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.