v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Revenue from External Customers
Revenue from external customers (including, but not limited to homeowners) for each group of similar products and services is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Customer agreements$433,439 $358,084 $814,799 $662,218 
Incentives24,561 29,741 46,121 48,574 
Customer agreements and incentives458,000 387,825 860,920 710,792 
Solar energy systems37,874 55,281 77,942 120,346 
Product sales73,462 80,760 134,745 150,916 
Solar energy systems and product sales111,336 136,041 212,687 271,262 
Total revenue$569,336 $523,866 $1,073,607 $982,054 
Schedule of Cash and Restricted Cash
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. Cash and restricted cash consists of the following (in thousands):
Six Months Ended June 30,
  20252024
Beginning of period:
   Cash $574,956 $678,821 
   Restricted cash, current and long-term372,460 309,017 
Total$947,416 $987,838 
End of period:
   Cash $618,057 $707,587 
   Restricted cash, current and long-term394,020 334,661 
Total$1,012,077 $1,042,248 
Schedule of Cash and Restricted Cash
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. Cash and restricted cash consists of the following (in thousands):
Six Months Ended June 30,
  20252024
Beginning of period:
   Cash $574,956 $678,821 
   Restricted cash, current and long-term372,460 309,017 
Total$947,416 $987,838 
End of period:
   Cash $618,057 $707,587 
   Restricted cash, current and long-term394,020 334,661 
Total$1,012,077 $1,042,248 
Schedule of Accounts Receivable, Net
Accounts receivable, net consists of the following (in thousands):
  June 30, 2025 December 31, 2024
Customer receivables$192,955 $179,152 
Other receivables10,635 6,974 
Allowance for credit losses(17,065)(15,420)
Total$186,525 $170,706 
Schedule of Deferred Revenue
The balance of deferred revenue was $1.2 billion as of December 31, 2023. Deferred revenue consists of the following (in thousands):
 June 30, 2025December 31, 2024
Under Customer Agreements:
Payments received, net$983,765 $950,225 
Financing component balance83,544 79,731 
1,067,309 1,029,956 
Under SREC contracts:
Payments received, net339,031 291,972 
Financing component balance19,432 16,419 
358,463 308,391 
Total$1,425,772 $1,338,347