Video: OBBB: Solar Policy Updates Unpacked | Duration: 2892s | Summary: OBBB: Solar Policy Updates Unpacked

Transcript for "OBBB: Solar Policy Updates Unpacked": Hey, Fox. Hey, Drell. Well, do we wanna wait here a minute both to give the last few people some time to slip in the door before we get the show on the road? Yeah. Let's do that. Seems like you have a lot of activity. Mhmm. Couple of shout outs already. Yeah. I see people from, all over the country. It's great to see everybody. Oh, somebody from Victoria. Excellent. Yeah. Oh, hey. We've got East Coast, West Coast. I see Connecticut. Nice. I'm based in Connecticut or the greater New York City area, I like to call it, Stamford, Connecticut. Mhmm. Got Maryland, Wisconsin. See. Okay. Nice. Anyone from Kansas? That's where I am right now. Yeah. Nice. Alright. Shall we get this going, Drew? Yeah. Let's do it. Let's do it. Well, hello all. Welcome. Welcome. Welcome. It's good to see all the activity in the chat. We're really excited today to speak to you about the post One Big Beautiful Bill. So good morning, good afternoon, and good evening to all and everyone calling across from different geos. My name is Jarrell Mason, and I do strategic partnerships at Aurora Solar. I've been in the climate industry for over a decade, and my experience splits amongst finance, strategy, and engineering. So I'm extremely grateful to moderate this webinar because I hope alongside our company SME Fox Swim, who will provide a brief intro of herself in a moment, we hope to give really meaningful and actionable takeaways on what has passed in this one big beautiful bill, which is a mouthful nonetheless. But before we get there, I'd like to thank everyone for the dozen of thoughtful questions, you all submitted prior to this event. And our plan for those questions questions is to answer them while we're walking through the current policy and landscape. And while doing so, our team will drop a helpful blog in the chat, as well as throughout the presentation or the webinar. We will be doing a poll, just to get a sense of what you all think is most important to conduct, as you continue your business today and in the future. And throughout this webinar as well, we'll have some Aurora Solar team representatives engaging with the audience in the chat. So we have a lot of activity for you guys, but, also, we wanna ensure that you all are engaged in this conversation so that you feel heard and seen and, part of the presentation or the webinar. So now what I like to do is really before we get into the meats and potatoes, start by saying we get it. Like, we really truly get what's happening. And, look, right now feels very uncertain. The 25 d residential ITC is sunsetting. Funders going out of the business. Large players are shutting down their doors, and we're all asking what's next. But here's the deal. We've seen this movie before. And like past inflection points, the players who evolve not just survive, but they evolve and come out stronger. So today, what we wanna do is break this down together. We'll talk about the what now, what next, what works. And we understand that things are changing pretty quickly. So as a disclaimer, we are here to share our current views of the situation and interpretation. And our data comes from being boots on the ground, talking with installers, and the financier providers, who operate within this space. And we spent a lot of time unpacking business models so that we could get a sense of how we show up for you, our customers, and ultimately the homeowner too, in the residential space at least. So, again, we are here to help. We want you to think of us as your partner experts and advocates during these very unprecedented times. So with that, Fox, how about we do this? I'm thinking to hand over the mic to you now so that you could give yourself an intro, and and then you could begin to walk us through the state of play and what has happened. And then you can lay out all the key deadlines and items that has been passed in this bill. How does that sound? Sounds great. And just to address a first question that I've seen flying is that, yes, there will be this is being recorded, and the recording will be sent to attendees post facto. So hello and welcome. My name is Vox Swim. I'm, the senior solar industry researcher here at Aurora Solar. I have a background in both electrical engineering as well as investigative journalism and have been working, and have been at Aurora Solar for over five years at this point. And it's been it's been a kinda it's been a ride on the solar coaster these past five years, and there's definitely some, I think, what my four year old would call going on right now. So let's get into it. Yeah. Here on, July 3, the, so called one big beautiful bill One Big Beautiful Bill, passed to the, the house of representatives and was signed by the president on July 4. What that means are the, the provisions that affect our industry are, succinctly, for the 25 d, which is the residential ITC. It is available until end of year of 2025, and goes to zero after that point. For the, '48 e, which is the, the tech neutral ITC, it still is available to TPO. There was some, back and forth around that, but that, is what the text of the bill is. The credit is available at full value until end of year twenty twenty seven and then goes to zero. There was a a ratchet down proposed, but that ultimately did not make it into the final bill. Additionally, projects that begin construction within twelve months of bill signing can take the 48 e credit as begins construction. And then after that requirement, the requirement is placed in service. Energy storage, AKA batteries, can continue to receive this credit as normal for the full IRA defined value. At the end of the year 2025, FIOC requirements go into effect for any project, that hasn't already claimed the credit, in one way or the other. Note, this does split that twelve month begin construction window for the, 48 e. So please be, please be aware of that. Finally, the, the terrible solar excise tax or that was, being euphemized as the solar kill shot tax was removed. Yay. And then on, July 7, the, president of United States signed an executive order, that, were directly relates to our industry. Now first for, to give some context here, this is actually a relatively normal this this executive order in in what it is isn't is relatively normal. The, the legislative branch sends the creates the laws, and then the executive branch is responsible for the administrative processes of implementing them. And if you read through the text of the law, you can see that there are there's a number of places where it says, we make this new rule and the sec the relevant secretary shall determine how to implement it or something to that effect. And that's what this, that's what this executive order is. If we went back to the beginning of the IRA, we would almost certainly have seen some executive orders from Biden, around this because the president can use executive orders to to direct, his, cabinet secretaries of which rules to prioritize. Now for better or worse, this means the rules for our industry are getting prioritized. What this new EO does say is less good and definitely not normal. What they're directing so the, it's directing the secretary of the treasury and the secretary of the interior to rewrite procedural rules relating to how credit for the 48 e, which is the tech neutral credit, as well as 45 y, which is the, the manufacturing credit and how they're enforced. Section three a of the executive order directs the treasury to take all act the secretary of the treasury who is the controller of the IRS, to take all action that they deem necessary and appropriate to strictly enforce the termination of 45 y and 45 e, and specifically calls for the rules relating to the definition of begin or beginning of construction to be rewritten. Section three b directs that, FEOC restrictions be, quote, enhanced, unquote. Section four relates primarily to 45 y, but a closer read of it, says that it it it it will probably make it harder for, projects to be built on federally owned land. Yes. FIAC, foreign entities of concern. So what basically, back in the '20, back in the waning days of the Bush administration, there was a bill passed or that there was a series of laws put into place that would that created a system to keep tax credits related to national security interests from funding our foreign adversaries. I don't actually remember what it was specifically applied to initially, but the most recent implementation of this ruling, at least before the One Big Beautiful Bill, was the CHIPS Act under the idea that we want to fund, under the idea that AI chips are, critical to national security, and we want to fund American made chips and not Chinese made chips as instance. This it's patently ridiculous at least, from its original intention to apply FIAC rules to solar panels and solar technology, but that's where we are right now. So far as I can tell, Joseph, none of the EO right now applies to residential, but the EO is pretty broadly written, and it could they could change the definitions that the change the definitions of of any of the of the, legally defined terms associated with when, filings have to happen and with what things happen to mean. The one silver lining of this all is they gave themselves a relatively quick deadline of forty five days from July 7, which is August 21, that these rules have to be written and published, and everyone has to be aware of them. Here at Aurora, we'll keep our eyes on that. And as soon as we get the rules, as soon as soon as we can get we'll, can get that analysis, done, we will start putting out materials for, for y'all to understand. So, Fox, we've we've been getting a lot of good questions, and I think this might be a really good opportunity to maybe touch on one or two of those questions that we've been seeing coming into the q and a. Yeah. One of which, and what I'll what I'll try to do is bucket the questions based off of the amount or what has been coming in. And it seems like a lot has been focused around the five year carryover provision for the ITC. Will that still be intact? And then we've had a few questions come in about nonprofits. Will they still be able to collect the ITC? Could you touch on those two starting with the five year carryover and tax liability and the second one being around, like, nonprofits? Sure. Yeah. So, in theory, the five year carryover provision is not, was not touched. However, it's possible that the, the rules for, the rules change directed by the executive order could, change the the rules of how the carryover provisions work. So I would, stay limber on this particular topic. And the second question was on nonprofits, Gerald? Correct. Yeah. So, yes. The, section forty six seventeen and section 40 or sorry. Section sixty four seventeen and sixty four eighteen, which is the direct pay and the transferability provisions, are were preserved. There was some draft where they were taken out, but that's not what ended up in the final bill. And to clarify a question that I see in chat, it is correct. FIOF rules will begin to be enforced at the, end of, 2025. Got it. And then and then, Fox, you know, there's been a lot of questions about storage, and I think this may be a really good opportunity to even pivot into some of the insights and data that we've captured, over the past few months and even prior. I think one of the questions has been around, like, storage, the ITC. Like, how how are those things coming together? Curious to know if you've you you have some insights and data around that. Okay. Couple couple folks seem to be interested to hear about that, and then we could talk more about how we move forward in all of this stuff with even, like, batteries and whatnot. Sure. I wanted to take to grab a couple of follow ups, from what I was talking about. So, the the five year carryover, it's basically if you get the full you get your ITC credit, at 30%, but it's not like your your tax liability is doesn't like, you don't use all of the credit. You can basically, you know, use spread your ITC over five years. And, I and and I our rules as written right now in the OBBB suggests that that isn't going to change. And note, I'm not a tax professional here either, but, the executive order could change that. Similarly, the the the safe hard like, yes, with the commencement of construction for rules, The safe yeah. So that that is the 5% safe harbor expenditure is specifically what they are targeting to be rewritten. I heard I read an analysis that suggested that that safe harbor would be bumped up to 15%, but I don't know where they got their information. So likely, given the intentions of both the, the industry or of given the intentions that are very well documented of the Trump administration, I think we can expect them to tighten up or make more difficult, the whatever definitions they decide to change. And then batteries. Yeah. So in this particular time, like, the it was a purposeful decision to add a provision into the OVVV to exempt batteries from the, from the the cuts to 48 e. A similar provision was not added to 25 d. So that means that, residential battery installations, at least outside of TPO, spaces particular credit, which is good for, for people selling TPO systems. And I've heard people joke that, well, you know, people are gonna start making, you know, buy three batteries and get your solar panel or get your solar panels free. That might be at least in some jurisdictions how the the something that actually masks out well. I'm not sure. But batteries are storage is king in at least for the next, the next couple years in the market, in terms of, federal incentive programs. Got it. Okay. Well, I'd say to the audience, we do have a q and a at the end or closer to the end tail end of this webinar. We'll do our best to track the chat, corral all those questions, and try to answer them or most of them or at least get to them by the end end of the webinar. Also, what we'll probably do, hopefully, at some point, we'll talk to our PR team about this, is we'll try to respond to some of these questions that we see in post this webinar. So all in all, we'll do our best to answer most of these questions. Again, there's a lot of great questions, but there's also some really great content that we wanna share and we wanna provide as we continue this, webinar today. So, Fox, I think one of the things we could do here is pivot a little bit and talk about some more strategic things. Mhmm. Specifically touching on, you know, the opportunities, the challenges, the strategies. You know, what's the overall take there? You know, you just mentioned battery storage is king. You know, we can unpack that. You know, third party ownership, TPO, you know, some residential strategies. Where would you like to take this? What's what's top of mind for you as we start to dive in into this, like, particular topic? Yeah. So, I think the a good place to start here is that, I is that all of the analysis that I've read from from every possible political angle, says that a direct result of the One Big Beautiful Bill is that electricity prices are going to go up around the nation. And that's ultimately, that's good for solar because we're offsetting on a per kilowatt basis and that directly money money unspent is money saved for our customers. It's also true that we're going to be that we're gonna be moving into uncertain economic waters, which is going to make people interested to to spend to spend funds on ways that they can save money later. And I think from my perspective oh, and I there's some data already that I'm seeing to suggest this is that the solar industry overall is pivoting or it needs to pivot from the perspective, or from the the primary idea of solar as a good investment strategy of this of as a a an investment that you can make that will then generate passive income and will pay itself off quickly to solar as a resiliency and quality of life strategy. So, basically, having people, to to be able to be more resilient, to save money, and even if, you know, they're not necessarily the system doesn't pay off as quickly, You still don't have to replace the contents of your freezer every time, a storm blows through or hurricane blows through. We're already seeing, just in the the tragedy that happened in Texas, how how much worse the the FEMA response is to, to disasters now. And that's only going to get worse as we, enter into hurricane season. Further on, I think it's important to, it's important so I mentioned the third party ownership and, and how they will third party ownership systems will still have a lot better access to battery systems. But a downside of of selling third party ownership is that you then don't have the ability to access most state and local incentive programs. And, it's very likely, especially if we as an industry push on our legislatures and our industry advocacy associations to that, in response to this, state governments will will, will or should implement solar incentives to preserve the quality of life and the grid and grid stability within their own states. And so and at the same time, we kinda need to keep pressure on CEA too. When this executive order comes out, they we need to push them to challenge that order, to challenge whatever regressive and ultimately or the the policy changes that are designed to suppress our industry need to be challenged. What do you think? Did you have other, are there other areas you, think I should talk about here, Gerald? So one so one of the things that came to my mind was simply just talking about money. Right? I think that's probably a top of mind issue. When you think about you know, we touched a lot on TPO, third party ownership. I think business world or the potential of a lot of fear creeping in. You know, people are asking, are investors pulling back? Are funds drying up? Is there still a market for residential solar debt and equity? I'd say I I was gonna say, like, you know, most likely, you know, the answer is, like, you know, investors aren't pulling back. You know, funds aren't drying up. You know, it's more of, hey. Things is gonna be a little bit more selective now. The investor appetite is still there. Some of the conversations we're having around that is, you know, there's still interest. Mhmm. But time lines will be longer, most likely. Scrutiny will be higher. There's a real premium on credit quality, lower default risk, volume consistency. And then when you touched on, you know, PIAQ, domestic content eligibility, you know, those will probably get favorable treatment from investors. And they'll be very important for our customers, the installer, to partner with those platforms that are raising consistently and responsibly, you know, asking about their warehouse lines, etcetera. So I think those are some of the things that we could talk a little bit more about as well. You know? Yeah. You know, how are these, like, financials thinking about all this domestic content, the BIAQ? How is how is that coming together? What is what are your thoughts? Yeah. Yeah. Yeah. I think, like, the because I know we need to move on to the next section as well. But, I think so the solar market is is still there, but I think it's going to become a lot a lot more patchwork. And it's Mhmm. It is the unfortunate reality that a lot of our customers or are there a lot of people in the solar industry? Probably a lot of our customers, maybe even some people on this call are going to need to make some really hard decisions moving forward. And some of some people are gonna have to make the decision to close-up shop. And I don't begrudge anyone that. I wish them all the best. I I wish that things had turned out differently with this. And also know that we at Aurora Solar here are here for the long haul. We're not, we're not pulling up stakes, and we are planning to pivot and to help everyone deliver the solar future that is going that is inevitable, ultimately. That this this reactionary and regressive government is will ultimately fail at their task because it's irrational and makes makes no sense from economic or social perspectives. That said, the solar industry is entering a a phase that we haven't really faced before. We've been through supportive governments. We've been got through governments that don't like us, but also view us with a quiet, a quiet intimacy where they're not gonna try to support us, but also, you know, let the free market do what it wants to do. This is the first time that we're going to be dealing with a government that is actively hostile towards our industry. And and before we move on to the next section, a thing that I wanted to impart is the government has made very, very clear that they are weaponized, that they're going to wield the regulatory environment as as a weapon against this industry. And what that means is that in many ways, we in the industry need to clean up our act. One, in the the industry, like, the the nationwide pulling and analysis that we've done over the past three or four years, time and again, trust in the solar industry is come up as a in a rising problem in this country and that we need there's a real reckoning that has to happen within our industry because they will you if we don't get the bad actors under control, they will use the bad actors to justify further punitive regulation. So yeah. Got it. Love it. Love the story there. That totally makes sense and plus one to everything you said. What we should do now, as you was mentioning before, is maybe pivot a little bit into our poll, and we would okay. Yeah. So right now, what I'll do is have the audience answer a quick poll so we could get some engagement to understand what's top of mind for them. And based off of those responses, we could unpack what what they're thinking. So just give me one second as I pull that up, Fox. Pull that up. Pull the Oh, the poll the poll is up. I'm sorry. Okay. You you you just made a pun up. Yeah. I'm I'm here managing the, the the the technicals here, and I could see some of their responses. How about in the meantime, maybe we if you can, Fox, maybe go through the chat a little bit if you wanna answer some questions as these responses come in. I'll give it roughly two to three minutes. Yeah. So just looking through here. So from for David, rules as written right now, there will be no changes to TPO until the end of twenty twenty seven. I would I will I will feel more confident about that answer, though, once I see what the rules changes on August 21. Or and to be clear, this administration has a history of turning in their homework on the last day. So very likely, we will see, see the new rules on the twenty first. Okay. Let's see. So Well, Mark, I think I think we're done here Alright. With the polls. Can you can you see the responses? Yeah. It looks like very much like, uncertainty around regulatory environment is it leads with, cost being too high and knowledges of deadlines and policies being a close second. And, this to me, this says that, that there needs that a way that we can help, that a way that Aurora Solar can help is to put out and to to put out and widely distribute clear, concise, documentation as to what is true and what isn't true, and to continue to do our best to make sure that we're modeling reality and helping people to show the benefits of, of solar where benefits exist and so people can know what's real and trust what's real. I'd have to agree there. It goes back to one of the things that I was touching on a little bit about, you know, if the the uncertainty around the policy piece, it's it's it's important to get close to your your firms that you work with in day to day business. Those firms being those financing firms, those tax firms, those lawyers, really get close to them as also get close to us here at Aurora Solar as, you know, when you think about services, you know, this is our bread and butter. Mhmm. We stay close to these topics. We try to ensure that the data not only makes sense, but it's actually meaningful and impactful, and useful. So when it comes to, like, the uncertainty of these policies, you know, given the shaking landscape, you could, in some ways, project, like, things may change again. The story isn't fully written, so it's important to just really get close to some of these services, including Aurora Solar. Right? So that we could get the right answers, and help your business, thrive and be better. So that'd be one thing I'd say. And then, Brock, there's one question that's coming in, and it seems it still be, like, top of mind for folks. And it's around 25 d, and it's about what qualifies a system for 25 d. Is it by end of year? Is it in service? Is it paid for? Can you can you touch on that topic a little bit? Sure. Yeah. And, I guess, also, now I wanted to tie it back to something that you said. So, right now, the rules are, paid for, that that the that to qualify for the the the qualifying the relevant date for '25 d qualification is when is the system paid for. Now as ever with the caveat on all of this, they could change that. It's on I I find that one much less likely, if for no other reason because 25 d was not named in the order and 48 and 45 were named in the order. So that is the one that I'm most confident about staying the same, and that is is when the system is purchased or when it's paid for. And attack back, I know I saw someone, someone, call out SunSpec Alliance. I love SunSpec. I was personally involved in the creation of their orange button data standard. And I do highly recommend getting involved with and and seeing what SunSpec is doing. They're a great organization. They're doing a lot of really good for our industry. Got it. Okay. How about we shift gears into, some more, like, q and a? It seems like this is a good time for us to start looking more into the chat and answering some of those questions that's been coming through. Like, we've been act you know, we've been acting them throughout the presentation, but maybe one softball question I could start you off with to get your juices flowing a little bit more is, given the current landscape, what would you do now if you were an installer? There's so many different paths. It seems like you could go down. Right? You know, there's there's changes that affects, you know, solar only installs. There's changes that it affects, you know, batteries, battery storage. If you were running an installer business today, given what you know about the policies, like, what would be an immediate change within your organization that you think would be extremely impactful for your business in the future? So what would you do as an installer? You you you call that a softball question? I mean, it's not your softball. We should we should all listen for the the Yankees or or something. So, what would I do if I was in a if I was, had a a solar truck and was and was, in the position of a lot of people on this call? I mean, I think I would consider my options carefully, because the landscape is is pretty rough. I think and it it really depends a lot on the landscape. So let's say I was back home in Oakland because I know that landscape, the best. I think I would focus I would start to lean into and to learn more about, partial home systems, these so called solar balcony systems, and see if there's a way that I can that I can sell based on, on the cost savings for those. I think I would and one of the big things I would do is I would lean into customer education. I would lean into, to helping people understand that, yes, solar is still here. Yes. It's still a good idea. Help people understand the cost savings and get involved with community with community organizations. There's, one of the positives that I've seen of the past, six months is a flowering of, community, of community organizations to help each other in the face of rising, costs and rising economic uncertainty. And I think solar has a place in that in that. And, you know, because it's my special interest. I would probably get involved in, like, solar for, hiking pro hiking or van ownership or things like that as well. But that's kind of more my thing and it may not be everyone else's. Let's see. What else do we got? I I was gonna follow-up here on on what you said, as far as cost savings and the education point, and I love what the spectrum that you provided. I think right now, it's important to focus on, like especially with the cost savings piece and bringing on solar is, like, how do you cut cancellations? How do you tighten NTP to PTO? How do you rethink your sales channels? What are what are some product innovations that you could do that you currently aren't leveraging today? Right? You probably only do solar. Well, what about solar plus battery, and even considering, like, EVs in that mix? Those are some ways to get smarter or even stay more firm within the industry so that there's survivorship there. But I think the education piece is one of the the biggest things that helps reduce the cost of solar when you think about cancellations and cost savings. Right? So I just wanted to double click on that and say that out loud, because I do think those are people people who focus on those things are the ones who's gonna survive. Right? Cash flow is king. Focus on that. Focus on what it takes to reduce operational cost. Find those financier providers that gives you the financing, and then think about where you wanna spend your dollars next. So investing. I think about it like this three statement, cash flow, you know, operations, financing, and investing. So as a business, if you focus on those things, I do believe there is survivorship there. So wanted to say that out loud because I think it's tremendously important as we navigate these, like, challenging times. Okay. Yeah. And let's see. Let's go do some quick let I'm gonna take a quick romp through the the q and a just to see what we can go forward. For some of the stuff that I can answer quickly. There's a lot of questions here around, the 48 e battery. My understanding is that, yes, you can take 48 e for batteries if it's not connect like, you can like, in the theoretical case of past the sunset of 48 e for solar, you can still take the 48 e provisions or still like the 48 e credit if you're installing battery attached to solar. You can just only take it for the battery associated costs. The, and also though that the 48 e credit is not available for, for strictly residential systems. Let's see. So so, Fox, one question that came in here, which is interesting, it's about soft cost reduction via standardization and automation. Any thoughts? I mean, yes. But that's I'd like ultimately, that's easier said than done. Like, in terms of yeah. I mean, a lot, like, in one of the value add like, one of the big reasons one of the big things that Aurora Solar tries to do is to add a lot of automate automation, yeah, to the solar, to the solar workflow and to reduce the costs there. And, ultimately, like, yes. That's a good those things are a really good thing to do, to reduce to reduce our soft costs. Beyond that, that's a bit out of scope of both my, expertise area and the conversation or in the, this particular conversation, but I will say that it is a good way to reduce costs. Yeah. Let's see. Talked about 48 e. Yes. That is my, Joe. Yes. That is my understanding that the 25 d, of the changed it so that it is it is paid, barring any changes. I mean, because what do the implications of the forty five day timeline mean for TPO companies if they cannot manipulate the safe harbor harbor rules? I mean, I think to answer that question, I have to to be able to see what happens in forty five days. I think that it if I were if I were at a TPO company right now and a decision maker there, I would be frustrated that, I thought I had clarity and then suddenly I didn't have clarity again. And I I I I get you there. I also feel a lot of frustration about I thought that we had clarity, but then suddenly we don't have as much clarity. But, yeah, that that's what it is. Okay. Gotcha. And then so if equipment does not feat meet fee off requirements, you can't, you can't take the 48 e credit. Like, that's the the, there was a penal that's what the solar excise tax penalty was supposed to be, was basically punishment for for systems that didn't meet FEOK, but that was removed. So at least right now, there is no punishment for, systems other than not being able to take the credit if you don't meet the auth rules. Okay. Fox, we have a just a teeny bit more time left. How about we do one more question from the chat, and then we will begin to wrap things up a bit. Okay. I am I am scrolling. I mean, I think what, a colleague is asking for is just a good resummarization of the timeline is maybe a good way to end this because I know that there's been a lot of numbers, a lot of facts flying here. And I know, like, my brain can get overwhelmed by all of this frequently. So just going back through, so, 25 d, which is the residential ITC, is available until the end of this year, end of year twenty twenty five, and then goes to zero. The 48 e, which is the tech neutral credit, continues to be available for TPO, and is available until end of year twenty twenty seven, after which it goes to zero. FEOC requirements go into effect at the beginning of twenty twenty six. And, the there is an initial threshold, which is still the language is rules as written is it's 40%, and then, there are some additional equipment based percentages. There's a ratio you have to match, but I'm waiting until I see what happens on August 17 or August 21 before I really put too much weight on that. Speaking of, August 21 is when the, the executive order directed, enforcement rules changes are to be published. And so, we'll have a a the solar industry, especially TPOs, will have a lot more clarity on what the rules of the game are moving forward after that. Awesome. Well, on that note, what we would like to do here is close out the webinar. But first, we'll mention that we'll have a follow-up post in the coming weeks answering some of these questions that we didn't get into. There was a lot of questions that came in that we transparently want to take the time to assess, digest so that the responses are meaningful and impactful to your businesses. So that said, Fox, we really appreciate the time. We really appreciate you coming on here, providing your insights and knowledge on this topic. It's complex. It's changing very fast, and we really appreciate you keeping a pulse on this and providing folks the data that they need. And I So I've got Any last last last words? I mean, thank you so much for, everyone, for everyone coming out. Thank you so much for everyone coming here and for giving, for giving all of the questions, and for, engaging with this. Stay sunny, everyone. Yes. Absolutely. And thank you again. Stay sunny.