Enphase Energy Expands IQ8 Microinverter Deployments in Pennsylvania

Rhea-AI Summary

Enphase Energy (NASDAQ: ENPH) announces increasing demand for its Energy Systems powered by IQ8 microinverters in Pennsylvania. According to the U.S. Solar Market Insight report, residential solar deployments in the state are projected to reach 77 MW in 2023, marking a 10% rise from 2022. Battery deployments are expected to triple by 2026. Enphase's IQ8 technology offers advanced features like Sunlight Backup during outages, enhancing energy resilience. The company aims to provide reliable energy solutions to Pennsylvania homeowners amid rising energy costs and an aging utility infrastructure.

Positive

• Residential solar deployments in Pennsylvania projected at 77 MW for 2023, up 10% year-over-year.
• Anticipated tripling of residential battery deployments by 2026.
• IQ8 microinverters enable Sunlight Backup functionality during outages, enhancing reliability.
• 25-year limited warranty on IQ8 solar microinverters.

Negative

• None.

FREMONT, Calif., Feb. 27, 2023 (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 installers of Enphase^® products in Pennsylvania have seen growing deployments of Enphase Energy Systems™ powered by IQ8^TM Microinverters.

According to the U.S. Solar Market Insight report from Wood Mackenzie and the Solar Energy Industries Association, residential solar deployments in Pennsylvania are forecast to reach approximately 77 MW in 2023, representing a 10 percent increase from the previous year. Additionally, residential battery deployments in Pennsylvania are expected to grow over three-fold by 2026, according to the most recent U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie.

“We’re seeing increased demand from homeowners in Pennsylvania who want a dependable home energy system that will ease the strain of rising energy costs, while also providing utility independence in times of an overtaxed and aging utility infrastructure,” said Blake Reedy, owner of Pennsylvania Solar Energy Company, an Enphase Platinum level installer. “The IQ8-enabled Enphase Energy System, which can also be equipped with battery backup, fits the bill in terms of quality, reliability, and performance.”

Enphase’s revolutionary IQ8-based systems can provide Sunlight Backup™ functionality during an outage even without a battery. For homeowners who want battery backup, there are no sizing restrictions when pairing Enphase IQ™ Batteries with IQ8 Microinverters. With the Sunlight Jump Start™ feature, IQ8 Microinverters can restart a home energy system using only sunlight after a prolonged grid outage that drains the battery. This eliminates the need for a manual restart of the system and gives homeowners greater assurance of energy resilience. Enphase IQ8 solar microinverters are built to last and come with a 25-year limited warranty.

“Pennsylvania residents are looking for relief from historic energy rate hikes,” said Adam Thau, president at ReNu Solar & Roofing, an Enphase Gold level installer.  “Clean energy provides a great solution to current rates and also a hedge against future rate hikes. The Enphase Energy System with IQ8 puts the power back into the hands of consumers so they can have greater piece of mind as utilities rates continue to rise.”

“Our customers want a state-of-the-art home energy system that bolsters their energy resilience without needing to make sacrifices to their current energy needs,” said Luke Amick, president at SunPulse Solar, an Enphase Gold level installer. “With Enphase, our customers can customize a home energy system based on their personal needs and conveniently monitor and control their power consumption via the industry-leading Enphase App.”

“We work with the top installers across Pennsylvania to help homeowners get a best-in-class, energy management experience,” said Dave Ranhoff, chief commercial officer at Enphase Energy. “Our industry-leading platform solutions, together with 24x7 service and support provides more energy security, sustainability, and peace-of-mind for homeowners seeking to electrify their lives.”

For more information about Enphase IQ8 Microinverters and IQ Batteries, 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 approximately 58 million microinverters, and over 3.0 million Enphase-based systems have been deployed in more than 145 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, LinkedIn and Twitter.

© 2023 Enphase Energy, Inc. All rights reserved. Enphase, the "e" logo, IQ, IQ8, IQ Batteries, Enphase Energy System, Sunlight Backup, Sunlight Jump Start, and certain other names and marks are 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 Enphase products; growth in deployments of Enphase Energy Systems; and growth in Pennsylvania of residential solar and battery deployments. 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 recently filed Annual Report on Form 10-K for the year ended December 31, 2022 and other documents on file with the SEC from time to time, which are available on the SEC’s website at https://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 are the expected solar deployment figures for Pennsylvania in 2023 related to Enphase (ENPH)?

Residential solar deployments in Pennsylvania are forecasted to reach approximately 77 MW in 2023, representing a 10% increase from the previous year.

How does Enphase's IQ8 technology benefit homeowners in Pennsylvania?

Enphase's IQ8 technology provides Sunlight Backup functionality during outages and allows homeowners to customize their energy systems.

What is the growth forecast for residential battery deployments in Pennsylvania?

Residential battery deployments in Pennsylvania are expected to grow over three-fold by 2026.

What warranty is offered on Enphase IQ8 microinverters?

Enphase IQ8 microinverters come with a 25-year limited warranty.