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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": "The table illustrates the sensitivity of project economics to regulatory tax incentives.",
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      "text": "We estimate gross profit per system will continue to drop as the solar investment tax credit steps down over the next 2 years. Lower margins and a reduced benefit for tax equity investors look to pressure an industry which already has tight margins and relies on tax equity to support their negative cash flows.",
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      "text": "Gross Profit After Tax Credit: 25%",
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      "text": "We estimate gross profit per system will continue to drop as the solar investment tax credit steps down over the next 2 years. Lower margins and a reduced benefit for tax equity investors look to pressure an industry which already has tight margins and relies on tax equity to support their negative cash flows.",
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      "text": "Source: Spruce Point analysis. Assumptions based on industry data and conversations with multiple industry executives",
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      "text": "Revenue & Costs table showing 6kW system economics across different ITC levels (30%, 26%, 21%, 10%, 0%)",
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      "text": "Margins Highly Dependent On Regulation",
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