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  "documentTitle": "Sunrun Inc. (RUN)",
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  "authorName": "Carson C. Block",
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  "notes": "Includes a chart on PV efficiency improvements to support the argument that existing systems will be obsolete by the time renewal contracts are due.",
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      "text": "To believe RUN's 90%+ renewal assumption, you must believe that its homeowners are willing to pay a lot of money (20- to 25-years in the future) to put obsolete (and degraded) systems back on their roofs.",
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      "text": "renewal assumption: 90%+",
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      "text": "To believe RUN's 90%+ renewal assumption, you must believe that its homeowners are willing to pay a lot of money (20- to 25-years in the future) to put obsolete (and degraded) systems back on their roofs.",
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      "text": "To the extent a portion of RUN's ~589,000 PPA customers make the seemingly rational decision to end their contract after their initial PPA terms, the cash flows from those contracts will cease, decreasing Net Earning Assets.",
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      "kind": "quote",
      "text": "The key distinction is that 50-cent delta [of Renewal Subscriber Value [per watt] is the reliance on renewals to create the full value. That 50-cent delta [per watt] ... in the back of my head, I just took like a machete to that.",
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      "text": "The key distinction is that 50-cent delta [of Renewal Subscriber Value [per watt] is the reliance on renewals to create the full value. That 50-cent delta [per watt] ... in the back of my head, I just took like a machete to that. No. The additional 50 cents of value creation is pretty suspect. — Former RUN executive",
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      "text": "17 https://www.nrel.gov/docs/fy21osti/80427.pdf\n18 Interview with Solar Executive C, October 2021",
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      "kind": "title",
      "text": "Renewal Rate Aggression Conclusion",
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