v3.26.1
Energy Systems, net
 3 Months Ended
Mar. 31, 2026
Solar Energy Systems Disclosure [Abstract]  
Energy Systems, net Energy Systems, net
Energy systems, net consists of the following (in thousands):
March 31, 2026December 31, 2025
Energy system equipment costs$16,444,863 $16,090,654 
Inverters and batteries3,470,665 3,343,643 
Total energy systems19,915,528 19,434,297 
Less: accumulated depreciation and amortization(3,560,149)(3,384,021)
Add: construction-in-progress671,027 767,587 
Total energy systems, net$17,026,406 $16,817,863 
All 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 energy systems of $181.1 million and $161.2 million for the three months ended March 31, 2026 and 2025, respectively. The depreciation expense was reduced by the amortization of deferred grants of $2.2 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively.