Enphase Energy Inc. Expands Safe‑Harbor Agreement and Receives Rating Upgrade
Enphase Energy Inc. (NASDAQ: ENPH) announced on 16 December 2025 that it has expanded a safe‑harbor agreement with a leading third‑party ownership (TPO) provider. The extension is expected to generate an additional $55 million in revenue for the company. The deal expands the framework that allows homeowners to obtain leases and power‑purchase agreements (PPAs) for solar and storage systems manufactured by Enphase.
The expanded arrangement builds on a prior transaction and is intended to broaden the company’s commercial reach across the United States. According to a press release from Enphase, the partnership will enable more customers to access Enphase products through TPO financing options, potentially increasing installations and, consequently, revenue.
In the same week, investment firm Goldman Sachs upgraded its recommendation for Enphase Energy from Sell to Neutral. The upgrade was reported by multiple outlets (Investing.com, de.investing.com, feeds.feedburner.com) on 18 December 2025. Goldman Sachs maintained its target price while citing the recent safe‑harbor expansion as a factor in its reassessment.
Enphase’s share price as of 16 December 2025 closed at $31.61, with a 52‑week high of $76.90 (1 January 2025) and a 52‑week low of $25.78 (20 November 2025). The company, founded in 2012 and listed on the Nasdaq, has a market capitalization of approximately $4.14 billion and a price‑earnings ratio of 22.
The solar inverter market, according to Wood Mackenzie, is expected to contract by 2 % in 2025 and by 9 % in 2026 due to uncertainty in China, the United States, and Europe. Enphase’s strategy to deepen its partnership with a TPO provider is positioned to mitigate this broader market contraction by driving additional installations through alternative financing channels.
Overall, the combination of a revenue‑boosting agreement and a favorable rating upgrade is expected to support Enphase Energy’s growth trajectory and provide a more stable outlook for investors amid a tightening global solar inverter market.
