Financial research concept

Residential Solar Net Earning Assets

measures issuer-defined gross earning assets adjusted for cash, debt, and pass-through financing obligations.

By Lee BaileyPublished Sep 26, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

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.

Net value was about 40% of modeled gross value
The gross-to-net bridge was about $12.6 billion
Net Earning Assets are not equity or enterprise value
Part of the Residential Solar & Storage Subscription Economics
See It in Company Research
Continue Research

Residential solar net earning assets measure Sunrun's issuer-defined Gross Earning Assets adjusted for cash, debt, and pass-through financing obligations.

Sunrun reported approximately $8.5 billion of Net Earning Assets at December 31, 2025.

Net value was about 40% of modeled gross value

Gross Earning Assets were $21.145 billion.

Using the approximately $8.5 billion Net Earning Assets figure, net value represented about 40.2% of gross modeled earning assets.

The gross-to-net bridge was about $12.6 billion

The difference between $21.145 billion of Gross Earning Assets and approximately $8.5 billion of Net Earning Assets was about $12.645 billion.

That gap reflects Sunrun's cash, adjusted debt, pass-through financing obligations, and project-level financing adjustments rather than a single debt line.

Net Earning Assets are not equity or enterprise value

The measure inherits the modeled assumptions embedded in Gross Earning Assets.

It is not GAAP net assets, shareholder equity, enterprise value, or liquidation 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.

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 Addition Gross Earning AssetsNet Earning AssetsCurrent conceptSubscriber 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 Gross Earning Assets Subscriber Value Upfront Net Subscriber Value Upfront Net Subscriber Value Margin Upside Gross Earning Assets

Continue Research

Continue from the concept into the Grizzly Bulls research surface that best matches the next question. These links are research continuations, not recommendations or required steps.

Continue Research

Compare public companies

Compare modeled net earning assets with gross earning assets and the large financing adjustment between them.

Continue research

Explore more topics in the Financial Research Encyclopedia.