Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

v3.19.3
Solar Energy Systems, net
9 Months Ended
Sep. 30, 2019
Solar Energy Systems Disclosure [Abstract]  
Solar Energy Systems, net Solar Energy Systems, net
Solar energy systems, net consists of the following (in thousands):
 
 
September 30, 2019
 
December 31, 2018
Solar energy system equipment costs
 
$
4,348,653

 
$
3,823,853

Inverters
 
453,204

 
396,054

Total solar energy systems
 
4,801,857

 
4,219,907

Accumulated depreciation and amortization
 
(650,873
)
 
(535,891
)
Construction-in-progress
 
182,403

 
136,001

Total solar energy systems, net
 
$
4,333,387

 
$
3,820,017


All solar energy systems, including construction-in-progress, are subject to signed Customer Agreements with customers. The Company recorded depreciation expense related to solar energy systems of $42.8 million and $35.6 million for the three months ended September 30, 2019 and 2018, respectively, and $123.1 million and $101.8 million for the nine months ended September 30, 2019 and 2018, 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, 2019 and 2018, respectively, and $6.1 million and $5.8 million for the nine months ended September 30, 2019 and 2018, respectively.