Solar Energy Systems, net

12 Months Ended

Dec. 31, 2023

Solar Energy Systems Disclosure [Abstract]

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


	December 31,
	2023		2022
Solar energy system equipment costs	$	12,558,996	$	10,529,852
Inverters and batteries	1,845,580		1,384,776
Total solar energy systems	14,404,576		11,914,628
Less: accumulated depreciation and amortization	(2,165,171)		(1,682,296)
Add: construction-in-progress	789,466		756,029
Total solar energy systems, net	$	13,028,871	$	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 $500.6 million, $426.7 million and $368.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. The depreciation expense was reduced by the amortization of deferred grants of $8.2 million, $8.3 million and $8.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.