Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

v3.22.1
Solar Energy Systems, net
 3 Months Ended
Mar. 31, 2022
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, 2022 December 31, 2021
Solar energy system equipment costs $ 9,342,544  $ 9,018,788 
Inverters and batteries 1,183,163  1,127,014 
Total solar energy systems 10,525,707  10,145,802 
Less: accumulated depreciation and amortization (1,365,294) (1,267,932)
Add: construction-in-progress 611,649  581,826 
Total solar energy systems, net $ 9,772,062  $ 9,459,696 
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 $100.5 million and $87.4 million for the three months ended March 31, 2022 and 2021, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.1 million and $2.1 million for three months ended March 31, 2022 and 2021, respectively.