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  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Uses a 'before-after' or 'causal-chain' logic to link macro trends to a specific business threat.",
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      "text": "Home values across the country continue to rise, increasing the available home equity value for homeowners to borrow against",
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      "text": "Mortgage and home equity loan rates remain at historically low levels, allowing an inexpensive alternative to finance home improvements such as solar panel installations",
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      "text": "This should pose a threat to Sunnova’s lease dependent business.",
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      "text": "Home prices suddenly see biggest gains in 2 years; California Home Prices Break Another Record in July; Florida home sales brisk; Las Vegas housing market holding fast; Texas home prices head higher",
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      "text": "With mortgage rates near all time lows and home values rising, we believe rising home equity levels will allow homeowners an attractive method to purchase solar systems by tapping into the increased value of their home equity. Financing by loan allows customers to benefit from the tax deductibility of interest. This should pose a threat to Sunnova's lease dependent business.",
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      "text": "Mortgage rate forecast for 2020-2021: Experts predict rates below 3%",
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      "kind": "title",
      "text": "Lower Mortgage Rates & Higher Home Values Make Home Equity Loans More Appealing",
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