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FREMONT, Calif. - Enphase Energy, Inc. (NASDAQ:ENPH) announced Tuesday that its IQ Battery systems have been added to San Diego Community Power's Solar Battery Savings program, making them eligible for significant customer incentives. This positive development comes as the company's stock trades near its 52-week low of $29.43, having declined over 66% in the past year. According to InvestingPro analysis, Enphase appears undervalued based on its Fair Value assessment, potentially offering an opportunity for investors interested in the renewable energy sector.
The program offers residential customers upfront rebates of $350 per kWh of usable battery capacity for new solar-plus-battery systems and $250 per kWh when adding batteries to existing solar installations. Participants also earn $0.10 per kWh for energy discharged during weekday evening hours, typically between 4 p.m. and 9 p.m.
For market-rate customers, the program caps upfront rebates at $10,000, allowing homeowners to install up to three Enphase IQ Battery 10C units while maximizing available incentives. Customers must remain enrolled in the program for five years to retain the upfront rebate.
"Community Power's mission is to provide clean, affordable energy while reinvesting in our local communities, and Solar Battery Savings is that mission in action," said Karin Burns, chief executive officer at Community Power, which serves nearly one million customers across the greater San Diego region.
Enphase recently launched its 4th-generation Energy System featuring three core components: the IQ Battery 10C, IQ Meter Collar, and IQ Combiner 6C. The company is now shipping IQ Battery 10C units with domestic content from U.S. contract manufacturing facilities, which may help solar and storage projects qualify for the current Domestic Content Bonus Credit. Despite market challenges, Enphase maintains strong financial health with a current ratio of 2.04 and more cash than debt on its balance sheet. The company achieved nearly 21% revenue growth over the last twelve months, reaching $1.51 billion. InvestingPro data reveals 14+ additional insights about Enphase's financial position in its comprehensive Pro Research Report, available to subscribers.
The program aims to support grid reliability during high-demand periods while providing savings for participants and contributing to a cleaner local energy system. Both the Enphase IQ Battery 10C and IQ Battery 5P are eligible for program participation.
The announcement was made in a press release statement from Enphase Energy.
In other recent news, Enphase Energy reported its third-quarter 2025 financial results, which exceeded Wall Street expectations. The company posted an earnings per share (EPS) of $0.90, significantly higher than the anticipated $0.64, and achieved revenue of $410.4 million, surpassing the forecasted $365.43 million. Despite these strong results, several firms have adjusted their price targets for Enphase Energy. Freedom Capital Markets lowered its price target to $31 from $40, citing weaker-than-expected near-term guidance. Oppenheimer also reduced its price target to $67 from $73, noting that the results "substantially beat" expectations but were accompanied by guidance below consensus for the fourth quarter. Evercore ISI adjusted its price target to $33 from $40 due to an inventory drawdown, while BMO Capital reduced its target to $31 from $32, highlighting the impact of $71 million in safe harbor revenue. These developments reflect the mixed reactions from analysts despite the company's strong quarterly performance.
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