EL CAJON, CA - March 3, 2022 (Investorideas.com Newswire) Solar stock news from Investorideas.com Newswire and RenewableEnergyStocks.com - Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today announced that it has signed a new pricing agreement with Enphase Energy (NASDAQ: ENPH) to offer the Enphase Energy System including IQ batteries, IQ Microinverters and communications software for residential and commercial solar installations - as well as with a tier-1 global solar panel supplier - through its 250+ sales teams and commercial development firms spanning 40 states.
The new pricing agreement with Enphase, paired with new tier-1 solar panel supply agreements, lowers the cost of Solar Integrated Roofing's hardware costs for solar kits from CED Greentech by over 25% from an estimated $1.15 to $0.85 per watt. This bulk pricing agreement provides a significant margin opportunity even after engineering and installation costs, when sold at a target $4.00+ per watt price to residential customers.
Founded in 2006, Enphase transformed the solar industry with its revolutionary microinverter technology. The Enphase Energy System brings solar, batteries, and monitoring software together in one complete package and enables people to make, use, save, sell, and own their power. The company has installed more than 39 million microinverters on more than 1.7 million homes in over 130 countries, helping millions of people gain access to clean, affordable, and reliable energy while creating good jobs and a more carbon-free future for everyone.
Customers of the SIRC family of companies will benefit from Enphase's 3R rated IQ Batteries that are designed to work with grid-tied solar panel systems to provide homeowners with access to reliable backup power and is an all-in-one AC-coupled storage system that is reliable, smart, simple and safe. The IQ8 is Enphase's smartest microinverter yet and fundamentally changes the paradigm for solar technology, which otherwise requires a grid connection to operate. With IQ8, homeowners can now form a microgrid during a power outage using sunlight, providing backup power even without a battery.
The Enphase Energy System can be controlled through a smart mobile app to know how much power a customer is making, using, and saving both in real-time, and as it fluctuates over time. Customers also have access to the Enphase-exclusive Envoy Communication System and Enlighten website, where Enphase customers can monitor and manage their solar power systems 24 hours a day. Customers receive Enphase's 25-year product warranty on equipment as well as 25-year, 0.99% financing on solar systems through Solar Integrated Roofing - offering the best warranty available in the alternative energy market with attractive financing terms.
"Enphase is a leader in home energy systems, and we are privileged to provide its energy solution to our over 250 sales teams spanning 40 states and our commercial development firms," said David Massey, Chief Executive Officer of Solar Integrated Roofing. "I have used Enphase microinverters since 2006 and have the utmost confidence in their products. Further integrating Enphase into our sales mix comes at an opportune moment as homeowners are increasingly interested in a backup battery system in a time of extreme weather and frequent power interruptions. This comprehensive supply solution is often significantly less expensive as compared to a consumer's electric bill, while our attractive 0.99% project financing and 25-year warranty provides a highly compelling reason to evaluate the switch to solar.
"We estimate ramping volumes of up to 3,000 kW per month for our residential vertical and 2,000 kW per month for our commercial vertical over time, providing us with enhanced margins through our preferred pricing structure. We expect the new pricing agreement to increase margins and cost savings that will translate into additional profits for our shareholders. I look forward to adding these tier-1 products to our growing portfolio of companies nationwide," concluded Massey.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power-and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 39 million microinverters, and over 1.7 million Enphase-based systems have been deployed in more than 130 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, LinkedIn and Twitter.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC:SIRC), is an integrated, single-source solar power, roofing systems installation and EV charging company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
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