Enphase Energy Expands IQ8 Microinverter Deployments in North Carolina

Rhea-AI Summary

Enphase Energy (NASDAQ: ENPH) announces increasing deployments of its IQ8-based Energy Systems in North Carolina, driven by local policies promoting energy independence and cost savings. The U.S. Solar Market Insight report forecasts residential solar installations will grow over 130% in five years, with battery capacity projected to triple by 2026. Enphase's systems offer features like Sunlight Backup™ during outages and a 25-year warranty. Collaborating with local installers, Enphase aims to meet rising demand for clean energy solutions while providing homeowners with reliable and efficient systems.

Positive

• Increasing deployments of Enphase Energy Systems in North Carolina indicate strong market demand.
• Forecasted growth of over 130% in residential solar deployments over the next five years.
• Battery capacity expected to triple by 2026, enhancing energy independence.
• IQ8 systems provide innovative features like Sunlight Backup™ and a 25-year warranty.

Negative

• None.

FREMONT, Calif., Nov. 07, 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 installers of Enphase^® products in North Carolina have seen growing deployments of Enphase Energy Systems™ powered by IQ8™ Microinverters, as local policy encourages lower energy costs, energy independence, and a lower environmental footprint.

According to the most recent U.S. Solar Market Insight report from Wood Mackenzie and the Solar Energy Industries Association, residential solar deployments in North Carolina have been increasing year over year and are forecasted to grow more than 130% over the next five years. Additionally, deployments of residential battery capacity in North Carolina are expected to grow over three-fold by the end of 2026, according to the most recent U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie.

“More and more homeowners in North Carolina are looking to start their solar journey as a way to save money and enjoy energy independence,” said John Sheldon, director of new business capabilities at Renu Energy Solutions, an Enphase Silver level installer. “With the IQ8-based Enphase Energy System, homeowners have the comfort of knowing they have one of the smartest and most reliable solar and storage systems on the market that can meet their individual energy wants, needs, and budget.”

“Homeowners can count on Enphase’s industry-leading home solar system to deliver safe, clean, and reliable energy,” said Robert Parker, COO at Cape Fear Solar Systems, an Enphase Silver level installer. “We are dedicated to creating the best possible experience for our customers and appreciate working with Enphase to help make this happen.”

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

“Enphase has a great solution for homeowners looking to save money and become more energy independent,” said Samuel Van Wynen, CEO at Top Tier Solar Solutions, an Enphase Silver level installer. The IQ8-based Enphase Energy System helps enable our business to stand out by providing our homeowners across North Carolina with a high-quality product.”

“We’re proud to work with our installer network in North Carolina to help fulfill the demand for safe, reliable, and high-performing solar products,” said Dave Ranhoff, chief commercial officer at Enphase Energy. “The IQ8-based Enphase Energy System helps homeowners make the switch to clean energy and receive the long-term benefits of savings, security, and resilience.”

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 more than 52 million microinverters, and over 2.7 million Enphase-based systems have been deployed in more than 145 countries. For more information, visit the Enphase website and follow the company on Facebook, LinkedIn and Twitter.

© 2022 Enphase Energy, Inc. All rights reserved. Enphase, the "e" logo, Enphase Energy System, IQ8, IQ Batteries, 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 in North Carolina; and forecasts for growth in North Carolina of residential solar 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, its Annual Report on Form 10-K for the year ended December 31, 2021 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 recent announcement by Enphase Energy regarding North Carolina?

Enphase Energy announced increasing deployments of its IQ8-based Energy Systems in North Carolina, driven by policies promoting energy independence and cost reduction.

What growth is expected for residential solar deployments in North Carolina?

Residential solar deployments in North Carolina are forecasted to grow over 130% over the next five years.

How much is battery capacity expected to grow in North Carolina by 2026?

Residential battery capacity in North Carolina is expected to grow more than three-fold by the end of 2026.

What are the key features of Enphase's IQ8-based Energy Systems?

Enphase's IQ8 systems include Sunlight Backup™ during outages and a 25-year limited warranty, ensuring reliability and efficiency.

What is the significance of the collaboration with local installers in North Carolina?

Collaboration with local installers allows Enphase to effectively meet the rising demand for safe, reliable, and high-performing solar products.