Enphase Energy, Inc. a global energy technology company, and Generac Power Systems, Inc. (NYSE: GNRC), the leading manufacturer of home backup generators, have joined forces to educate homeowners and distribution partners on the benefits of outage protection and solar generation. The companies are also working together to develop product integrations that deliver cost-effective and secure energy solutions to homeowners.
"Typical solar customers are seeking an environmentally-friendly way to reduce their energy bill. What many don't realize is that solar doesn't replace the grid during a power outage," said Paul Nahi, president and CEO of Enphase. "This new relationship with Generac will enable us to educate solar consumers on the benefits of backup power and introduce solar to a new customer segment. At today's prices, solar power can deliver immediate savings to consumers in many of the states where demand for back-up power is strongest."
Among existing and prospective solar homeowners, demand for generators is high. According to a third party study in key solar states (CA, HI, MA, NJ) commissioned by Enphase earlier this year, about 18% of these homeowners already have portable or standby generators. Nearly half of those without generators said they would consider installing backup power. The backup power profile they wanted most closely resembled generators: essential loads or whole home backup costing less than $10,000.
"Homeowners don't realize that generators and solar systems can be complementary products," said Aaron Jagdfeld, president and CEO of Generac. "We're excited to work with Enphase, a leading energy technology company, to educate consumers on both energy bill savings and cost-effective, 24/7 backup power."
Solar is also attractive for prospective generator customers. In the same study, 47% of prospective generator customers who did not have solar said that they had considered it.
Installed in seven of 10 homes with standby generators, Generac's standby units can run for several weeks at a time, producing enough power for refrigerators, central air conditioners, sump pumps, and all the most common home appliances. In contrast, battery backup systems usually run for several hours, produce power for only a select number of devices with limited energy consumption, and cost nearly twice as much as standby generators.
Spruce Finance, a provider of financing for residential solar energy systems and home efficiency improvements, will offer a combined long-term loan for the solar-plus-generator solution. By financing solar and generators together, homeowners make low monthly payments and get both the savings from solar and also affordable, secure back-up power. The solar-plus-generator financing will be available in the first quarter of 2017.
Source: Enphase Energy, Inc.
Date: Nov 15, 2016