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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of reconciliation of cash, cash equivalents, and restricted cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reflected on the consolidated balance sheets to the total amounts shown within the consolidated statements of cash flows for each year:
| As of December 31,
(Amounts in thousands) | 2023 |  | 2022
Cash and cash equivalents | $ | 141,354 |  |  | $ | 220,321 |
Restricted cash | 31,587 |  |  | 19,823 |
Total cash, cash equivalents and restricted cash | $ | 172,941 |  |  | $ | 240,144 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reflected on the consolidated balance sheets to the total amounts shown within the consolidated statements of cash flows for each year:
| As of December 31,
(Amounts in thousands) | 2023 |  | 2022
Cash and cash equivalents | $ | 141,354 |  |  | $ | 220,321 |
Restricted cash | 31,587 |  |  | 19,823 |
Total cash, cash equivalents and restricted cash | $ | 172,941 |  |  | $ | 240,144 |
Changes in financing receivables for accounting standards update | The following table presents the changes in the allowance for credit losses recorded within accounts receivable, net on the consolidated balance sheets:
| As of December 31,
(Amounts in thousands) | 2023
Balance at the beginning of the period | $ | 12,164 |
Impact of ASC 326 adoption | (1,285) |
Write-off of uncollectible accounts | (11,447) |
Provision recognized upon valuation of assets acquired | 420 |
Provision for current expected credit losses | 1,841 |
Balance at the end of the period | $ | 1,693 |
Property and equipment, schedule of useful lives | Depreciation is calculated using the straight-line method, based upon the following estimated useful lives:
Equipment | 5 years
Furniture and fixtures | 3 years
Computer and related equipment | 2 years
Software | 2 years
Vehicles | 5 years
Leasehold improvements | Lesser of useful life of the asset or remaining life of the lease
Property and equipment consisted of the following as of December 31, 2023 and 2022:
| As of December 31,
(Amounts in thousands) | 2023 |  | 2022
Solar energy systems | $ | 513,526 |  |  | $ | 401,754 |
Less: Accumulated depreciation | (29,594) |  |  | (5,928) |
Solar energy systems, net | $ | 483,932 |  |  | $ | 395,826 |
Equipment | $ | 157 |  |  | $ | 48 |
Furniture and fixtures | 461 |  |  | 294 |
Computers and related equipment | 218 |  |  | 222 |
Software | 8 |  |  | 6 |
Leasehold improvements | 59 |  |  | 65 |
Gross other property and equipment | 903 |  |  | 635 |
Less: Accumulated depreciation | (429) |  |  | (293) |
Other property and equipment, net | $ | 474 |  |  | $ | 342 |
Property and equipment, net | $ | 484,406 |  |  | $ | 396,168 |
Schedule of accrued warranty liability | The following is a roll forward of the Company’s accrued warranty liability:
| As of December 31,
(Amounts in thousands) | 2023 |  | 2022
Balance at the beginning of the period | $ | 1,125 |  |  | $ | 2,547 |
Accrual for warranties issued | — |  |  | 116 |
Transfer of inventory to servicers | (498) |  |  | — |
Accrual related to World Energy | (25) |  |  | — |
Changes in estimates for preexisting warranties | — |  |  | (955) |
Warranty fulfillment charges | — |  |  | (583) |
Balance at the end of the period | $ | 602 |  |  | $ | 1,125 |
Disaggregation of revenue | The following table presents the detail of the Company’s revenues as reflected within the consolidated statements of operations for the years ended December 31, 2023 and 2022:
|  | Years Ended December 31,
(Amounts in thousands) |  | 2023 |  | 2022
PPA revenues |  | $ | 36,360 |  |  | $ | 8,756 |
SLA revenues |  | 28,462 |  |  | 11,270 |
Solar renewable energy credit revenues |  | 7,219 |  |  | 1,576 |
Government incentives |  | 254 |  |  | 245 |
Servicing revenues |  | 767 |  |  | 770 |
Intangibles amortization, unfavorable solar renewable energy agreements |  | 3,593 |  |  | — |
Other revenue |  | 3,204 |  |  | 577 |
Total |  | $ | 79,859 |  |  | $ | 23,194 |
Impact of adoption of ASU 2016-13 | The following table presents the impact of the adoption of ASU 2016-13 on the consolidated balance sheets as of January 1, 2023:
(Amounts in thousands) |  | Accounts Receivable, Net
Balance at the beginning of the period (pre-ASC 326 adoption) |  | $ | 8,336 |
Impact of ASC 326 adoption |  | 1,285 |
Balance at the beginning of the period (post-ASC 326 adoption) |  | $ | 9,621 |

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