Solar Energy Systems, net

9 Months Ended

Sep. 30, 2025

Solar Energy Systems Disclosure [Abstract]

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


	September 30, 2025		December 31, 2024
Solar energy system equipment costs	$	15,702,142	$	14,258,772
Inverters and batteries	3,181,588		2,554,739
Total solar energy systems	18,883,730		16,813,511
Less: accumulated depreciation and amortization	(3,213,860)		(2,732,888)
Add: construction-in-progress	930,018		951,492
Total solar energy systems, net	$	16,599,888	$	15,032,115

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 $173.4 million and $146.2 million for the three months ended September 30, 2025 and 2024, respectively, and $500.6 million and $431.3 million for the nine months ended September 30, 2025 and 2024, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.4 million for both the three months ended September 30, 2025 and 2024, respectively, and $7.3 million and $6.1 million for the nine months ended September 30, 2025 and 2024, respectively.