Enphase Energy, Inc. on November 20, 2025 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. 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.
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.
