moderate - Residential solar adoption correlates with homeowner confidence and discretionary spending capacity, as customers must qualify for financing and commit to long-term contracts. Housing market strength drives installation opportunities, while economic downturns can reduce qualified customer pipelines. However, the value proposition of electricity bill savings provides some recession resilience compared to purely discretionary home improvements. New home construction activity directly impacts builder channel opportunities.

High sensitivity through multiple channels. Rising rates increase Sunrun's cost of capital for tax equity partnerships and asset-backed securitizations, compressing project returns and potentially requiring higher customer pricing. Higher mortgage rates reduce home sales and refinancing activity, limiting customer acquisition opportunities. Elevated rates also make the company's growth equity more expensive to finance given negative free cash flow. Conversely, the fixed-rate nature of customer contracts provides natural inflation protection as utility rates rise.

growth - Investors are betting on residential solar market penetration expanding from current ~5% of US homes to 20%+ over the next decade, with Sunrun capturing disproportionate share as the market leader. The 127% one-year return reflects momentum trading and policy optimism despite negative profitability. High volatility and negative cash flow attract risk-tolerant growth investors willing to look through near-term losses to long-term recurring revenue potential. Not suitable for value or income investors given lack of profitability and dividends.