Enphase Energy and Good Faith Energy Grow Battery Partnership in Texas

Rhea-AI Summary

Enphase Energy (NASDAQ: ENPH) reported significant growth in the deployment of its energy systems through Good Faith Energy in Texas, particularly following the winter storms of February 2021. Storage attachment rates for new residential customers jumped from 10% in 2020 to nearly 60% currently. The newly launched IQ8 microinverter enhances system resilience. Enphase’s systems are customizable with various configurations, providing safer solar-plus-storage solutions. The company emphasizes customer control over energy futures with reliable technology and outstanding service.

Positive

• Storage attachment rates increased significantly from 10% in 2020 to nearly 60%.
• Launch of the IQ8 microinverter improves system resilience for homeowners.
• Customizable energy systems provide safer and reliable solar-plus-storage solutions.

Negative

• None.

FREMONT, Calif., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, today announced Good Faith Energy, a fast-growing solar installation company serving homeowners and businesses throughout Texas with energy products from Enphase, is seeing significant growth in deployments of Enphase Energy Systems following the Texas winter storms in February 2021.

Good Faith Energy has seen an increase in storage attachment rates for new residential customers from approximately 10 percent in 2020 to nearly 60 percent today. Homeowners are seeking energy systems with Enphase IQ Batteries as smart, reliable, and safer solutions to keep the lights on. And with the recent announcement of Enphase’s IQ8 microinverter, the industry’s first microgrid-forming microinverter, homeowners will be able to unlock greater resilience than ever before.  

“Texas energy consumers have been through a lot this year, and the interest in reliable, clean home backup solutions is at an all-time high,” said Mohammed Abdalla, president and founder at Good Faith Energy. “We are proud to be one of the first companies in the world to install Enphase’s revolutionary new IQ8 microinverter. This technology enables us to build a solution to perfectly fit each customer’s unique situation, with or without a battery, and provide them with reliable, affordable, and safer power.”

The Enphase Energy System with IQ8 comes in four different configurations: the first is “Solar Only”; the second is “Sunlight Backup” with no battery; the third is “Home Essentials Backup” with a small battery; and the fourth is “Full Energy Independence” with a large battery. While the first configuration is a standard grid-tied system, the remaining configurations are grid-agnostic systems which need an Enphase IQ System Controller to island the home during an outage. For homeowners who want a battery, there are no sizing restrictions on pairing an Enphase battery with the solar system. And all configurations can be customized for homeowners.

Enphase delivers a safer solar-plus-storage solution which does not expose installers or homeowners to high-voltage DC. The Enphase IQ Battery features Lithium Iron Phosphate (LFP) battery chemistry, which provides a long cycle life, safer operation through excellent thermal stability, and a UL9540A fire safety certification. Enphase batteries are equipped with Enphase Power Start™ technology, which helps seamlessly power-up air conditioners and well-pumps. Homeowners have insight into their systems through the Enphase App, including the ability to go off-grid from the app. The Enphase IQ Battery offers over-the-air software upgrades and comes with a 10-year limited warranty with an optional 5-year limited warranty extension available for purchase.

“We’re proud to support the Good Faith Energy team in its efforts to help Texas homeowners take control of their energy future with clean, affordable, and reliable solar energy,” said Dave Ranhoff, chief commercial officer at Enphase Energy. “The shift that Mohammed and his team are seeing in battery deployments emphasizes the increased importance in providing customers with a reliable and safer solar backup. Enphase is focused on providing high quality products and an outstanding customer experience as we continue to create a more sustainable future for all.”

For more information about Good Faith Energy, please visit their website and YouTube Channel, and to learn more about Enphase IQ Batteries and IQ Microinverters, please visit the Enphase website.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 39 million microinverters, and over 1.7 million Enphase-based systems have been deployed in more than 130 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, LinkedIn and Twitter.

© 2021 Enphase Energy, Inc. All rights reserved. Enphase, the "e" logo, IQ, Ensemble, and certain other names and marks are registered trademarks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality and reliability; the availability and market adoption of our products; our outstanding customer service; and the performance by our installation partners. These forward-looking statements are based on Enphase’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties, including those risks described in more detail in Enphase’s most recent Annual Report on Form 10-K and other documents on file with the SEC and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

Contact:

Enphase Energy 
press@enphaseenergy.com

FAQ

What recent developments has Enphase Energy announced regarding its energy systems?

Enphase Energy announced significant growth in deployments of its systems through Good Faith Energy in Texas, with storage attachment rates rising from 10% to nearly 60%.

How does the IQ8 microinverter impact Enphase's energy offerings?

The IQ8 microinverter enhances resilience and allows customizable configurations for homeowners seeking reliable solar energy solutions.

What percentage of new residential customers are opting for energy storage with Enphase systems?

Currently, nearly 60% of new residential customers are opting for energy storage with Enphase systems.

What are the configurations available for Enphase Energy systems?

Enphase offers four configurations: 'Solar Only', 'Sunlight Backup', 'Home Essentials Backup', and 'Full Energy Independence', catering to different customer needs.

What safety features do Enphase Energy systems provide?

Enphase systems utilize Lithium Iron Phosphate battery chemistry and do not expose users to high-voltage DC, enhancing safety for homeowners and installers.