Financial research concept

Residential Solar Gross Earning Assets

measures the present value of contracted and non-contracted future cash flows from the deployed subscriber base under the issuer's stated 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.

The total reconciles from two modeled components
Contracted value was 76.5% and upside was 23.5%
Gross Earning Assets are not assets recognized under GAAP
Part of the Residential Solar & Storage Subscription Economics
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Residential solar gross earning assets measure Sunrun's modeled present value of contracted and non-contracted future cash flows from the deployed Subscriber base.

Sunrun reported $21.145 billion of Gross Earning Assets at December 31, 2025.

The total reconciles from two modeled components

Contracted Gross Earning Assets were $16.178 billion and Upside Gross Earning Assets were $4.967 billion.

Those values sum exactly to $21.145 billion.

Contracted value was 76.5% and upside was 23.5%

The composition shows that nearly one quarter of Gross Earning Assets depended on modeled non-contracted value.

That distinction matters because the upside component depends on renewal, purchase, and other assumptions beyond current contracts.

Gross Earning Assets are not assets recognized under GAAP

The measure uses a 6% unlevered discount rate and assumes a 30-year customer relationship.

It is not assets recognized under GAAP at the same value. Use Net Earning Assets to see how Sunrun further adjusts the modeled gross value for cash and financing obligations.

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.

Browse the full operating model in Company Analysis →

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 Assets Contracted Subscriber Value Creation Cost per Subscriber AdditionGross Earning AssetsCurrent conceptNet 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 Gross Earning Assets Contracted Subscriber Value Creation Cost per Subscriber Addition 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 exact contracted-plus-upside value bridge and the financing adjustments between gross and net earning assets.

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