Solar Energy Systems, net

9 Months Ended

Sep. 30, 2021

Solar Energy Systems Disclosure [Abstract]

Solar energy systems, net consists of the following (in thousands):


	September 30, 2021		December 31, 2020
Solar energy system equipment costs	$	8,771,650	$	7,839,427
Inverters	988,616		883,785
Total solar energy systems	9,760,266		8,723,212
Accumulated depreciation and amortization	(1,177,870)		(914,551)
Construction-in-progress	544,055		394,127
Total solar energy systems, net	$	9,126,451	$	8,202,788

All solar energy systems, including construction-in-progress, have been leased to or are subject to signed Customer Agreements with customers. The Company recorded depreciation expense related to solar energy systems of $93.6 million and $49.8 million for the three months ended September 30, 2021 and 2020, respectively, and $271.1 million and $144.2 million for the nine months ended September 30, 2021 and 2020, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.1 million and $2.0 million for the three months ended September 30, 2021 and 2020, respectively, and $6.2 million and $6.1 million for the nine months ended September 30, 2021 and 2020, respectively.