Solar Energy Systems, net

9 Months Ended

Sep. 30, 2022

Solar Energy Systems Disclosure [Abstract]

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


	September 30, 2022		December 31, 2021
Solar energy system equipment costs	$	10,133,076	$	9,018,788
Inverters and batteries	1,316,394		1,127,014
Total solar energy systems	11,449,470		10,145,802
Less: accumulated depreciation and amortization	(1,573,018)		(1,267,932)
Add: construction-in-progress	697,139		581,826
Total solar energy systems, net	$	10,573,591	$	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 $108.3 million and $93.6 million for the three months ended September 30, 2022 and 2021, respectively, and $313.8 million and $271.1 million for the nine months ended September 30, 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 September 30, 2022 and 2021, respectively, and $6.2 million and $6.2 million for nine months ended September 30, 2022 and 2021, respectively.