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  "documentTitle": "Sunrun Inc. (RUN)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-10-25 00:00:00",
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      "text": "This appears aggressive, and we sensitize churn rates from 20%-34% in Year 21; from 5%-10% in Years 22-25; 21%-36% in Year 26; and 12%-23% in Years 27-30.",
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      "text": "Panel Removal Cost: RUN assumes zero cost; we estimate NPV of $668 million.",
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      "text": "Maintenance Cost: RUN assumes $15/kW; we believe $24/kW is more realistic.",
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      "text": "Contract Default and Cancellation: RUN assumes no defaults; we believe a 3.75% default rate is more realistic.",
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      "text": "Our Initial Short Thesis on Subscriber Value in Detail",
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