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Solar Energy Systems, net

3 Months Ended

Mar. 31, 2022

Solar Energy Systems Disclosure [Abstract]

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


	March 31, 2022		December 31, 2021
Solar energy system equipment costs	$	9,342,544	$	9,018,788
Inverters and batteries	1,183,163		1,127,014
Total solar energy systems	10,525,707		10,145,802
Less: accumulated depreciation and amortization	(1,365,294)		(1,267,932)
Add: construction-in-progress	611,649		581,826
Total solar energy systems, net	$	9,772,062	$	9,459,696

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 $100.5 million and $87.4 million for the three months ended March 31, 2022 and 2021, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.1 million and $2.1 million for three months ended March 31, 2022 and 2021, respectively.