Enphase Energy Expands Battery Storage in Massachusetts

Rhea-AI Summary

Enphase Energy, Inc. (NASDAQ: ENPH) reports a surge in installations of its Energy System in Massachusetts due to extreme weather and power outages. According to the U.S. Energy Storage Monitor report, residential storage capacity in the state is set to grow eight-fold by 2026, driven by demand for reliable backup options and supportive policies like the SMART program. Homeowners can earn up to $1,056 annually by participating in the ConnectedSolutions program. Enphase's IQ Batteries feature advanced thermal stability and safety, offering homeowners improved energy resilience and control over their energy future.

Positive

• Massachusetts installations of Enphase Energy System are increasing due to rising demand from extreme weather impacts.
• Residential storage capacity in Massachusetts is projected to grow eight-fold by 2026, indicating strong market potential.
• Incentives from the SMART program and ConnectedSolutions could significantly enhance customer adoption and revenue opportunities.

Negative

• None.

FREMONT, Calif., Jan. 31, 2022 (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, announced today that Enphase installers in Massachusetts have seen an increase in deployments of the Enphase^® Energy System, powered by IQ™ Microinverters and IQ™ Batteries, as extreme weather and power outages continue to impact the state.

Residential storage capacity is rapidly expanding in Massachusetts, with deployments expected to grow eight-fold by 2026, according to the most recent U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie. The expected growth is due primarily to customers looking for reliable backup options, as well as forward looking policy like the Solar Massachusetts Renewable Target (SMART) program, which continues to offer incentives for residents to make the switch to solar and battery storage systems.

“Our customers are well acquainted with extreme weather,” said Daniel Mello Guimaraes, CEO and co-founder of Boston Solar, an Enphase Gold installer. “As these weather events become more frequent and severe, many residents are experiencing power outages and craving energy resilience. We confidently offer the Enphase IQ Battery to our customers so they have high-quality, safe, and reliable backup power for when it’s needed most.”

On top of the incentives offered by the SMART program, Massachusetts homeowners in National Grid, Eversource, and Cape Light Compact territories can also earn up to $1,056 a year by enrolling their Enphase IQ Batteries in the ConnectedSolutions program. Through the ConnectedSolutions program, homeowners are compensated for allowing their batteries to discharge during peak demand events to help stabilize the grid.

“Enphase’s complete home energy system is one of the best solutions on the market,” said Matthew Devlin, co-founder and master electrician at Devlin Solar, an Enphase Gold installer. “Together, we’re able to offer our customers the utmost control over their own clean energy so they can live sustainably and improve their energy independence.”

​​Enphase delivers a safer solar-plus-battery 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 and safer operation through excellent thermal stability. The 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, as well as the ability to go off-grid through the app. The Enphase IQ Battery accommodates over-the-air software upgrades and comes with a 10-year limited warranty with a 5-year limited warranty extension available for purchase.

“As a leading installer of batteries in Massachusetts, we depend on Enphase’s high-quality product design and dependable results in outage situations,” said Patrick Rondeau, general manager and co-owner of Valley Solar, an Enphase Gold installer. “Thanks to our partnership with Enphase, we’re installing the most innovative solar and battery technology available and continue to deliver exceptional customer experience day in and day out.”

“We are proud to partner with the best installers in Massachusetts to deploy our industry-leading products so homeowners can truly become resilient and take control over their energy future,” said Dave Ranhoff, chief commercial officer at Enphase. “Helping to provide an exceptional customer experience is part of our DNA. The Enphase Energy System, powered by IQ Microinverters and IQ Batteries, has revolutionized home energy and we look forward to continuing to set a high standard with ongoing innovation for years to come.”

For more information 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.

© 2022 Enphase Energy, Inc. All rights reserved. Enphase, the "e" logo, IQ, Power Start, 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; market growth; increased deployments; 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 is driving the increase in Enphase Energy installations in Massachusetts?

The increase in installations is driven by extreme weather and power outages, leading to higher demand for reliable backup energy solutions.

How much can Massachusetts homeowners earn through the ConnectedSolutions program?

Homeowners can earn up to $1,056 annually by enrolling their Enphase IQ Batteries in the ConnectedSolutions program.

What does the U.S. Energy Storage Monitor report say about residential storage in Massachusetts?

The report states that residential storage capacity in Massachusetts is expected to grow eight-fold by 2026.

What technology does Enphase Energy's battery system use?

Enphase's IQ Batteries utilize Lithium Iron Phosphate (LFP) battery chemistry for enhanced safety and longer cycle life.

What features do Enphase IQ Batteries offer to homeowners?

The IQ Batteries provide thermal stability, the ability to discharge during peak demand, and a smart app for energy control.