Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

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Solar Energy Systems, net
6 Months Ended
Jun. 30, 2021
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, 2021 December 31, 2020
Solar energy system equipment costs $ 8,417,182  $ 7,839,427 
Inverters 948,853  883,785 
Total solar energy systems 9,366,035  8,723,212 
Accumulated depreciation and amortization (1,088,957) (914,551)
Construction-in-progress 489,991  394,127 
Total solar energy systems, net $ 8,767,069  $ 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 $90.2 million and $48.1 million for the three months ended June 30, 2021 and 2020, respectively, and $177.6 million and $94.5 million for the six months ended June 30, 2021 and 2020, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.0 million and $2.1 million for the three months ended June 30, 2021 and 2020, respectively, and $4.1 million and $4.1 million six months ended June 30, 2021 and 2020, respectively.