Press release
Enphase Energy Expands its Support for Virtual Power Plants Across the United States
FREMONT, Calif., Dec. 13, 2023 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of
About this update from Enphase Energy, Inc.
[{"type":"text","content":"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 Bat...