Annual report pursuant to Section 13 and 15(d)

Solar Energy Systems, net

v3.22.4
Solar Energy Systems, net
 12 Months Ended
Dec. 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):
December 31,
2022 2021
Solar energy system equipment costs
 $ 10,529,852  $ 9,018,788 
Inverters and batteries 1,384,776  1,127,014 
Total solar energy systems
 11,914,628  10,145,802 
Less: accumulated depreciation and amortization (1,682,296) (1,267,932)
Add: construction-in-progress 756,029  581,826 
Total solar energy systems, net
 $ 10,988,361  $ 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 $426.7 million, $368.0 million and $225.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. The depreciation expense was reduced by the amortization of deferred grants of $8.3 million, $8.3 million and $8.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.