Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

v3.20.2
Solar Energy Systems, net
6 Months Ended
Jun. 30, 2020
Solar Energy Systems Disclosure [Abstract]  
Solar Energy Systems, net Solar Energy Systems, net
Solar energy systems, net consists of the following (in thousands):
June 30, 2020 December 31, 2019
Solar energy system equipment costs $ 4,829,551    $ 4,510,677   
Inverters 508,032    471,471   
Total solar energy systems 5,337,583    4,982,148   
Accumulated depreciation and amortization (785,085)   (692,218)  
Construction-in-progress 221,927    202,685   
Total solar energy systems, net $ 4,774,425    $ 4,492,615   
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 $48.1 million and $41.0 million for the three months ended June 30, 2020 and 2019, respectively, and $94.5 million and $80.4 million for the six months ended June 30, 2020 and 2019. The depreciation expense was reduced by the amortization of deferred grants of $2.1 million and $2.0 million for three months ended June 30, 2020 and 2019, respectively, and $4.1 million and $4.0 million for the six months ended June 30, 2020 and 2019, respectively.