What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-27 · 110 added, 98 removed, 138 unchanged (60% of the section changed)

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Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value.

We are engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems (“Projects”) in the United States.

We are engaged in the design, development, installation, sale, ownership and maintenance of residential energy systems (“Projects”) in the United States.

We provide clean, solar energy typically at savings compared to traditional utility energy.

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We also offer battery storage along with solar energy systems to our customers in select markets and sell our services to certain commercial developers through our multi-family and new homes offerings.

After inventing the residential solar service model and recognizing its enormous market potential, we have built the infrastructure and capabilities necessary to rapidly acquire and serve customers in a low-cost and scalable manner.

Today, our scalable operating platform provides us with a number of unique advantages.

First, we are able to drive distribution by marketing our solar service offerings through multiple channels, including our diverse partner network and direct-to-consumer operations.

This multi-channel model supports broad sales and installation capabilities, which together allow us to achieve capital-efficient growth.

Second, we are able to provide differentiated solutions to our customers that, combined with a great customer experience, we believe will drive meaningful margin advantages for us over the long term as we strive to create the industry’s most valuable and satisfied customer base.

After inventing the residential solar service model and recognizing its market potential, we have built the infrastructure and capabilities necessary to acquire and serve customers in a low-cost and scalable manner.

Today, our scalable operating platform provides us with a number of distinct advantages.

First, we are able to drive distribution by marketing our solar service offerings through multiple channels, including our partner network and direct-to-consumer operations.

This approach supports broad sales and installation capabilities, which together allow us to achieve capital-efficient growth.

Second, we are able to provide differentiated solutions to our customers that, combined with a great customer experience, we believe will drive meaningful margin advantages for us over the long term as we strive to create and serve the industry’s most valuable and satisfied customer base.

Our core solar service offerings are provided through our lease and power purchase agreements, which we refer to as our “Customer Agreements,” and which provide customers with simple, predictable pricing for solar energy that is insulated from rising retail electricity prices.

They also provide customers who opt for storage offerings the benefit of increased resiliency from backup energy and enhanced energy management capabilities.

While customers have the option to purchase a solar energy system outright from us, most of our customers choose to buy solar as a service from us through our Customer Agreements without the significant upfront investment of purchasing a solar energy system.

With our solar service offerings, we install solar energy systems on our customers’ homes and provide them with the solar power produced by those systems for typically a 20- or 25-year initial term.

While customers have the option to purchase an energy system outright from us, most of our customers choose to buy solar as a service from us through our Customer Agreements without the significant upfront investment of purchasing an energy system.

With our solar service offerings, we install energy systems on our customers’ homes and provide them with the solar power produced by those systems for typically a 20- or 25-year initial term.

In addition, we monitor, maintain and insure the system during the term of the contract.

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We develop valuable customer relationships that can extend beyond this initial contract term and provide us an opportunity over time to integrate additional solar, battery storage, electrification and distributed power plant offerings into a smart solution for each home and community.

Since our founding, we have continued to invest in a platform of services and tools to enable large scale operations for us and our partner network, and these partners include solar integrators, sales partners, installation partners and other strategic partners.

Since our founding, we have continued to invest in a platform of services and tools to enable large scale operations for us and our partner network, and these partners include energy system integrators, sales partners, installation partners and other strategic partners.

The platform includes processes and software, as well as fulfillment and acquisition of marketing leads.

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We have experienced substantial growth in our business and operations since our inception in 2007, as well as through our acquisition of Vivint Solar on October 8, 2020.

As of December 31, 2024, we operated the largest fleet of residential solar energy systems in the United States.

We have a Networked Solar Energy Capacity of 7,531 megawatts as of December 31, 2024, which represents the aggregate megawatt production capacity of our solar energy systems that have been recognized as deployments, from our inception through the measurement date.

As of December 31, 2025, we operated the largest fleet of residential energy systems in the United States.

We have a Networked Solar Energy Capacity of 8,404 megawatts as of December 31, 2025, which represents the aggregate megawatt production capacity of our energy systems that have been recognized as deployments, from our inception through the measurement date.

Gross Earning Assets as of December 31, 2025 were approximately $21.1 billion.

Please see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Key Operating Metrics” for more details on how we calculate Networked Solar Energy Capacity and Gross Earning Assets.

We also have a long track record of attracting low-cost capital from diverse sources, including tax equity and debt investors.

Since inception we have raised tax equity investment funds to finance the installation of solar energy systems.

We also have a long track record of attracting low-cost capital from a variety of sources, including tax equity and debt investors.

Since inception we have raised tax equity investment funds to finance the installation of energy systems.

Our Multi-Channel Capabilities

Our unique, multi-channel capabilities offer consumers a compelling solar service through scalable, cost-effective and consumer-friendly channels.

Our distinct, multi-channel capabilities offer consumers a compelling solar service through scalable, cost-effective and consumer-friendly channels.

Customers can access our products through three channels:

direct-to-consumer, solar partnerships and strategic partnerships.

direct-to-consumer, energy system partnerships and strategic partnerships.

Direct-to-Consumer

We sell solar service offerings and install solar energy systems for customers through our direct-to-consumer channel.

These solar energy systems are offered to customers either under a Customer Agreement or for purchase.

We sell storage and solar service offerings and install energy systems for customers through our direct-to-consumer channel.

These energy systems are offered to customers either under a Customer Agreement or for purchase.

This channel consists of an online lead generation function, a telesales and field sales team, a direct-to-home sales force, a retail sales team and an industry-leading installation organization.

Solar Partnerships

We contract with diverse solar organizations that act as either exclusive or non-exclusive (depending on the terms of their contract with us) distributors of our solar service offerings and subcontractors for the installation of the related solar energy systems.

Because of our commitment to these solar organizations and our vested interest in their success, we refer to them as our “solar partners,” although the actual legal relationship is that of an independent contractor.

Our solar partners include:

• Solar integrators:

trained and trusted partners who originate customers for our solar service offerings and procure and install the solar energy systems on our customers’ homes on our behalf as our subcontractors.

Partnerships with solar integrators allow us to expand our brand, quickly enter new markets and drive capital-efficient growth.

We compensate our solar integrators on a per solar energy system basis for generating Customer Agreements and the installation work they perform for us.

Energy System Partnerships

We contract with a variety of organizations that act as either exclusive or non-exclusive (depending on the terms of their contract with us) distributors of our residential energy systems service offerings and subcontractors for the installation of the related energy systems.

Because of our commitment to these organizations and our vested interest in their success, we refer to them as our “energy system partners,” although the actual legal relationship is that of an independent contractor.

Our energy system partners include:

• Energy Systems integrators:

trained and trusted partners who originate customers for our residential energy systems service offerings and procure and install the energy systems on our customers’ homes on our behalf as our subcontractors.

Partnerships with energy systems integrators allow us to expand our brand, quickly enter new markets and drive capital-efficient growth.

We compensate our energy systems integrators on a per energy system basis for generating Customer Agreements and the installation work they perform for us.

• Sales partners:

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• Installation partners:

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.

trusted installation partners who procure and install a subset of our 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 energy system basis for the procurement of materials and installation work they perform for us.

Installation partners are solely our subcontractors and do not enter into any agreements with our customers.

Our ability to connect specialized sales and installation firms on a single platform, which we license to our solar partners at no cost, allows us to enjoy the benefits of vertical integration without the additional fixed cost structure.

Our ability to connect specialized sales and installation firms on a single platform, which we license to our energy systems partners at no cost, allows us to enjoy the benefits of vertical integration without the additional fixed cost structure.

This creates margin opportunities, system efficiencies and benefits from network effects in matching these ecosystem participants.

Strategic Partnerships

Our strategic partnerships encompass relationships with new market entrants not previously engaged in solar, including consumer marketing, retail and specialized energy retail companies.

Our strategic partners find the residential solar market attractive, but recognize that significant barriers to entry make partnerships the preferred method to reach solar customers.

Through these strategic arrangements, we typically market our solar service offerings to the strategic partner’s customer base and install the solar energy systems directly or through one of our solar partners.

Our strategic partnerships encompass relationships with new market entrants not previously engaged in solar or energy storage, including consumer marketing, retail and specialized energy retail companies.

Our strategic partners find the residential energy systems market attractive, but recognize that significant barriers to entry make partnerships the preferred method to reach solar customers.

Through these strategic arrangements, we typically market our residential energy systems service offerings to the strategic partner’s customer base and install the energy systems directly or through one of our energy system partners.

We manage the customer experience and retain the value of the economic relationship through the term of the customer’s contract and potential renewal period.

We have executed strategic partnerships in competitive processes that give us access to millions of potential customers.

As our industry grows, we believe that our unique platform and deep partnership experience position us to be the partner of choice for new market entrants.

We believe that these broad strategic relationships will help us drive down our customer acquisition costs and make solar accessible to even more customers.

The combination of direct-to-consumer, solar partnerships and strategic partnerships offers distinct advantages.

As our industry grows, we believe that our distinct platform and deep partnership experience position us to be the partner of choice for new market entrants.

The combination of direct-to-consumer, energy system partnerships and strategic partnerships offers distinct advantages.

The direct-to-consumer channel allows us to scale rapidly, drive incremental unit costs down over the long term, and refine operational processes to share with our partners.

Our solar partnerships and strategic partnerships enable nimble market entry and exit, while allowing for capital efficient growth.

Our energy system partnerships and strategic partnerships enable nimble market entry and exit, while allowing for capital efficient growth.

Together, this multi-channel strategy supported by our open platform allows us to reach more customers with our leading solar service offerings without compromising our ability to provide exceptional customer service.

Customer Agreements

We provide clean, solar energy and energy storage to customers.

Since we were founded in 2007, we have been providing solar energy to residential customers at prices typically below utility rates through a variety of offerings, most commonly through our leases and power purchase agreements which we refer to as our Customer Agreements.

Under our Customer Agreements, customers have the right to use and consume all electricity produced by the solar energy system on a continuous basis or, for customers who also opted for our battery storage offerings, stored in batteries which can be discharged as needed.

Most Customer Agreements, other than those billed based on generation, entitle the customer to a refund for underproduction below a guaranteed amount, which we refer to as our "performance guarantee." Either directly or through a solar partner, we construct a solar energy system on a customer’s home which generates electricity at set prices through Customer Agreements which typically have an initial term of 20 or 25 years.

Rates for both forms of our Customer Agreements can be fixed for the duration of the contract or escalated at a pre-determined percentage annually.

Upon installation, a system is interconnected to the local utility grid.

The home’s energy usage is provided by the solar energy system with any additional energy needs provided by the local utility.

We either arrange non-recourse financing and tax equity to finance energy systems under these Customer Agreements if held on our balance sheet, which we refer to as Retained Subscribers, or we sell certain of the energy systems under newly originated Customer Agreements to third-party investors (which we refer to as Non-Retained or Partially Retained Subscribers).

Under our Customer Agreements, customers have the right to use and consume all electricity produced by the energy system on a continuous basis or, for customers who also opted for our battery storage offerings, stored in batteries which can be discharged as needed.

Most Customer Agreements, other than those billed based on generation, entitle the customer to a refund for underproduction below a guaranteed amount, which we refer to as our "performance guarantee." Either directly or through an energy system partner, we construct an energy system on a customer’s home which generates electricity at set prices through Customer Agreements which typically have an initial term of 20 or 25 years.

Rates for both forms of our Customer Agreements can be fixed for the duration of the contract or escalated at a predetermined percentage annually.

Upon installation, an energy system is interconnected to the local utility grid.

The home’s energy usage is provided by the energy system with any additional energy needs provided by the local utility.

Any excess solar energy that is not immediately used by our customers or stored in batteries is exported to the utility grid using a bi-directional utility net meter, and in states with net metering, customers generally receive a credit for this excess power from their utility to offset future usage of utility-generated energy.

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Customers may also choose to fully prepay their 20- or 25-year contracts.

The prepayment amount is based on the estimated amount of the solar energy system’s output over the typically 20- or 25-year term of the Customer Agreement.

If the estimated production of the solar energy system is less than the actual production for a given year after the first full one to two years of the agreement, prepaid customers are refunded the difference at the end of each such year.

If the solar energy system’s energy production is in excess of the estimate, we allow customers to keep the excess energy at no charge.

After the initial term of the Customer Agreement, customers have the option to renew their contracts for the remaining life of the solar energy system, typically at a 10% discount to then-prevailing power prices, to purchase the system from us at its fair market value, or have us remove the system.

The prepayment amount is based on the estimated amount of the energy system’s output over the typically 20- or 25-year term of the Customer Agreement.

If the estimated production of the energy system is less than the actual production for a given year after the first full one to two years of the agreement, prepaid customers are refunded the difference at the end of each such year.

If the energy system’s energy production is in excess of the estimate, we allow customers to keep the excess energy at no charge.

After the initial term of the Customer Agreement, customers have the option to renew their contracts for the remaining life of the energy system, typically at a 10% discount to then-prevailing power prices, to purchase the system from us at its fair market value, or have us remove the system.

Regardless of the type of Customer Agreement our customers choose, we operate the system and agree to monitor it at no cost to the customer.

System maintenance is included in our power purchase agreement (“PPA”) or lease.

We offer an industry-leading performance guarantee to ensure that our customers are receiving the energy they expect at the price they expect.

Our customers also receive up to a ten-year warranty for roof penetrations.

We offer an industry-leading performance guarantee to ensure that our customers are receiving the energy they expect at the price they expect and our customers also receive up to a ten-year warranty for roof penetrations.

If a customer sells his or her home, the customer has the right to purchase the system or assign the Customer Agreement to the new homeowner, provided the new homeowner meets our credit requirements and agrees to be bound by the terms and conditions of the Customer Agreement.

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Sales and Marketing

We sell our solar energy offerings through a scalable sales organization using both a direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing and referral channels as well as our diverse partner network.

We sell to customers over the phone, online, in the field through canvassing and in-home sales and through our strategic retail sales partnerships.

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We also generate sales volume through customer referrals.

Customer referrals increase in relation to our penetration in a market and shortly after market entry become an increasingly effective way to market our solar energy systems.

Customer referrals have also become an increasingly effective way to market our energy systems.

We believe that a customized, customer-focused selling process is important before, during and after the sale of our solar services to maximize our sales success and customer experience.

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We purchase equipment, including solar panels, inverters and batteries from a limited number of manufacturers and suppliers.

If we fail to maintain or expand our relationships with these suppliers and manufacturers, or if one or more that we rely upon to meet anticipated demand reduces or ceases production, it may be difficult to quickly identify and qualify alternatives on acceptable terms.

In addition, equipment prices may increase in the coming years, or not decrease at the rates we historically have experienced, due to tariffs or other factors.

In addition, equipment prices may increase in the coming years, or not decrease at the rates we historically have experienced, due to the imposition of trade regulations, tariffs or other factors.

As discussed in Item 1A.

Risk Factors “ We have historically benefited from declining costs in our industry, and our business and financial results may be harmed as a result of recent and any continued increases in costs associated with our solar service offerings and any failure of these costs to continue declining as we currently expect.

If we do not reduce our cost structure in the future, our ability to continue to be profitable may be impaired.” Section 201 tariffs on solar modules were imposed beginning in 2018 and were extended through 2026.

In addition, federal agencies and Congress are increasing enforcement against the importation of products suspected of being manufactured with forced labor.

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.

Risk Factors “ We have historically benefited from declining costs in our industry, and our business and financial results have been and may continue to be harmed as a result of recent and any continued increases in costs associated with our solar service offerings and any failure of these costs to decline in the future.

Federal policy regarding solar imports can change, and the U.S.

government may implement other forms of tariffs or trade restrictions.

For example, federal agencies in recent years have increased enforcement against the importation of products suspected of being manufactured with forced labor.

customs enforcement and the implementation of the Uyghur Forced Labor Prevention Act (“UFLPA”) could negatively impact our supply chain and the availability of products that we use to conduct our business.

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.

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 battery storage solution, and the ease by which customers can switch to electricity generated by our solar energy systems.

Our primary competitors are the traditional utilities that supply electricity to our potential customers.

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, solar companies with business models that are similar to ours, and other renewable energy companies.

Some customers might choose to subscribe to a community solar project or renewable subscriber program with these companies or their utilities, instead of installing a solar energy system on their home, which could affect our sales.

Some customers might choose to subscribe to a community solar project or renewable subscriber program with these companies or their utilities, instead of installing an energy system on their home, which could affect our sales.

Additionally, some utilities offer generation portfolios that are increasingly renewable in nature.

We believe that we compete favorably with these companies based on our unique multi-channel approach and differentiated customer experience.

We also face competition from purely finance-driven organizations that acquire customers and then subcontract out the installation of solar energy systems, from installation businesses that seek financing from external parties, to large construction companies and utilities and sophisticated electrical and roofing companies.

We believe that we compete favorably with these companies based on our extensive multi-channel approach and differentiated customer experience.

We also face competition from purely finance-driven organizations that acquire customers and then subcontract out the installation of energy systems, from installation businesses that seek financing from external parties, to large construction companies and utilities and sophisticated electrical and roofing companies.

Intellectual Property

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To operate our systems, we obtain interconnection permission from the applicable local primary electric utility.

Depending on the size of the solar energy system and local law requirements, interconnection permission is provided by the local utility directly to us and/or our customers.

Depending on the size of the energy system and local law requirements, interconnection permission is provided by the local utility directly to us and/or our customers.

In almost all cases, interconnection permissions are issued on the basis of a standard process that has been pre-approved by the local public utility commission or other regulatory body with jurisdiction over net metering policies.

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Government Incentives

Federal, state and local government bodies provide incentives to owners, distributors, system integrators and manufacturers of solar energy systems to promote solar energy in the form of rebates, tax credits, payments for renewable energy credits associated with renewable energy generation and exclusion of solar energy systems from property tax assessments.

These incentives enable us to lower the price we charge customers for energy from, and to lease, our solar energy systems, helping to catalyze customer adoption of solar energy as an alternative to utility-provided power.

In addition, for some investors, the acceleration of depreciation creates a valuable tax benefit that reduces the overall cost of the solar energy system and increases the return on investment.

The federal government also currently offers an investment tax credit (“Commercial ITC”) under Section 48(a) of the Internal Revenue Code of 1986, as amended (the “Code”) as well as a technology-neutral investment tax credit under Section 48(E) of the Code (the “48E Credit” and collectively with the Commercial ITC, the “ITCs”), for the installation of certain energy properties, including solar power facilities and energy storage owned for business purposes.

The Inflation Reduction Act of 2022 (the “IRA”) was signed into law by President Biden on August 16, 2022, and some of its notable provisions include:

Federal, state and local government policies provide incentives to owners, distributors, system integrators and manufacturers of energy systems to utilize home solar and storage energy in the form of rebates, tax credits, payments for renewable energy credits associated with renewable energy generation and exclusion of energy systems from property tax assessments.

These incentives enable us to lower the price we charge customers for energy from, and to lease, our energy systems, helping to catalyze customer adoption of solar energy as an alternative to utility-provided power.

In addition, for some investors, the acceleration of depreciation creates a valuable tax benefit that reduces the overall cost of the energy system and increases the return on investment.

The federal government also currently offers a technology-neutral Clean Electricity Investment Credit under Section 48E of the Code (the “48E Credit,” or commonly known as “ITC”), for the installation of certain energy properties, including solar power facilities and energy storage owned for business purposes.

The Inflation Reduction Act of 2022 (the “IRA”) became law on August 16, 2022, and some of its notable provisions include:

• the eligibility of solar facilities placed in service in 2022 (regardless of when construction began) and prior to January 1, 2025, or, at the election of the taxpayer, solar facilities that began construction prior to January 1, 2025 and are placed in service on or after January 1, 2025, for a 30% Commercial ITC under Section 48(a) of the Code (assuming apprenticeship and prevailing wage requirements are met;

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• in the absence of meeting apprenticeship and prevailing wage requirements, the “base” amount of the Commercial ITC is 6% for facilities beginning construction prior to January 1, 2025 and 2% thereafter (however, as indicated above, the majority of our business qualifies for 30% credits upon which “bonus credits” could increase the total credit amount up to 70% in certain circumstances);

• the eligibility of solar and storage facilities that begin construction after December 31, 2024 (or began construction prior to January 1, 2025 but do not elect application of the Commercial ITC) and are placed in service after 2024 and through at least 2033 (with phase down for projects that begin construction after (i) 2033 or (ii) if later, the first year after the year in which the U.S.

Department of Treasury determines greenhouse gas emissions from the production of electricity in the United States are no more than 25% of 2022 levels), for a 30% 48E Credit (assuming application of same apprenticeship and prevailing wage requirements outlined above);

• several new ITC bonus credits under both the Commercial ITC and the 48E Credit, which apply to certain facilities placed in service beginning in 2023, including those meeting certain domestic content requirements, those located in “Energy Communities,” and those located in or that benefit low-income communities and tribal communities.

The federal government also offers a personal income tax credit under Section 25D of the Code (“Residential Clean Energy Credit”), for the installation of certain solar power facilities owned by residential taxpayers, which is applicable to customers who purchase a solar energy system outright as opposed to entering into a Customer Agreement.

The Residential Clean Energy Credit was 26% if the facility was placed in service during 2020 or 2021;

30% for facilities placed in service from January 1, 2022 through December 31, 2032;

26% for facilities placed in service during 2033;

and 22% for facilities placed in service during 2034.

The Residential Clean Energy Credit is not available for property placed in service after December 31, 2034.

We and our tax equity partners have claimed and expect to continue to claim ITCs with respect to qualifying solar energy projects.

• the eligibility of solar and storage facilities that begin construction after December 31, 2024 and are placed in service after 2024 and through at least 2033, for a 30% 48E Credit (assuming that apprenticeship and prevailing wage requirements are satisfied, for facilities larger than 1 megawatt);

• several bonus credits under the 48E Credit, which apply to certain facilities placed in service beginning in 2023, including those meeting certain domestic content requirements, those located in “Energy Communities,” and those located in or that benefit low-income communities and tribal communities.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) became law.

The OBBB made a number of changes to the IRA that significantly impacted the availability of the credits under Sections 48(a) and 48E of the Internal Revenue Code of 1986 (the “Code”), including the accelerated sunsetting of the 48E credit for solar energy facilities after 2027.

In particular, solar projects will no longer be eligible for credits under Section 48E if they are placed in service after December 31, 2027, unless construction on the solar project begins by July 4, 2026.

The OBBB also introduced new restrictions on foreign supply chains and foreign owners or investors in tax-credit-supported facilities, referred to as “Prohibited Foreign Entity” or “PFE” restrictions.

These restrictions generally took effect on January 1, 2026, and the Treasury Department is required to issue final regulations implementing them by December 31, 2026.

On August 15, 2025, in response to an Executive Order issued by the President of the United States on July 7, 2025, the U.S.

Department of Treasury and the IRS issued Notice 2025-42, which provides for beginning of construction rules for wind and solar, revising existing guidance by largely eliminating the long-established 5% safe harbor.

However, the 5% safe harbor continues to apply to solar facilities with a maximum output of 1.5 megawatts or less.

Notice 2025-42 did not respond to the portion of the Executive Order regarding beginning of construction for purposes of the new PFE restrictions and indicated additional guidance is forthcoming.

On February 12, 2026, the U.S.

Department of Treasury and the IRS issued Notice 2026-15, which provides interim guidance, including regarding safe harbors for purposes of determining a taxpayer’s material assistance from a Prohibited Foreign Entity.

Department of Treasury and the IRS have indicated that they intend to issue more comprehensive proposed regulations and other guidance with respect to the definitions of a PFE and material assistance from a PFE.

We cannot predict with certainty what such guidance, or any other future guidance, will provide, or how it will impact our existing safe harboring strategies.

The federal government previously offered a personal income tax credit under Section 25D of the Code (“Residential Clean Energy Credit”), for the installation of certain solar power facilities owned by residential

taxpayers, which is applicable to customers who purchase an energy system outright as opposed to entering into a Customer Agreement.

The OBBB ended the Residential Clean Energy Credit on January 1, 2026.

We and our tax equity partners have claimed and expect to continue to claim ITCs with respect to qualifying solar energy and energy storage projects.

However, the application of law and guidance regarding ITC eligibility to the facts of particular solar energy projects remains subject to a number of uncertainties.

With respect to the Section 48E final rule that the U.S.

Department of Treasury issued on January 15, 2025 (“Treasury Regulations”), there can be no assurance that the IRS will agree with our approach in the event of an audit.

Also, the IRS and the U.S.

Department of Treasury may modify existing guidance.

In structuring tax equity partnerships and determining ITC eligibility, we have relied upon applicable tax law and published IRS guidance.

Treasury issued final regulations on the Commercial ITCs in December 2024 and on the 48E Credits and the ITC bonus credit for low-income communities in 2023 and is expected to issue final rules on the other ITC bonus credits in 2025.

Some of these final rules may be subject to Congressional Review Act (“CRA”) challenges in 2025, based on legal outcomes determining whether certain final rules are subject to the CRA.

Notably, the U.S.

Treasury has not issued proposed or final rules on the Energy Communities Bonus Credit or the Domestic Content Bonus Credit, so we continue to rely on other published IRS guidance in this regard.

More than half of the states in the U.S., and many local jurisdictions, have established property tax incentives for renewable energy systems that include exemptions, exclusions, abatements and credits.

Many states also have

adopted procurement requirements for renewable energy.

Approximately thirty states and the District of Columbia have adopted a renewable portfolio standard (and approximately eight other states have some voluntary goal) that requires regulated utilities to procure a specified percentage of total electricity delivered in the state from eligible renewable energy sources, such as solar energy systems, by a specified date.

While the U.S.

Department of Treasury issued final regulations on the 48E Credits in 2025, it has not issued proposed or final rules on the Energy Communities Bonus Credit or the Domestic Content Bonus Credit, so we continue to rely on other published IRS guidance in this regard.

More than half of U.S.

states, and many local jurisdictions, have established property tax incentives for renewable energy systems that include exemptions, exclusions, abatements and credits.

Many states also have adopted procurement requirements for renewable energy.

To prove compliance with such mandates, utilities must surrender solar renewable energy credits (“SRECs”) to the applicable authority.

Solar energy system owners such as our investment funds often are able to sell SRECs to utilities directly or in SREC markets.

Energy system owners such as our investment funds often are able to sell SRECs to utilities directly or in SREC markets.

While there are numerous federal, state and local government incentives that benefit our business, some adverse actions, interpretations or determinations of new or existing laws or regulations could have a negative impact on our business.

For example, in the future, Congress could revise or eliminate certain provisions in the IRA that could negatively impact our business, such as reducing the percentage or duration of the ITCs.

For example, in the future, Congress could revise or eliminate additional provisions in the IRA or OBBB that could negatively impact our business, such as reducing the percentage or duration of the ITCs.

Federal agencies may also issue tax guidance or regulations that could negatively impact our business, by, for example, narrowing the applicability of ITC bonus credits or preventing certain businesses from participating.

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and through the support of our employees’ career mobility, leadership development, continuous education and upskilling.

In 2024, we invested and deployed a career mobility platform and this is our fourth year offering an education benefit.

In 2025, we expanded the programming in our career mobility platform and this is our fifth year offering an education benefit.

Through our education benefit, we develop future leaders with curated programs aligned to Sunrun’s priorities, enhancing business skills and job performance.

Our career development programming is particularly focused on growing and developing our frontline sales and installation employees, who make up 82% of our workforce.

In 2024 we also launched our wellbeing strategy to enhance and support our employees’ mental, physical, social, financial, and career wellbeing.

Inclusion and Diversity .

In 2025, we continued to strengthen our wellbeing strategy and offerings to enhance and support our employees’ mental, physical, social, financial, and career wellbeing.

We believe that a culture of belonging creates an engaged and motivated workforce focused on our customers and delivering value for our shareholders.

We are focused on ensuring all of our employees are informed and regularly connected to values- and performance-based leadership through our internal communication platform.

To ensure we have a large pool of applicants from a variety of backgrounds, and therefore that we identify the best qualified talent, we develop a diverse slate of qualified candidates to be presented to hiring managers for all new management-level roles and above.

Additionally, we require that our interview panels of all new management-level roles and above include a diverse panel of interviewers.

We also have minimum requirements for the length in time that many roles are posted to promote in consideration of internal candidates and a broader range of external candidates.

In 2024, we fostered deeper talent attraction partnerships with local organizations such as Illinois Solar For All (ILSFA) and military partnerships focused on hiring retiring military service members.

We have grown our nine Sunrun Communities (“Employee Resource Groups”) to promote connection, collaboration and communication among our employees, foster inclusivity, and assist in the development and facilitation of programming to support personal and professional development.

In 2025, we fostered deeper talent attraction partnerships with local organizations such as Illinois Shines and military partnerships focused on hiring retiring military service members.

We maintain nine Sunrun Communities, which are open to all of our employees, to promote connection, collaboration, and communication and assist in the development and facilitation of programming to support personal and professional development.

Annually, as part of our impact report on environment, sustainability, and governance, we share details on our strategies, focus areas, outcomes achieved, and workforce demographics.

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visible leadership, technical qualification and knowledge, operational discipline, and formal safety communications.

To reinforce our safety culture of excellence, we have implemented many initiatives, including an expanded fall protection policy;

To reinforce our

safety culture of excellence, we have implemented many initiatives, including an expanded fall protection policy;

the implementation of a zero-tolerance policy for any life threatening safety violations;

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The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements and other information that we file with the SEC electronically.

Copies of our reports on Form 10-K, Forms 10-Q, Forms 8-K, and amendments to those reports may also be obtained, free of charge, electronically on the investor relations page on our website located at investors.sunrun.com as soon as reasonably practical after we file such material with, or furnish it to, the SEC.

Copies of our reports on Form 10-K, Form 10-Q, Form 8-K, and amendments to those reports may also be obtained, free of charge, electronically on the investor relations page on our website located at investors.sunrun.com as soon as reasonably practical after we file such material with, or furnish it to, the SEC.

We also use the investor relations page on our website as a channel of distribution for important company information.

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We encourage investors, the media and others interested in Sunrun to review the information we make public in these locations, as such information could be deemed to be material information, including any information posted to our investor relations page on our website, which has been designated a Regulation FD compliant method of disclosure.

Information on or that can be accessed through our website is not part of this Annual Report on Form 10-K, any other report or document we file with the SEC, and the inclusion of our website address is an inactive textual reference only.

Information on or that can be accessed through our website is not part of this Annual Report on Form 10-K or any other report or document we file with the SEC, and the inclusion of our website address is an inactive textual reference only.

The Sunrun design logo, “Sunrun” and our other registered or common law trademarks, service marks or trade names appearing in this Annual Report on Form 10-K are the property of Sunrun Inc.

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The California Consumer Privacy Act (“CCPA”) is an example of the increasingly stringent and evolving regulatory frameworks related to personal data processing that may increase our compliance obligations and exposure for any noncompliance.

For example, the CCPA imposes obligations on covered businesses to provide specific disclosures related to a business’s collecting, using, and disclosing personal data and to respond to certain requests from California residents related to their personal data (for example, requests to know of the business’s personal data processing activities, to delete the individual’s personal data, and to opt out of certain personal data disclosures).

For example, the CCPA imposes obligations on covered businesses to provide specific disclosures related to a business’s collection, usage, and disclosure of personal data and to respond to certain requests from California residents related to their personal data (for example, requests to know of the business’s personal data processing activities, to delete the individual’s personal data, and to opt out of certain personal data disclosures).

Also, the CCPA provides for civil penalties and a private right of action for data breaches which may include an award of statutory damages.

In addition, the California Privacy Rights Act of 2020 (“CPRA”) expanded the CCPA by giving California residents the ability to limit use of certain sensitive personal data, establishing restrictions on personal data retention, expanding the types of data breaches that are subject to the CCPA’s private right of action, and establishing a new California Privacy Protection Agency to implement and enforce the new law.

CCPA’s private right of action, and establishing a new California Privacy Protection Agency to implement and enforce the new law.

See the section titled “Risks Related to Our Business Operations” for additional information about the laws and regulations to which we may become subject and about the risks to our business associated with such laws and regulations.

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.

What changed 10-K

Item 1. Business