, December 31, 20241,128,208 $3.43 

Year Ended 
 December 31,
20242023
(in thousands, except number of restricted stock units vested)
Number of restricted stock units vested— — 
Grant date fair value of restricted stock units vested$— $— 
v3.25.0.1
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 
 December 31,
202420232022
(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 diluted124,240,517 118,344,728 114,451,034 
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 
 December 31,
202420232022
Equity-based compensation awards10,212,159 6,093,155 4,907,458 
Convertible senior notes34,150,407 34,150,407 23,228,952 
v3.25.0.1
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,
20242023
(in thousands)
Other current liabilities$3,527 $2,667 
Other long-term liabilities5,179 4,086 
Total$8,706 $6,753 

The changes in our performance guarantee obligations are as follows:

Year Ended 
 December 31,
20242023
(in thousands)
Balance at beginning of period$6,753 $4,845 
Accruals4,760 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 
 December 31,
202420232022
(in thousands)
Operating lease expense$3,019 $2,910 $2,753 
Finance lease expense:
Amortization expense2,305 1,150 783 
Interest on lease liabilities277 109 60 
Short-term lease expense371 197 141 
Variable lease expense1,216 1,049 961 
Total$7,188 $5,415 $4,698 
Other information related to leases was as follows:

Year Ended 
 December 31,
202420232022
(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,
20242023
Weighted average remaining lease term (years):
Operating leases4.585.51
Finance leases3.593.12
Weighted average discount rate:
Operating leases4.01 %4.06 %
Finance leases5.81 %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,
20242023
(in thousands)
Right-of-use assets:
Operating leases$10,941 $13,247 
Finance leases14,684 4,085 
Total right-of-use assets$25,625 $17,332 
Current lease liabilities:
Operating leases$2,951 $2,883 
Finance leases4,580 1,348 
Long-term leases liabilities:
Operating leases11,105 14,005 
Finance leases6,939 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
Leases		Finance
Leases
(in thousands)
2025$3,458 $5,125 
20263,240 3,470 
20273,304 2,487 
20283,372 1,485 
20292,113 — 
2030 and thereafter— — 
Total15,487 12,567 
Amount representing interest(1,355)(1,048)
Amount representing leasehold incentives(76)— 
Present value of future payments14,056 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
Commitments
(in thousands)
2025$56,338 
202635,000 
202730,000 
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 
20267,941 
20276,434 
2028515 
2029515 
2030 and thereafter515 
Total$27,240 
v3.25.0.1
Description of Business and Basis of Presentation - Narrative (Details)
customer in Thousands
 12 Months Ended
Dec. 31, 2024
state
customer
renewalOption
Subsidiary, Sale of Stock [Line Items]  
Number of customers | customer 441
Number of states in which entity operates (more than) | state 50
Maximum renewal term 10 years
Solar Service Agreement | Minimum  
Subsidiary, Sale of Stock [Line Items]  
Agreement term 10 years
Solar Service Agreement | Maximum  
Subsidiary, Sale of Stock [Line Items]  
Agreement term 25 years
Lease and Power Purchase Agreement (PPA) | Lease Agreement, Option One  
Subsidiary, Sale of Stock [Line Items]  
Number of options to renew term 2
Renewal term 5 years
Lease and Power Purchase Agreement (PPA) | Lease Agreement, Option Two  
Subsidiary, Sale of Stock [Line Items]  
Number of options to renew term 1
Renewal term 10 years
Ancillary Products | Minimum  
Subsidiary, Sale of Stock [Line Items]  
Agreement term 1 year
Ancillary Products | Maximum  
Subsidiary, Sale of Stock [Line Items]  
Agreement term 20 years
v3.25.0.1
Description of Business and Basis of Presentation - Consolidated Statements of Operations Revision (Details) - USD ($)
$ 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
v3.25.0.1
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 $ 189.0 $ 187.0
Restricted cash deposits in excess of FDIC insured limit $ 328.4 $ 274.4
v3.25.0.1
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  
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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 $ 385.0 $ 147.8  
Accrued expenses to dealers $ 12.0 $ 19.1  
Dealer One | Expenditures To Dealers | Customer Concentration Risk      
Inventory [Line Items]      
Concentration risk 25.00% 20.00% 26.00%
Dealer One | Revenue Benchmark | Customer Concentration Risk      
Inventory [Line Items]      
Concentration risk   16.00% 16.00%
Dealer Two | Expenditures To Dealers | Customer Concentration Risk      
Inventory [Line Items]      
Concentration risk   16.00% 16.00%
Dealer Three | Expenditures To Dealers | Customer Concentration Risk      
Inventory [Line Items]      
Concentration risk     11.00%
v3.25.0.1
Significant Accounting Policies - Dealer Commitments (Details)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Customer agreement, average term 23 years
v3.25.0.1
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
v3.25.0.1
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  
v3.25.0.1
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
v3.25.0.1
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 30.00%
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 5.00%
v3.25.0.1
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
v3.25.0.1
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 33,000,000.0                          
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 5,000,000.0 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                       $ 400,000,000.0   $ 200,000,000.0 $ 70,000,000.0 $ 100,000,000.0
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   $ 550,000,000.0       $ 1,000,000,000.0 $ 900,000,000.0 $ 800,000,000.0 $ 575,000,000.0 $ 585,000,000.0 $ 535,000,000.0 $ 475,000,000.0 $ 350,000,000.0 $ 200,000,000.0    
Subsequent Event | Credit facility | Line of credit | Solstice Debt Facility                                
Disaggregation of Revenue [Line Items]                                
Maximum borrowing capacity         $ 185,000,000.0                      
Subsequent Event | Credit facility | Line of credit | EZOP                                
Disaggregation of Revenue [Line Items]                                
Debt covenant, takeout transactions not completed on percent of eligible loans 95.00%                              
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)   4.00%                            
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                            
v3.25.0.1
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  
v3.25.0.1
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  
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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)
v3.25.0.1
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 $73,518 as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Significant Accounting Policies - ITC Sales (Details) - USD ($)
$ 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  
v3.25.0.1
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  
v3.25.0.1
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  
v3.25.0.1
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  
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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    
v3.25.0.1
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  
v3.25.0.1
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
v3.25.0.1
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  
v3.25.0.1
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 9.00% 7.00%
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
v3.25.0.1
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  
v3.25.0.1
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                
v3.25.0.1
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             $ 60.00                                            
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                             $ 317,000,000.0                                                        
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                             $ 38,000,000.0                                                        
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                           $ 178,000,000.0                                                          
Stated interest rate (as a percent)                           5.00%                                                          
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)                           6.00%                                                          
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)                         6.00%                                                            
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)                   6.00%                                                                  
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)               6.00%                                                                      
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                             $ 400,000,000.0                       $ 200,000,000.0   $ 100,000,000.0                           $ 70,000,000.0
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                                         130.00%                                            
Redemption price, percentage                           100.00%             100.00%                                            
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                                         98.00%                                            
Convertible senior notes | SEI | 0.25% convertible senior notes                                                                                      
Debt Instrument [Line Items]                                                                                      
Principal amount of debt issued                                         $ 575,000,000.0                                            
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                           $ 600,000,000.0                                                          
Stated interest rate (as a percent)                           2.625%                               2.625%                          
Discount (as a percent)                           2.50%                                                          
Purchase price                           $ 585,000,000.0                                                          
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                           130.00%                                                          
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                           98.00%                                                          
Senior notes | Sunnova Energy Corporation | 5.875% senior notes                                                                                      
Debt Instrument [Line Items]                                                                                      
Principal amount of debt issued                                   $ 400,000,000.0                                                  
Stated interest rate (as a percent)                                   5.875%                       5.875%                          
Discount (as a percent)                                   1.24%                                                  
Purchase price                                   $ 395,000,000.0                                                  
Senior notes | Sunnova Energy Corporation | 11.75% senior notes                                                                                      
Debt Instrument [Line Items]                                                                                      
Principal amount of debt issued             $ 400,000,000.0                                                                        
Stated interest rate (as a percent)             11.75%                                             11.75%                          
Discount (as a percent)             2.74%                                                                        
Purchase price             $ 389,000,000.0                                                                        
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                                       $ 319,000,000.0                                              
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)         7.00%                                                                            
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         $ 15,000,000.0                                                                            
Stated interest rate (as a percent)         9.00%                                                                            
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)   9.00%                                                                                  
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)                                                           11.00%                          
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                                                       $ 202,000,000.0                              
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                                                     $ 15,000,000.0                                
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         $ 166,000,000.0                                                                            
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)         6.00%                                                                            
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)         7.00%                                                                            
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     $ 152,000,000.0                                                                                
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)     7.00%                                                                                
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)     8.00%                                                                                
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                                                   $ 13,000,000.0                                  
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                     $ 300,000,000.0                                                                
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               $ 1,000,000,000.0       $ 900,000,000.0   $ 585,000,000.0 $ 475,000,000.0                       $ 200,000,000.0     550,000,000.0         $ 800,000,000.0   $ 575,000,000.0 $ 535,000,000.0 $ 350,000,000.0        
Aggregate committed amount               875,000,000.0       775,000,000.0   $ 450,000,000.0                               550,000,000.0         $ 675,000,000.0                
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 $ 859,000,000.0   $ 689,700,000 639,700,000     $ 600,000,000.0      
Aggregate committed amount $ 1,362,000,000     $ 1,361,000,000               700,000,000.0                                       $ 1,311,000,000 $ 1,309,000,000 $ 769,300,000   $ 600,000,000.0 $ 564,700,000     $ 460,700,000   $ 100,000,000.0  
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                                                           60.00%                          
Credit facility | Line of credit | TEPH | Solar Projects Under Construction                                                                                      
Debt Instrument [Line Items]                                                                                      
Advanced rate                                                           80.00%                          
Reserve                                                           100.00%                          
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                       $ 50,000,000.0                                                              
Maturity period after parent credit facility maturity                       6 months                                                              
Maturity trigger, parent credit facility, terminated minimum                       $ 250,000,000.0                                                              
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               $ 215,000,000.0 $ 185,000,000.0     150,000,000.0 $ 75,000,000.0                                                       $ 60,000,000.0    
Basis spread on variable rate                         3.00%                                                            
Credit facility | Line of credit | AP9                                                                                      
Debt Instrument [Line Items]                                                                                      
Maximum borrowing capacity             $ 65,000,000.0                                                                        
Credit facility | Line of credit | BMB                                                                                      
Debt Instrument [Line Items]                                                                                      
Aggregate committed amount                                                               $ 25,000,000.0                      
Letter of Credit | Line of credit | IS                                                                                      
Debt Instrument [Line Items]                                                                                      
Maximum borrowing capacity                       $ 0                                   $ 6,000,000.0                          
v3.25.0.1
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              
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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 699,700,000 798,000,000.0
Realized gain 27,000,000.0 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 0 140,000,000.0
Aggregate notional amount of unwound derivative 215,000,000.0 0
Realized gain   1,100,000
Realized loss 1,900,000  
AP9    
Derivative [Line Items]    
Aggregate notional amount of derivative 0 25,000,000.0
Aggregate notional amount of unwound derivative 25,000,000.0 0
Realized gain   $ 62,000
Realized loss $ 620,000  
v3.25.0.1
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 4.00% 2.00%
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 $ 140,000,000.0
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 $ 25,000,000.0
AP9 | Interest Rate Swap Four    
Derivative [Line Items]    
Fixed Interest Rate 4.25%
Aggregate Notional Amount $ 0 $ 25,000,000
v3.25.0.1
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
v3.25.0.1
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)
v3.25.0.1
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
v3.25.0.1
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 24.00% 0.00% (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    
v3.25.0.1
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 21.00% 21.00% 21.00%
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
v3.25.0.1
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 21.00% 21.00% 21.00%
State and territory income tax, net of federal (benefit) expense (2.00%) (3.00%) 3.00%
Tax equity activities (27.00%) (28.00%) (62.00%)
ITC sales 26.00% 3.00% 0.00%
Redeemable noncontrolling interests and noncontrolling interests (3.00%) (4.00%) 5.00%
Other 0.00% 0.00% (1.00%)
Decrease in valuation allowance, net 9.00% 11.00% 31.00%
Total effective income tax benefit (expense) rate 24.00% 0.00% (3.00%)
v3.25.0.1
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)
v3.25.0.1
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                                                              
v3.25.0.1
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)     5.00%    
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)     67.00%    
Class A members | Sunnova TEP I, LLC          
Noncontrolling Interest [Line Items]          
Interest purchased   100.00%      
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 100.00%        
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)     33.00%    
Maximum | Class A members          
Noncontrolling Interest [Line Items]          
Allocation of income (loss)     99.00%    
Minimum | Class B Members          
Noncontrolling Interest [Line Items]          
Allocation of income (loss)     1.00%    
v3.25.0.1
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        
v3.25.0.1
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)       5.00%        
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     0.00% 0.00% 0.00%      
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   95.00%            
Purchase period   6 months            
Maximum employee eligible contribution   15.00%            
Maximum annual contributions per employee | $   $ 25,000            
Shares issued in period (in shares)     167,967 35,160        
v3.25.0.1
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 0.00% 0.00% 0.00%
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%  
v3.25.0.1
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) 14.00 $ 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) $ 14.00    
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  
v3.25.0.1
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  
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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
v3.25.0.1
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%  
v3.25.0.1
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
v3.25.0.1
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 $ 0      
Amount of the gurantee 12,000,000.0 12,000,000.0      
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       $ 163,000,000.0
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     $ 7,000,000.0 $ 5,000,000.0  
v3.25.0.1
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  
v3.25.0.1
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
v3.25.0.1
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                             $ 400,000,000.0   $ 200,000,000.0 $ 70,000,000.0 $ 100,000,000.0
Credit facility | Line of credit | EZOP                                      
Subsequent Event [Line Items]                                      
Maximum borrowing capacity           $ 550,000,000.0     $ 1,000,000,000.0 $ 900,000,000.0 $ 800,000,000.0 $ 575,000,000.0 $ 585,000,000.0 $ 535,000,000.0 $ 475,000,000.0 $ 350,000,000.0 $ 200,000,000.0    
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   100.00%                                  
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         $ 185,000,000.0                            
Stated interest rate (as a percent)         15.00%                            
Subsequent Event | Credit facility | Line of credit | EZOP                                      
Subsequent Event [Line Items]                                      
Debt covenant, takeout transactions not completed on percent of eligible loans   95.00%                                  
Debt instrument, reserve account deposit   $ 7,100,000                                  
v3.25.0.1
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.
v3.25.0.1
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
v3.25.0.1
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)
v3.25.0.1
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
v3.25.0.1
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 $ 12.00