Enphase Energy Expands IQ8 Microinverter Deployments in Utah

Rhea-AI Summary

Enphase Energy, a leader in microinverter-based solar technology, reports rising adoption of its energy systems in Utah. The U.S. Solar Market Insight forecasts residential solar deployments in Utah to hit 63 MW in 2023, a 40% increase since 2019. The company highlights its innovative IQ8 Microinverters that enable home energy systems with advanced features like Sunlight Backup during outages. These systems aim to provide cost-effective energy solutions to homeowners, enhancing their resilience and energy independence. Enphase's technology is backed by a 25-year warranty, ensuring long-term reliability for customers.

Positive

• Residential solar deployments in Utah expected to grow 40% from 2019, reaching 63 MW in 2023.
• Enphase's IQ8 Microinverters provide Sunlight Backup capability during outages.
• 25-year limited warranty on IQ8 solar microinverters demonstrates reliability and consumer trust.

Negative

• None.

FREMONT, Calif., March 13, 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 Utah 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 Utah are forecast to reach approximately 63 MW in 2023, representing a 40 percent increase from 2019. Additionally, residential battery deployments in Utah are expected to grow more than two-fold by 2026, according to the most recent U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie.

"Homeowners in Utah are increasingly looking for home energy solutions that can help them save money on their electricity bills," said Matthew Smith, co-founder and president at Project Solar. "Project Solar's cost-effective model saves our customers thousands by cutting out the middleman, and when combined with IQ8-backed Enphase Energy Systems, it provides families with unparalleled savings on their solar investment."

“Enphase has engineered some of the industry's most advanced solar and battery technology to help our customers better power their lives,” said David Vick, chief operating officer of Encōr Solar. “Enphase has also prioritized a modular system design that enables us to install customized home energy systems to meet our customers’ unique energy needs, and easily grow the systems over time.”

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.

“Working with Enphase has allowed us to offer our customers home energy solutions that check every box and then some,” said Brady Gurr, vice president of operations at Kin Home. “Enphase Energy Systems deliver a unique combination of best-in-class reliability, backed by world-class engineering, with the elegance and simplicity homeowners want for a superior customer experience.”

“The IQ8 Microinverter-based home energy systems provide homeowners and businesses with access to advanced, reliable, and safe solar and battery technology,” said Dave Ranhoff, chief commercial officer at Enphase Energy. “We’re proud to work with leading installers across Utah to deploy Enphase Energy Systems and help accelerate the transition to a clean and resilient energy future.”

For more information about 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 more than 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, Enphase Energy Systems, IQ, IQ8, IQ Batteries, Sunlight Backup, Sunlight Jump Start, Enphase App, 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 Utah of residential solar deployments and residential battery deployments. These forward-looking statements are based on Enphase Energy’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 Energy’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 is the forecast for solar deployments in Utah in 2023 for ENPH?

Residential solar deployments in Utah are forecasted to reach approximately 63 MW in 2023, a 40% increase from 2019.

How does Enphase's IQ8 technology benefit homeowners?

Enphase's IQ8 Microinverters offer features like Sunlight Backup during outages, enhancing energy resilience.

What warranty does Enphase Energy provide on its IQ8 Microinverters?

Enphase Energy offers a 25-year limited warranty on its IQ8 solar microinverters.

How much are residential battery deployments in Utah expected to grow by 2026?

Residential battery deployments in Utah are expected to grow more than two-fold by 2026.