Enphase Energy Announces Residential and Commercial Products to Help Qualify for Domestic Content Bonus Tax Credit
Rhea-AI Summary
Enphase Energy (NASDAQ: ENPH) announced new residential and commercial products that aid solar projects in qualifying for the Domestic Content Bonus Credit. This incentive, part of the Inflation Reduction Act (IRA), aims to enhance U.S. manufacturing and clean energy. Enphase's IQ8™ Microinverters, manufactured domestically, along with U.S.-made solar racking equipment, enable projects starting in 2024 to qualify for the tax credit. This initiative supports Enphase's goals of increasing clean energy access, promoting domestic clean energy, and creating American jobs. The tax credit is available to commercial asset owners and PPA/lease providers for residential solar projects.
Positive
- Enphase's IQ8™ Microinverters are domestically manufactured, promoting U.S. jobs.
- New products help qualify for Domestic Content Bonus Credit, incentivizing clean energy projects.
- Initiative supports increased access to solar energy and domestic clean energy goals.
Negative
- The Domestic Content Bonus Credit is only available to commercial asset owners, limiting its reach.
News Market Reaction
On the day this news was published, ENPH gained 4.62%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
FREMONT, Calif., July 11, 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 residential and commercial products that can help solar projects qualify for the “Domestic Content Bonus Credit.” Projects using specific Enphase microinverters supplied from manufacturing partners in the United States and specific U.S.-made solar racking equipment could qualify. 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).
“We have a product solution available today that puts the domestic content bonus tax credit within reach and can help increase access to solar energy across the United States,” said Ken Fong, vice president and general manager of the Americas at Enphase Energy. “Thanks to the IRA, we have additional opportunities to reach more people with clean energy, advance our domestic clean energy goals, and create high-quality American jobs. We are helping to make a meaningful impact on the future of energy in America.”
Enphase is currently shipping IQ8™ Microinverters for residential (IQ8HC-72-M-US) and commercial (IQ8P-3P-72-M-US) applications from manufacturing partners in the United States. When paired with U.S.-made solar racking rails and fasteners, solar projects can qualify for the domestic content bonus tax credit for projects that begin in 2024. The domestic bonus tax credit is only available to commercial asset owners, which includes commercial businesses adding solar and PPA/lease providers who own residential solar projects. Enphase encourages those interested in the domestic content bonus credit to consult their own legal and tax professionals.
For more information about Enphase residential and commercial products, please visit our website. To learn more about how Enphase products can help with qualification for the domestic content bonus tax credit, please reach out to your Enphase sales representative.
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 75 million microinverters, and over 4.1 million Enphase-based systems have been deployed in more than 150 countries. For more information, visit https://enphase.com/.
©2024 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, Solargraf, and certain other marks listed at https://enphase.com/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.
Contact:
Enphase Energy
press@enphaseenergy.com
FAQ
What products has Enphase Energy announced to help qualify for the Domestic Content Bonus Credit?
What is the Domestic Content Bonus Credit and how does it relate to Enphase Energy?
When will the new Enphase products be available for projects to qualify for the Domestic Content Bonus Credit?
Who can benefit from the Domestic Content Bonus Credit using Enphase products?
What specific Enphase products are used to qualify for the Domestic Content Bonus Credit?
