Solar Energy Systems, net |
Solar Energy Systems, net Solar energy systems, net consists of the following (in thousands):
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December 31, |
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2020 |
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2019 |
Solar energy system equipment costs |
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$ |
7,839,427 |
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$ |
4,510,677 |
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Inverters |
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883,785 |
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471,471 |
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Total solar energy systems |
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8,723,212 |
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4,982,148 |
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Less: accumulated depreciation and amortization |
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(914,551) |
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(692,218) |
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Add: construction-in-progress |
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394,127 |
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202,685 |
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Total solar energy systems, net |
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$ |
8,202,788 |
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$ |
4,492,615 |
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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 $225.9 million, $167.9 million and $139.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. The depreciation expense was reduced by the amortization of deferred grants of $8.2 million, $8.1 million and $7.8 million for the years ended December 31, 2020, 2019 and 2018, respectively.
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