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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Includes annotations highlighting key markets for Sunnova and markets with expected growth.",
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      "text": "Percentage of new residential installations owned by a third party, Q1 2017- Q1 2020",
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      "text": "TPO residential market share",
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      "text": "A majority of the United States solar installation markets are experiencing a reduction in the percentage of third-party owned residential solar systems. We expect this trend to continue and favor solar loan providers. Wood Mackenzie expects a rush to customer-owned systems in the second half of 2020 ahead of another ITC stepdown to 21% at the end of the year.",
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      "text": "Source: Wood Mackenzie",
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