Solar Energy Systems, net

6 Months Ended

Jun. 30, 2023

Solar Energy Systems Disclosure [Abstract]

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


	June 30, 2023		December 31, 2022
Solar energy system equipment costs	$	11,408,910	$	10,529,852
Inverters and batteries	1,535,189		1,384,776
Total solar energy systems	12,944,099		11,914,628
Less: accumulated depreciation and amortization	(1,912,611)		(1,682,296)
Add: construction-in-progress	905,133		756,029
Total solar energy systems, net	$	11,936,621	$	10,988,361

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 $120.8 million and $105.0 million for the three months ended June 30, 2023 and 2022, respectively, and $237.4 million and $205.5 million for the six months ended June 30, 2023 and 2022, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.0 million for both the three months ended June 30, 2023 and 2022, and $4.1 million for both the six months ended June 30, 2023 and 2022.