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Solar Energy Systems, net | 6 Months Ended
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Jun. 30, 2025
Solar Energy Systems Disclosure [Abstract] |
Solar Energy Systems, net | Solar Energy Systems, net Solar energy systems, net consists of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Solar energy system equipment costs |  | $ | 15,193,918 |  |  | $ | 14,258,772 |
Inverters and batteries |  | 2,917,016 |  |  | 2,554,739 |
Total solar energy systems |  | 18,110,934 |  |  | 16,813,511 |
Less: accumulated depreciation and amortization |  | (3,045,358) |  |  | (2,732,888) |
Add: construction-in-progress |  | 997,906 |  |  | 951,492 |
Total solar energy systems, net |  | $ | 16,063,482 |  |  | $ | 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 $166.0 million and $143.4 million for the three months ended June 30, 2025 and 2024, respectively, and $327.2 million and $285.1 million for the six months ended June 30, 2025 and 2024, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.1 million for both the three months ended June 30, 2025 and 2024, respectively, and $4.9 million and $4.1 million for the six months ended June 30, 2025 and 2024, respectively.

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