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v3.25.1

Solar Energy Systems, net | 3 Months Ended
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Mar. 31, 2025
Solar Energy Systems Disclosure [Abstract] |
Solar Energy Systems, net | Solar Energy Systems, net Solar energy systems, net consists of the following (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Solar energy system equipment costs |  | $ | 14,713,752 |  |  | $ | 14,258,772 |
Inverters and batteries |  | 2,744,849 |  |  | 2,554,739 |
Total solar energy systems |  | 17,458,601 |  |  | 16,813,511 |
Less: accumulated depreciation and amortization |  | (2,888,775) |  |  | (2,732,888) |
Add: construction-in-progress |  | 927,712 |  |  | 951,492 |
Total solar energy systems, net |  | $ | 15,497,538 |  |  | $ | 15,032,115 |
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 $161.2 million and $141.7 million for the three months ended March 31, 2025 and 2024, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.8 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively.

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