Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

v3.20.2
Solar Energy Systems, net
9 Months Ended
Sep. 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):
September 30, 2020 December 31, 2019
Solar energy system equipment costs $ 5,027,861  $ 4,510,677 
Inverters 531,144  471,471 
Total solar energy systems 5,559,005  4,982,148 
Accumulated depreciation and amortization (833,928) (692,218)
Construction-in-progress 254,245  202,685 
Total solar energy systems, net $ 4,979,322  $ 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 $49.8 million and $42.8 million for the three months ended September 30, 2020 and 2019, respectively, and $144.2 million and $123.1 million for the nine months ended September 30, 2020 and 2019, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.0 million and $2.1 million for three months ended September 30, 2020 and 2019, respectively, and $6.1 million and $6.1 million for the nine months ended September 30, 2020 and 2019, respectively.