(MENAFN- GlobeNewsWire - Nasdaq) FREMONT, Calif., Nov. 18, 2024 (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, today announced initial shipments of IQ® Battery 5Ps produced in the United States that can help projects qualify for the Domestic Content Bonus Credit. The Domestic Content Bonus Credit is a tax credit that aims to encourage manufacturing and clean energy deployments in the United States as part of the Inflation Reduction Act (IRA).
The domestic content bonus tax credit is only available to commercial asset owners, which includes commercial businesses adding solar and PPA/lease providers who own residential solar and battery projects. Projects using Enphase microinverters and batteries supplied from contract manufacturing partners in the United States, as well as a small amount of additional U.S.-made solar racking equipment, could qualify for the tax credits.
“Enphase has been a name our customers trust for solar products, and the IQ Battery 5P is a natural extension of that relationship,” said Ken Lima, CEO of BayWa r.e. Solar Systems.“With manufacturing now happening at U.S. facilities, we're able to offer a product that not only performs excellently but also aligns with the values of American homeowners who prioritize local innovation and quality. It's a new chapter for renewable energy that's built right here at home.”
“We've trusted Enphase products for years, and the IQ Battery 5P now being made at U.S. manufacturing facilities is a game changer for our customers,” said Doug Robinson, CEO of LGCY Power.“The proven technology and additional tax benefits ensures we're delivering a reliable, cutting-edge product that our customers can depend on for energy security and savings.”
“We're excited to begin offering IQ Battery 5Ps produced in the U.S. to households across the country,” said Atul Raj, president at V3 Electric.“It's a reliable, adaptable solution that now further supports American jobs and energy independence, while delivering the quality our customers expect and trust.”
“This marks a powerful shift for Enphase and our customers,” said Ken Fong, vice president and general manager of the Americas at Enphase Energy.“The launch of IQ Batteries and IQ8 Microinverters from U.S. contract manufacturing facilities is a testament to our focus on providing reliable, forward-thinking solutions that meet the evolving needs of American homeowners. We're not just advancing clean energy but are also building a foundation for resilient communities by investing in domestic manufacturing and delivering top-tier technology to the market.”
Enphase also recently began shipping IQ8HCTM Microinverters supplied from manufacturing facilities in the United States with higher domestic content than previous models. Both the IQ Battery 5Ps and IQ8HC Microinverters have SKUs with a“DOM” suffix, indicating they are made with domestic content.
Enphase encourages those interested in the domestic content bonus tax credit to consult their own legal and tax professionals to confirm whether qualification for the credit is applicable. Please visit the website for more information about IQ Battery 5Ps and Enphase manufacturing .
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 78.0 million microinverters, and over 4.5 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit .
©2024 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the“e” logo, IQ, IQ8, and certain other marks listed at trademark-usage-guidelines are trademarks or service marks 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; and certain statements regarding the domestic content bonus credit. 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 contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy's most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. 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.
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