Enphase Energy Announces New Safe Harbor Agreement with a Leading TPO Provider

Rhea-AI Summary

Enphase Energy (NASDAQ: ENPH) announced a new safe harbor agreement with a leading third-party ownership (TPO) solar and battery financing provider on Nov 20, 2025. The agreement is the company's third since the July 2025 U.S. federal budget law change and is the first of multiple expected with this provider.

The deal is projected to generate nearly $68 million in revenue over approximately 12–24 months beginning in 2026. It covers U.S.-produced IQ9 microinverters designed to meet the federal physical work test and domestic sourcing requirements, with units expected to begin shipping in Q1 2026. The agreement aims to preserve eligibility for the base ITC and domestic content bonus credit for future projects.

Positive

• Projected revenue nearly $68 million over 12–24 months
• IQ9 microinverters expected to ship Q1 2026
• Third safe harbor agreement since July 2025 budget law
• Products produced at U.S. manufacturing facilities

Negative

• Revenue timing spans 12–24 months, adding execution uncertainty
• Benefit depends on continued tax credit eligibility and policy rules

Insights

Energy policy and finance analyst

Enphase secured a safe harbor deal projected to add $68 million over 12–24 months starting in 2026.

Enphase's agreement with a leading third‑party ownership provider converts production of IQ9™ Microinverters at U.S. facilities into an actionable safe harbor that preserves tax‑credit eligibility for downstream residential projects. The arrangement ties device manufacturing to federal safe harbor rules and creates near‑term revenue from microinverter shipments and potential add‑on components.

Key dependencies include timely U.S. production ramp and customer qualification for the base ITC plus the domestic content bonus; shipping readiness in the first quarter of 2026 is the critical milestone. Monitor executed shipment volumes, confirmed purchase orders, and any follow‑on safe harbor agreements over the next 12–24 months to gauge realized revenue and pipeline expansion.

FREMONT, Calif., Nov. 20, 2025 (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 a new safe harbor agreement with a leading solar and battery financing company that offers third-party ownership (TPO) agreements to homeowners, including leases and power purchase agreements (PPAs). This is the third safe harbor agreement for Enphase since the new U.S. federal budget bill was signed into law in July 2025.

This new safe harbor agreement is the first of multiple expected with this leading TPO provider. It is projected to generate nearly $68 million in revenue over the course of approximately 12-24 months beginning in 2026, with additional revenue expected from other system components based on customer needs. It underscores Enphase’s strong participation in the TPO segment, a critical growth channel for U.S. residential solar and batteries. Enphase collaborated with the customer on a customized IQ9™ Microinverter designed to meet the federal “physical work test,” support incentive qualification, and align with evolving U.S. sourcing requirements, with units ready for use as early as the first quarter of 2026.

The safe harbor agreement covers Enphase’s IQ9 Microinverters for residential projects, produced at U.S. manufacturing facilities, which are expected to begin shipping in the first quarter of 2026. Safe harboring helps future projects preserve eligibility for both the base investment tax credit (ITC) and the domestic content bonus credit. By safe harboring equipment now, solar companies can preserve access to current tax credit rules and help reduce risk from future policy changes.

“Safe harbor agreements allow developers and financing partners to move quickly and confidently in a shifting policy environment,” said Ken Fong, senior vice president of sales at Enphase Energy. “This type of agreement can help our customers secure tax credit eligibility for new residential projects and supports the rollout of IQ9 Microinverters, which are expected to begin shipping early next year. We are committed to helping partners scale high-quality, reliable systems that expand access to clean energy.”

Enphase expects additional financing providers to follow suit in the coming months, potentially expanding the pipeline of TPO safe harbor agreements under the new rules. Project developers should consult their own legal and tax advisors to confirm eligibility for available tax credits. To learn more about Enphase products and services, please visit the 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 approximately 84.8 million microinverters, and more than 5.0 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.

©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks 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 ability of financiers and installers to expand deployments of IQ9 Microinverters supplied from manufacturing facilities in the United States; the anticipated revenue from this new safe harbor agreement; the timing of shipments of Enphase’s IQ9 Microinverters for residential projects; the ability of Enphase to generate new business with additional financing providers; and meeting eligibility requirements for the ITC and the domestic content tax 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.

Contact:

Enphase Energy
press@enphaseenergy.com

FAQ

What does the Enphase (ENPH) safe harbor agreement announced Nov 20, 2025 cover?

The agreement covers Enphase IQ9 microinverters produced at U.S. facilities, designed to meet the federal physical work test and domestic sourcing requirements.

How much revenue is the Enphase (ENPH) safe harbor expected to generate and over what timeline?

The agreement is projected to generate nearly $68 million in revenue over approximately 12–24 months beginning in 2026.

When will Enphase (ENPH) IQ9 microinverters from the safe harbor begin shipping?

Enphase expects IQ9 microinverters covered by the safe harbor to begin shipping in Q1 2026.

How does the Enphase (ENPH) safe harbor affect tax credit eligibility for residential projects?

Safe harboring equipment now aims to preserve access to the base ITC and the domestic content bonus credit for future projects under current rules.

Is the Enphase (ENPH) agreement the only safe harbor signed by the company this year?

No, this is the third safe harbor agreement Enphase announced since the July 2025 federal budget law change.

What risks should investors consider about Enphase's (ENPH) safe harbor revenue projection?

Projected revenue depends on shipment timing, customer adoption, and continued tax credit eligibility under evolving policy rules.