Solar Energy Systems, net |
Solar Energy Systems, net Solar energy systems, net consists of the following (in thousands):
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December 31, |
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2022 |
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2021 |
Solar energy system equipment costs |
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$ |
10,529,852 |
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$ |
9,018,788 |
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Inverters and batteries |
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1,384,776 |
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1,127,014 |
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Total solar energy systems |
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11,914,628 |
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10,145,802 |
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Less: accumulated depreciation and amortization |
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(1,682,296) |
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(1,267,932) |
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Add: construction-in-progress |
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756,029 |
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581,826 |
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Total solar energy systems, net |
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$ |
10,988,361 |
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$ |
9,459,696 |
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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.
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