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The solar energy industry had a breakout year in 2020. These microinverters qualified for the 45X production tax credit under the 2022 Inflation Reduction Act. Comparing ETF feestructures Another drawback of the Invesco Solar ETF is its 0.67% expense ratio. But since early 2021, the industry has been under pressure.
As a result, on a cumulative basis, since our initial investment in April 2020 and taking the realized gain and dividends into consideration, we realized an annual internal rate of return of 69% and 7.7 Just on taxes, right? So, there's potential that capital gains taxes come down maybe this year, maybe next year.
Servicing generated 301 million in pre-tax income, although bear in mind the gain from the trust collapse contributed 67 million. I'm going to start on Slide 7 and talk about servicing where we generated a record 301 million in pre-tax operating income this quarter. Chris Marshall -- Vice Chairman and President Hey, Kevin, it's Chris.
This quarter, given the seasonal impact of tax refunds, we saw a small sequential increase in our payment rates, largely driven by higher credit quality segments. I think there's obviously still spending excess savings are coming down a bit, but they're still trending above 2020 levels. I think, look, the consumer is still strong.
Beginning in Q1 2025, we will also be excluded from adjusted EBITDA the payroll taxes related to stock-based compensation. million of payroll taxes related to stock-based compensation in 2024. For context, we recorded approximately $6.4 We are not merely strengthening our position, we are setting new industry standards. and Canada.
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