I think it's unlikely that much of the total capacity registered by Jasmine will be pre-2025 builds. So I think your last line is the most likely outcome. More access to the program means more efficient use of the incentive, means (hopefully) more aggressive RPS timelines.

Why do I think that we're unlikely to see a lot of pre-2025 builds?

1) Solar is on an exponential deployment curve, so by definition there's much more capacity in front of us than there is behind us.

2) As a practical matter, the go-to-market motion of on-boarding newly built systems is much easier than the go-to-market motion of on-boarding legacy systems. Channel parters (solar installers, solar point-of-sale systems, solar financiers) all deal with new systems, and new systems are top of mind for recent buyers. Getting our product in front of old system owners is just much harder.

That's a very fair response and analysis. Thank you!