Annual report pursuant to Section 13 and 15(d)

Solar Energy Systems, net

v3.8.0.1
Solar Energy Systems, net
12 Months Ended
Dec. 31, 2017
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,
 
 
2017
 
2016
Solar energy system equipment costs
 
$
3,150,147

 
$
2,459,856

Inverters
 
319,309

 
260,011

Initial direct costs
 
152,549

 
117,587

Total solar energy systems
 
3,622,005

 
2,837,454

Less: accumulated depreciation and amortization
 
(421,350
)
 
(303,305
)
Add: construction-in-progress
 
119,053

 
95,217

Total solar energy systems, net
 
$
3,319,708

 
$
2,629,366


All solar energy systems, construction-in-progress and inverters are subject to signed Customer Agreements with customers. The Company recorded depreciation expense related to solar energy systems of $120.4 million, $93.4 million and $70.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. The depreciation expense was reduced by the amortization of deferred grants of $7.7 million, $13.1 million and $14.2 million for the years ended December 31, 2017, 2016 and 2015, respectively.