Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

v3.21.1
Solar Energy Systems, net
3 Months Ended
Mar. 31, 2021
Solar Energy Systems Disclosure [Abstract]  
Solar Energy Systems, net Solar Energy Systems, net
Solar energy systems, net consists of the following (in thousands):
March 31, 2021 December 31, 2020
Solar energy system equipment costs $ 8,127,259  $ 7,839,427 
Inverters 915,778  883,785 
Total solar energy systems 9,043,037  8,723,212 
Accumulated depreciation and amortization (1,000,558) (914,551)
Construction-in-progress 417,964  394,127 
Total solar energy systems, net $ 8,460,443  $ 8,202,788 
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 $87.4 million and $46.4 million for the three months ended March 31, 2021 and 2020, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.1 million and $2.0 million for three months ended March 31, 2021 and 2020, respectively.