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Defined Contribution Plan | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Defined Contribution Plan | Defined Contribution Plan The Company has adopted a 401(k) plan to provide all eligible employees a means to accumulate retirement savings on a tax-advantaged basis. The 401(k) plan requires participants to be at least 21 years old. In addition to the traditional 401(k), eligible employees are given the option of making an after- tax contribution to a Roth 401(k) or a combination of both. Plan participants may make before-tax elective contributions up to the maximum percentage of compensation and dollar amount allowed under the IRC. Participants are allowed to contribute, subject to IRS limitations on total annual contributions from 1% to 90% of eligible earnings. The plan provides for automatic enrollment at a 3% deferral rate of an employee’s eligible wages. The Company provides safe harbor matching contributions equal to 100% on the first 3% of an employee’s eligible earnings deferred and an additional 50% on the next 2% of an employee’s eligible earnings deferred. Employee elective deferrals and safe harbor matching contributions are 100% vested at all times. In connection with the acquisition of Legacy Spruce Power, the Company adopted the Spruce Power 401(k) plan which contains features similar to those of the XL Fleet Corp. 401(k) plan, except that (i) Participants are allowed to contribute, subject to IRS limitations, on total annual contributions from 1% to 80% of eligible earnings and (ii) the safe harbor non-elective contribution is equal to 3% of employee’s compensation. The Company recognized expenses related to its 401(k) plans of approximately $0.7 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively.

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