Financial research concept

Residential Solar Contracted Gross Earning Assets

measures the present value of remaining contracted cash flows from deployed subscriber systems under the issuer's stated discount-rate assumptions.

By Lee BaileyPublished Sep 26, 2026

Research context

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Research date: Sep 26, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 17 connected conceptsPart of the reviewed Residential Solar & Storage Subscription Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Contracted value was about 76.5% of gross earning assets
Contracted plus upside reconciles exactly to gross value
Contracted does not mean GAAP asset value
Part of the Residential Solar & Storage Subscription Economics
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Residential solar contracted gross earning assets measure the present value of estimated remaining contracted cash flows from existing Subscribers under Sunrun's stated assumptions.

Sunrun reported $16.178 billion of Contracted Gross Earning Assets at December 31, 2025.

Contracted value was about 76.5% of gross earning assets

Sunrun reported $21.145 billion of total Gross Earning Assets.

Dividing $16.178 billion by $21.145 billion gives about 76.5%, leaving roughly 23.5% attributable to modeled non-contracted upside.

Contracted plus upside reconciles exactly to gross value

Upside Gross Earning Assets were $4.967 billion.

Adding $16.178 billion and $4.967 billion produces the full $21.145 billion Gross Earning Assets figure.

Contracted does not mean GAAP asset value

The measure discounts estimated remaining contracted cash flows at 6% and depends on servicing, equipment replacement, financing distributions, and other assumptions.

Use Gross Earning Assets for the complete modeled value stack rather than treating $16.178 billion as book value.

Primary sources: Sunrun 2025 Form 10-K, Sunrun 2026 Proxy Statement, and Sunrun first-quarter 2026 results filing.

Part of the Residential Solar & Storage Subscription Economics

Connects residential solar and storage deployment growth with subscription mix, per-subscriber creation economics, network capacity, and the discounted value of contracted and modeled subscriber cash flows.

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Where this concept fits

Subscriber unit economics and earning-asset valueCurrent relationship
Contracted Subscriber Value and Creation Cost determine near-deployment economics, while Subscriber Value adds modeled upside and Gross Earning Assets extend discounted cash-flow assumptions across the existing subscriber base.
Contracted Gross Earning AssetsCurrent conceptContracted Subscriber Value Creation Cost per Subscriber Addition Gross Earning Assets Net Earning Assets Subscriber Value Upfront Net Subscriber Value Upfront Net Subscriber Value Margin Upside Gross Earning Assets
Customer growth, subscription mix, and deployment volume
Customer Additions split between subscription customers and system purchasers, while Subscriber Additions feed the long-term Customer Agreement base. Solar and storage capacity measure the physical deployment produced by that customer growth.
Customer Additions Customer Count Solar Capacity Installed Storage Capacity Installed Subscriber Additions Subscription Mix
Storage adoption and cumulative network scale
Storage Attachment Rate describes the mix of new customers taking batteries, while Networked Solar Capacity captures cumulative deployed solar scale across the installed network.
Networked Solar Capacity Storage Attachment Rate

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

RUNOpen operating-model research →17 of 17 reviewed concepts in Residential Solar & Storage Subscription EconomicsSubscriber unit economics and earning-asset value9 of 9 bridge concepts supportedContinue through this bridge:Contracted Subscriber Value Creation Cost per Subscriber Addition Gross Earning Assets Net Earning Assets Subscriber Value Upfront Net Subscriber Value Upfront Net Subscriber Value Margin Upside Gross Earning Assets

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Compare public companies

Compare the contracted share of modeled earning assets with the separate upside component and total gross value.

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