Enphase Energy Expands its Support for Virtual Power Plants Across the United States

Rhea-AI Summary

Enphase Energy, Inc. (NASDAQ: ENPH) expands support for virtual power plants through grid services programs in the US, powered by the new IQ Battery 5P. Homeowners can receive incentives from utilities for installing Enphase Energy Systems with IQ Battery 5P. Programs include PG&E's Emergency Load Reduction Program, PSEG Long Island's Battery Storage Rewards Program, and Connecticut's Energy Storage Solutions Program.

Positive

• Enphase Energy, Inc. is the leading supplier of microinverter-based solar and battery systems globally.
• Expansion of support for virtual power plants through grid services programs demonstrates the company's commitment to sustainable energy solutions.
• Homeowners can receive financial incentives from utility companies for using Enphase Energy Systems with IQ Battery 5P, providing a potential revenue stream for the company.

Negative

• None.

FREMONT, Calif., Dec. 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 it is expanding its support for virtual power plants (VPPs) through grid services programs across the United States powered by the new IQ^® Battery 5P. Grid services help utility companies avoid using electricity from expensive, polluting power plants when electricity demand is high. In return, homeowners can receive hundreds to thousands of dollars from the utilities towards their purchase of an Enphase^® Energy System™ with IQ Battery 5P or as annual incentive payments.

Most recently, homeowners who install Enphase IQ Batteries are now eligible to enroll in Pacific Gas and Electric’s (PG&E) Emergency Load Reduction Program (ELRP). Homeowners with IQ Batteries can also now enroll in Public Service Enterprise Group (PSEG) Long Island’s Battery Storage Rewards Program and Connecticut’s Energy Storage Solutions Program.

PG&E Emergency Load Reduction Program

California homeowners in PG&E territory who install Enphase IQ Batteries and enroll in the program will earn $2 per kilowatt-hour from PG&E for using the electricity stored in their IQ Batteries to help reduce demand on the grid during peak load periods. The ELRP demand response events are scheduled to occur during hot summer days between May and October, and last from one to five hours between 4pm and 9pm. Between 20 and 60 event hours will be scheduled during each ELRP “season,” with homeowners expecting to earn between $100 to $250 per year. Learn more about the program on the Enphase website.

PSEG Long Island’s Battery Storage Rewards Program

Currently, Long Island homeowners who install Enphase IQ Batteries and enroll in PSEG Long Island’s Battery Storage Rewards program will receive an upfront incentive from installers of Enphase products of at least $250 per kilowatt-hour of useable battery capacity with a cap of $6,250 per household. For example, homeowners with two IQ Battery 5Ps offering 10 kilowatt-hours of useable capacity will receive an upfront discount of $2,500 from their Enphase installer as part of the program. Low-to-moderate income homeowners may be eligible for a larger $400 per kilowatt-hour discount or $4,000 for installing two IQ Battery 5Ps with 10 kilowatt-hours of useable capacity. In return for the upfront incentive, participating homeowners agree to let PSEG Long Island use the electricity stored in their batteries to help reduce demand on the grid during peak load periods about 10 times per year. The power sharing would occur automatically, and participants would keep the functionality of their IQ Batteries, including backup power. Learn more about the program on the Enphase website.

Connecticut Energy Storage Solutions Program

Connecticut homeowners who install Enphase IQ Batteries and are electric customers of United Illuminating or Eversource Energy are eligible to enroll in the Energy Storage Solutions program. Enrolled homeowners currently receive an upfront incentive from the Connecticut Green Bank of at least $250 per kilowatt-hour of useable battery capacity with a cap of $16,000 per project, or 50 percent of the battery plus installation cost (whichever is lowest). For example, homeowners with two IQ Battery 5Ps offering 10 kilowatt-hours of useable capacity will receive an upfront incentive of at least $2,500 from the program. Underserved communities, lower-income households, and “grid edge” customers (homeowners in areas with more frequent or longer grid outages) may qualify for an even larger incentive of between $450 - $900 per kilowatt-hour of useable battery capacity. In addition, the upfront incentive can be coupled with seasonal performance incentives from United Illuminating or Eversource of up to $200 per kilowatt each summer and $25 per kilowatt each winter for sharing the electricity stored in the homeowner’s IQ Batteries to help reduce demand on the grid during peak load periods. Learn more about the program on the Enphase website.

“Home solar and batteries can play an essential role in maintaining grid operations and keeping electricity costs down for everyone,” said Aaron Nitzkin, executive vice president of solar at Citadel Roofing and Solar, an installer of Enphase products with operations in California. “Enphase plays a key role in the clean energy future thanks to its reliable, high-performance, and safe home energy technology that’s outfitting more and more homes across California.”

“Grid services programs unlock more value for homeowners with batteries, which expand access to this critical technology,” said Michael Catizone, president and co-founder at Long Island Power Solutions, a leading solar installation company in New York. “As electrification increases and demand on the grid grows, we’re excited to expand deployments of IQ Batteries to support powering homes and a more resilient energy future for the community at large.”

“Every homeowner deserves an Enphase home battery system, and grid services programs help to make the technology more accessible for our customers,” said Alex Yackery, co-founder of Venture Solar, an installer of Enphase products with operations in Connecticut. “Our customers benefit from reliable power using Enphase IQ Batteries, and now they can maximize the value of their system and create a more reliable grid overall.”

“Grid services are an essential part of the clean energy future,” said Mehran Sedigh, vice president and general manager of the storage business unit at Enphase Energy. “We designed our industry-leading software and hardware to make participating in these programs easier than ever for homeowners. The new IQ Battery 5P is at the center of everything, offering industry-leading power, resilience, and value for homeowners across the United States.”

For more information about grid services, please visit the Enphase website.

About Enphase Energy, Inc.

Enphase Energy, Inc., 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 72 million microinverters, and approximately 3.8 million Enphase-based systems have been deployed in over 145 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, LinkedIn and X (formerly Twitter).

©2023 Enphase Energy, Inc. All rights reserved. Enphase, the “e” logo, IQ8, IQ and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks of Enphase Energy, Inc. in the U.S. and other countries. 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; Enphase’s ability to expand its support for VPPs; and expectations of incentives under the various programs. 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 Sept. 30, 2023, its 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 Enphase Energy, Inc.'s ticker symbol?

Enphase Energy, Inc.'s ticker symbol is ENPH.

What are the benefits of Enphase IQ Batteries for homeowners?

Homeowners can receive incentives from utility companies for using the electricity stored in their IQ Batteries to help reduce demand on the grid during peak load periods.

What programs are Enphase IQ Battery users eligible to enroll in?

Enphase IQ Battery users can enroll in PG&E's Emergency Load Reduction Program, PSEG Long Island's Battery Storage Rewards Program, and Connecticut's Energy Storage Solutions Program.

How much can homeowners expect to earn from PG&E's Emergency Load Reduction Program?

Homeowners can expect to earn between $100 to $250 per year by using the electricity stored in their IQ Batteries to help reduce demand on the grid during peak load periods.