Enphase Energy Secures New Safe Harbor Agreement: A $52 Million Boost

Enphase Energy, Inc. (NASDAQ: ENPH), a leader in solar and energy technology, has announced a new safe harbor agreement with a U.S. financing company specializing in third-party ownership (TPO) agreements. Signed on April 28, 2026, this strategic partnership is set to generate approximately $52 million in revenue, marking a significant milestone for the company and its stakeholders.

This agreement specifically covers the Enphase® IQ9™ Microinverters, which are designed for both residential and commercial solar projects. Notably, the products will be supplied from Enphase's manufacturing facilities located in the United States, reinforcing the company’s commitment to domestic production.

With the addition of this new agreement, Enphase's total physical work test (PWT) order backlog with TPO providers has surged to approximately $873.7 million. This figure includes:

Enphase anticipates that revenue associated with this PWT backlog will be recognized between 2027 and 2030, contingent upon customer project timing, demand, and various other factors. This backlog exclusively pertains to IQ9 Microinverters, with additional revenue possibilities arising from associated components such as cables, accessories, and IQ® Batteries.

The introduction of this safe harbor agreement is particularly timely, as it aids solar project developers in preserving eligibility for the base investment tax credit (ITC) and the domestic content bonus credit. By safe harboring equipment at this stage, solar companies can mitigate uncertainties surrounding future project economics, thus fostering more robust long-term deployment planning.

Ken Fong, Senior Vice President of Sales at Enphase Energy, commented on the agreement, stating, “This additional safe harbor agreement reflects the continued momentum we are seeing with TPO providers as they plan for future residential and commercial solar projects. Our IQ9 Microinverters, supplied from U.S. manufacturing facilities, give our partners a high-quality solution as they prepare for deployments under evolving tax credit rules.”

As Enphase Energy continues to expand its footprint in the solar and energy technology sectors, the company encourages project developers to consult their legal and tax advisors to confirm eligibility for available tax credits. This proactive approach will help ensure that all parties involved can maximize the benefits of the new safe harbor agreement.

For further information on Enphase’s robust portfolio of products and services, interested parties are invited to visit the company's website.

Founded and based in Fremont, CA, Enphase Energy has established itself as the world's foremost supplier of microinverter-based solar and battery systems. The company has revolutionized the solar industry with its innovative technology, having shipped approximately 87.8 million microinverters and deployed over 5.2 million Enphase-based systems across 165 countries. Enphase's solutions empower users to harness solar energy for personal use, savings, and even selling back to the grid, all managed through the Enphase App.

As Enphase Energy moves forward, its latest safe harbor agreement represents a calculated step toward enhancing its market position while supporting sustainable energy solutions for homeowners and businesses alike.