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, 2022
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, 2022 December 31, 2021
Solar energy system equipment costs $ 9,729,039  $ 9,018,788 
Inverters and batteries 1,248,492  1,127,014 
Total solar energy systems 10,977,531  10,145,802 
Less: accumulated depreciation and amortization (1,467,861) (1,267,932)
Add: construction-in-progress 669,097  581,826 
Total solar energy systems, net $ 10,178,767  $ 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 $105.0 million and $90.2 million for the three months ended June 30, 2022 and 2021, respectively, and $205.5 million and $177.6 million for the six months ended June 30, 2022 and 2021, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.0 million and $2.0 million for three months ended June 30, 2022 and 2021, respectively, and $4.1 million and $4.1 million for six months ended June 30, 2022 and 2021, respectively.