Solar Energy Systems, net

6 Months Ended

Jun. 30, 2022

Solar Energy Systems Disclosure [Abstract]

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


	June 30, 2022		December 31, 2021
Solar energy system equipment costs	$	9,729,039	$	9,018,788
Inverters and batteries	1,248,492		1,127,014
Total solar energy systems	10,977,531		10,145,802
Less: accumulated depreciation and amortization	(1,467,861)		(1,267,932)
Add: construction-in-progress	669,097		581,826
Total solar energy systems, net	$	10,178,767	$	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 $105.0 million and $90.2 million for the three months ended June 30, 2022 and 2021, respectively, and $205.5 million and $177.6 million for the six months ended June 30, 2022 and 2021, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.0 million and $2.0 million for three months ended June 30, 2022 and 2021, respectively, and $4.1 million and $4.1 million for six months ended June 30, 2022 and 2021, respectively.