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  "documentTitle": "Sunrun Inc. (RUN)",
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  "authorName": "Carson Block",
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  "presentationDate": "2023-11-01 00:00:00",
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  "notes": "This is a research note page focusing on financial/regulatory misconduct allegations.",
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      "text": "It therefore appears that in 2022 alone, Sunrun claimed ITCs and other tax benefits on 14,390 systems that didn't exist, which equals approximately $205 million of inflated ITC and other tax benefit claims.",
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      "text": "In 2022, Sunrun had cashflow from Tax Equity (ITC) sales of $1.415 billion at $1.98 / watt; This equals installed wattage of 714.65MW; At 7.2 kW per system, this equals Tax Equity from 99,256 Subscribers",
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      "text": "Investment Tax Credits: $205 million",
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      "text": "Sunrun's response didn't deny overclaiming tax credits from the IRS... Sunrun is claiming ITCs and other tax incentives based on its inflated Subscriber numbers.",
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      "text": "Seemingly, the only way Sunrun would not be overclaiming tax credits would be if there were some reasonable explanation... Sunrun claimed ITCs and other tax benefits on 14,390 systems that didn't exist, which equals approximately $205 million of inflated ITC and other tax benefit claims.",
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      "text": "Sunrun asks investors to value it based on a fictitious number of Subscribers... Sunrun could end this controversy by disclosing for each quarter since FY 2021 a) the number of Subscribers that generated GAAP revenue... and b) the number of Subscribers for which it claimed / effectively sold ITCs.",
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      "text": "At the time of our presentation, it was clear from Sunrun's disclosures that in 2022, it effectively sold (via partnership flips) ITCs and other tax incentives for ~99,256 leased systems. This almost exactly matches the Subscriber additions Sunrun reported in 2022, which was 99,497.",
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      "text": "Sunrun is Likely Overclaiming Investment Tax Credits",
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