Enphase Energy Expands IQ8 Microinverter Deployments in Hawaii

Rhea-AI Summary

Enphase Energy, a leader in solar and battery systems, reported increasing deployments of its Energy System in Hawaii, powered by IQ8 Microinverters. According to Wood Mackenzie, residential solar deployment in Hawaii is forecasted to grow to about 37 MW in 2022, up over 30% in a decade. The company supports the growth with participation in Hawaiian Electric's Battery Bonus program, incentivizing battery integration in solar systems. Enphase's IQ8 systems offer advanced features, enhancing energy independence and resilience for homeowners in Hawaii.

Positive

• Strong growth in residential solar deployments in Hawaii, projected at 37 MW in 2022, a 30% increase over 10 years.
• Enphase's participation in Hawaiian Electric's Battery Bonus program provides financial incentives for solar system enhancements.
• IQ8 Microinverters and battery systems offer homeowners advanced functionality and energy independence.

Negative

• None.

FREMONT, Calif., Oct. 20, 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 Hawaii have seen growing deployments of the Enphase Energy System powered by IQ8™ Microinverters as local policy continues to encourage the adoption of home solar and battery energy systems.

According to the most recent U.S. Solar Market Insight report from Wood Mackenzie and the Solar Energy Industries Association, residential solar deployments in Hawaii have been steadily increasing year-over-year and are predicted to reach approximately 37 MW in 2022, representing more than 30 percent growth over the last decade. Additionally, deployments of residential battery capacity in Hawaii are expected to nearly double by the end of 2026, according to the most recent U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie.

“The purchase of a solar plus battery storage system is a big decision, requiring homeowners to have confidence in the products and the company installing them, ensuring they are maximizing their investment,” said Nathan Wood, owner of Nathan Wood General Contractor, an Enphase Gold level installer. “Enphase’s IQ8-powered home solar and battery backup system delivers on all fronts and is highly customizable to meet homeowners’ varying energy needs.”

Last year, Enphase announced its participation in Hawaiian Electric’s (HECO) Battery Bonus grid services program, which offers financial incentives to HECO customers who add a battery to their residential solar systems and make it available to the utility during a fixed two-hour period each day.

“Hawaii is a leader in the U.S. for solar energy deployments, and we’re proud to facilitate and support this growth locally with market-leading products and services,” said Tyler Erickson, co-founder of Skyta Solar & Roofing, an Enphase Silver level installer. “With the IQ8-based Enphase Energy System, Hawaii’s homeowners can rest assured that their solar panels will reliably power their homes with clean energy and save them money on utility bills.”

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 on pairing an Enphase IQ Batteries with IQ8 Microinverters. In addition, with the Sunlight Jump Start™ feature, IQ8 Microinverters can restart a home energy system using only sunlight 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.

“We believe there’s no better place for residential solar systems than Hawaii with its abundant sunshine and high electricity rates,” said Kyle Kramer, owner of Metta Electric. “From easy installation and seamless off-grid capabilities to intelligent real-time monitoring, the IQ8-based Enphase Energy System maximizes the benefits of home solar with industry-leading performance.”

“Enphase is dedicated to working with its top-tier installer network in Hawaii to deliver some of the most advanced, durable, and safe solar and battery technology solutions on the market,” said Dave Ranhoff, chief commercial officer at Enphase Energy. “The IQ8 Microinverter paired with the IQ Battery offers energy independence and resilience to homeowners across the state. We stand ready to expand access to solar and batteries as Hawaii works toward its goal to reach 100 percent renewable energy by 2045.”

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 48 million microinverters, and over 2.5 million Enphase-based systems have been deployed in more than 140 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, IQ8, Sunlight Backup, Sunlight Jump Start, IQ Combiner, IQ Gateway, 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 Hawaii of residential solar deployments and deployments of residential battery capacity. 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 June 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 deployment trend of Enphase Energy's products in Hawaii?

Enphase Energy products, specifically the IQ8 Microinverters, are experiencing increased deployments in Hawaii, reflecting a growing trend in residential solar adoption.

What growth rate is projected for residential solar deployments in Hawaii for 2022?

Residential solar deployments in Hawaii are expected to reach approximately 37 MW in 2022, representing over 30% growth in the last decade.

How does Enphase Energy support solar energy growth in Hawaii?

Enphase Energy supports solar energy growth by participating in Hawaiian Electric's Battery Bonus program, which incentivizes customers to integrate batteries into their solar systems.

What features do Enphase IQ8 Microinverters offer?

Enphase IQ8 Microinverters provide advanced functionalities such as Sunlight Backup during outages, customizable system integration, and a 25-year warranty.

What is the significance of the Battery Bonus program in Hawaii?

The Battery Bonus program offers financial incentives to customers who integrate batteries into their residential solar systems to provide energy to the utility during peak hours.