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sales and lead generation partners who provide us with high-quality leads and customers at competitive prices.
−Removed: We compensate our sales partners on a per customer basis for the sales and lead generation services they perform for us.
+Added: We typically compensate our sales partners on a per customer basis for the sales and lead generation services they perform for us.
All contracts are between the customer and us, based on a price set by us.
• Installation partners:
−Removed: trusted installation partners who procure and install a subset of our solar energy systems as our subcontractors and allow us to more efficiently deploy a mix of in-house and outsourced installation capabilities.
+Added: trusted installation partners who procure and install a subset of our solar energy systems as our subcontractors and allow us to deploy a mix of in-house and outsourced installation capabilities more efficiently.
We compensate our installation partners on a per solar energy system basis for the procurement of materials and installation work they perform for us.
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If we do not reduce our cost structure in the future, our ability to continue to be profitable may be impaired.
−Removed: ”--tariffs on both solar modules and inverters were imposed beginning in 2018.
+Added: ” Section 201 tariffs on solar modules were imposed beginning in 2018 and were extended through 2026.
While these tariffs have not had a material negative impact on our business, we believe the tariffs were a contributing factor to smaller decreases to equipment costs than we would have otherwise experienced in 2021.
+Added: In addition, federal agencies and Congress are increasing enforcement against the importation of products suspected of being manufactured with forced labor.
+Added: customs enforcement and the implementation of a new federal law could negatively impact our supply chain and the availability of products that we use to conduct our business.
+Added: See “Risks Related to the Solar Industry” below for more information.
We believe that our primary competitors are the traditional utilities that supply electricity to our potential customers.
−Removed: We compete with these traditional utilities primarily based on price (cents per kilowatt hour), predictability of future prices (by providing pre-determined annual price escalations), the backup power capabilities of our BrightboxTM battery storage solution and the ease by which customers can switch to electricity generated by our solar energy systems.
+Added: We compete with these traditional utilities primarily based on price (cents per kilowatt hour), predictability of future prices (by providing pre-determined annual price escalations), the backup power capabilities of our Brightbox TM battery storage solution and the ease by which customers can switch to electricity generated by our solar energy systems.
We also compete with companies that are not regulated like traditional utilities but that have access to the traditional utility electricity transmission and distribution infrastructure pursuant to state and local pro-competitive and consumer choice policies and with solar companies with business models that are similar to ours.
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From and after 2023, we may seek to avail ourselves of the 26% credit rate by using these methods to establish the beginning of construction in 2020, 2021, or 2022 and we may plan to similarly further utilize the program in future years if the Commercial ITC step down continues.
+Added: Congress may extend or otherwise alter the Commercial ITC, as well as the depreciation benefits for solar, via legislation in 2022.
More than half of the states, and many local jurisdictions, have established property tax incentives for renewable energy systems that include exemptions, exclusions, abatements and credits.
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While there are numerous federal, state and local government incentives that benefit our business, some adverse interpretations or determinations of new and existing laws can have a negative impact on our business.
−Removed: For example, in the state of Texas, the Court of Appeals for the Fifth District of Texas at Dallas recently held that a personal property tax exemption on solar panels does not apply to solar panels that are leased (as opposed to owned), and counties in that district have subjected our leased solar panels to personal property taxes.
−Removed: That decision is currently being challenged;
−Removed: however, an adverse outcome will subject us to an increase in personal property taxes.
−Removed: If we pass this additional tax on to our customers in the form of higher prices, it could reduce or eliminate entirely any savings that these solar panels might otherwise provide to our customers in Texas.
Human Capital Management
−Removed: We believe Sunrun’s employees are our core differentiators, embodying Sunrun values and a culture of conscious leadership, coming together to do their best work every day to enable our vision of a "planet run by the sun”.
+Added: At Sunrun, we are obsessed with our customers and our mission to work together to electrify homes, powered by a planet run by the sun.
+Added: That is only made possible by focusing on and investing in our people.
At Sunrun, the foundation of all our talent programs and initiatives is fostering a culture of inclusive, connected and innovative teams.
−Removed: In 2020, we focused on building a shared identity and strengthening our culture of belonging, especially as we managed the integration of Vivint Solar and the challenges of COVID-19.
−Removed: Conscious Leadership.
−Removed: To build a culture of inclusive leadership and develop our leaders, we recently launched a multi-phased conscious leadership training strategy.
−Removed: We are undertaking a process, beginning with a multi-month training, to build stronger leaders who are passionate about developing themselves and a strong culture of thoughtful leadership throughout the Company.
−Removed: Diversity, Inclusion and Belonging .
−Removed: We believe that having a diverse workforce and an inclusive workplace better positions us to respond to the unique needs of our customers.
−Removed: We strengthened our efforts by hiring a new Head of Diversity, a new Head of Talent Management, and formed six Employee Resource Groups (ERGs) that have grown to a membership of over 800 employees as of December 31, 2020.
+Added: In 2021, we focused on talent attraction and acquisition, talent upskilling and bringing out the best in our employees to prepare us for accelerated growth and to meet our customer needs.
+Added: We expanded our conscious leadership training strategy to encompass all management levels and launched an Everyday Leadership framework for all employees.
+Added: We also introduced PowerU, an internal learning marketplace offering employees the ability to improve their skills and advance their careers by pursuing degrees and certifications fully funded by Sunrun.
+Added: Inclusion and Diversity .
+Added: We believe we will accomplish our goals by having a diverse team that reflects the diversity of our customers and who can connect with the unique experiences and backgrounds of our customers .
+Added: Our six Employee Resource Groups (ERGs) have grown to a membership of over 1,200 employees as of December 31, 2021.
These ERGs promote connection and communication among our employees, assist in the development and facilitation of programming that supports personal and professional development while also supporting the company’s objectives.
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Supporting Our Employees through COVID-19 .
−Removed: In response to COVID-19, we have established remote working arrangements, including work-from-home for certain employees and provided safety policies and protocols for our employees working in the field.
−Removed: Our management team has also implemented processes that facilitate frequent virtual interaction between individual employees and employee groups.
−Removed: Our cross functional task-force continues to monitor and recommend steps to help employees and our customers safely interact.
+Added: We stay committed to keeping our customers and employees safe and healthy.
+Added: In response to COVID-19, our cross functional task force continues to monitor safety standards and implement additional policies and protocols for employees.
Corporate Information
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.