Quarterly report pursuant to Section 13 or 15(d)

Solar Energy Systems, Net

v3.4.0.3
Solar Energy Systems, Net
3 Months Ended
Mar. 31, 2016
Solar Energy Systems Disclosure [Abstract]  
Solar Energy Systems, Net

Note 5. Solar Energy Systems, net

Solar energy systems, net consists of the following (in thousands):

 

 

 

March 31, 2016

 

 

December 31, 2015

 

Solar energy system equipment costs

 

$

1,994,193

 

 

$

1,846,103

 

Inverters

 

 

197,145

 

 

 

177,202

 

Initial direct costs

 

 

79,904

 

 

 

68,280

 

Total solar energy systems

 

 

2,271,242

 

 

 

2,091,585

 

Less: accumulated depreciation and

   amortization

 

 

(232,939

)

 

 

(212,671

)

Add: construction-in-progress

 

 

98,712

 

 

 

113,107

 

Total solar energy systems, net

 

$

2,137,015

 

 

$

1,992,021

 

 

All solar energy systems, construction-in-progress, and inverters have been leased to or are subject to signed Customer Agreements with customers. The Company recorded depreciation expense related to solar energy systems of $20.4 million and $15.5 million for the three months ended March 31, 2016 and 2015, respectively. The depreciation expense was reduced by the amortization of deferred grants of $4.0 million and $3.6 million for the three months ended March 31, 2016 and 2015, respectively