Solar and battery systems provider Enphase Energy has introduced new residential and commercial products made in the United States that will help bolster the percentage of available federal tax credits available to customers installing the tech.
Enphase Energy ($ENPH) is a global energy technology supplier specializing in solar and battery systems. Its sustainable tech is based on a series of microinverter-based systems that have revolutionized energy management in over 145 countries to date.
The company reports it has shipped approximately 75 million micro-inverters to date, helping combine solar and battery technology to empower its customers to use, save, and sell their own energy – all while managing everything through a proprietary mobile app.
Last October, Enphase launched a new product line for home systems – IQ EV Chargers – which, when paired with solar panels and battery packs, can help optimize energy usage and lower monthly fees.
Following the signing of the Inflation Reduction Act (IRA), residential and commercial solar projects in the US can qualify for up to 30% in federal tax credits. However, there is potential for more savings and Enphase has introduced the technology to help deliver them to its customers.
Enphase is helping customers qualify for bonus tax credits
According to details shared by Enphase Energy today, it has launched a line of residential and commercial products that can help solar projects qualify for the “Domestic Content Bonus Credit.” The Domestic Content Bonus Credit is a tax credit for solar power that promotes local US manufacturing and clean energy deployments, as part of the IRA.
Enphase shared that it is currently shipping its IQ8 Microinverters, manufactured by partners in the United States, for residential and commercial use. When paired with US-made solar racking rails and fasteners, solar projects can qualify for the Domestic Content Bonus tax credits throughout 2024.
The bonus credits offer an additional 10% on top of the 30% tax credits currently available through the IRA. Additionally, an extra 10% credit is available for projects in low-income communities, allowing for a total potential tax credit of up to 50% for solar installations. Ken Fong, vice president and general manager of the Americas at Enphase Energy, spoke:
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. 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 stated that the domestic bonus tax credit is only available to commercial asset owners, including commercial businesses implementing solar and PPA/lease providers who own residential solar projects. Enphase’s team of sales representatives can help potential solar customers determine if they qualify for the domestic content bonus tax credit and you can also learn more about the potential savings in tax credits on Enphase’s website.
This post was originally published on 3rd party site mentioned in the title of this site
