Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

v3.21.2
Solar Energy Systems, net
9 Months Ended
Sep. 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):
September 30, 2021 December 31, 2020
Solar energy system equipment costs $ 8,771,650  $ 7,839,427 
Inverters 988,616  883,785 
Total solar energy systems 9,760,266  8,723,212 
Accumulated depreciation and amortization (1,177,870) (914,551)
Construction-in-progress 544,055  394,127 
Total solar energy systems, net $ 9,126,451  $ 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 $93.6 million and $49.8 million for the three months ended September 30, 2021 and 2020, respectively, and $271.1 million and $144.2 million for the nine months ended September 30, 2021 and 2020, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.1 million and $2.0 million for the three months ended September 30, 2021 and 2020, respectively, and $6.2 million and $6.1 million for the nine months ended September 30, 2021 and 2020, respectively.