Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, net

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Solar Energy Systems, net
 9 Months Ended
Sep. 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):
September 30, 2022 December 31, 2021
Solar energy system equipment costs $ 10,133,076  $ 9,018,788 
Inverters and batteries 1,316,394  1,127,014 
Total solar energy systems 11,449,470  10,145,802 
Less: accumulated depreciation and amortization (1,573,018) (1,267,932)
Add: construction-in-progress 697,139  581,826 
Total solar energy systems, net $ 10,573,591  $ 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 $108.3 million and $93.6 million for the three months ended September 30, 2022 and 2021, respectively, and $313.8 million and $271.1 million for the nine months ended September 30, 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 September 30, 2022 and 2021, respectively, and $6.2 million and $6.2 million for nine months ended September 30, 2022 and 2021, respectively.