Enphase leans into Europe, TPO and new tech as U.S. residential solar slump persists

Enphase, which makes equipment for home solar and battery systems, reported another quarter of falling U.S. sales, as the residential solar market continues to slow. The company's revenue was down 20% compared to the same period last year, and it expects a similar drop next quarter. In response, Enphase is putting more effort into Europe and into new financing options here at home.

For homeowners considering solar and battery storage, the most relevant piece is Propel, a financing program Enphase runs with partners SolSource Solutions and TriBeam Financial. It offers prepaid leases that bundle an Enphase microinverter and battery system, plus ongoing maintenance, and is built around qualifying for a 40% tax credit. The program expanded from four to six states this spring and is set to double again by fall. Nearly 200 installations are starting each week under Propel, and about 75% of those customers are adding a battery along with their solar panels.

Enphase also mentioned a recent federal decision banning new inverter models from foreign manufacturers. The company said this likely won't change much for homeowners, since it mainly affects a different part of the market, but expects it could help sell more of its equipment to small businesses. Most of Enphase's other new products, like a large commercial battery and a device aimed at data centers, are built for businesses, not houses, so they won't show up in a typical home installation.