In 2023, we announced our participation in Paci昀椀c Gas and Electric’s (PG&E) Emergency Load Reduction Program (ELRP), Public Service Enterprise Group (PSEG) Long Island’s Battery Storage Rewards Program, and Connecticut’s Energy Storage Solutions Program. We also signed and started many more pilot VPP programs with utilities across the United States. We also introduced our most powerful home battery, the IQ® Battery 5P, which o昀昀ers an industry-leading energy storage solution to help homeowners, utilities, and grid operators derive more value. PG&E Emergency Load Reduction Program California homeowners in PG&E territory who install Enphase IQ Batteries and enroll in the program will earn $2 per kilowatt-hour from PG&E for using the electricity stored in their IQ Batteries to help reduce demand on the grid during peak load periods. The ELRP demand response events are scheduled to occur during hot summer days between May and October and last from one to 昀椀ve hours between 4 p.m. and 9 p.m. Between 20 and 60 event hours will be scheduled during each ELRP season, with homeowners expecting to earn between $100 to $250 per year. PSEG Long Island’s Battery Storage Rewards Program Currently, Long Island homeowners who install Enphase IQ Batteries and enroll in PSEG Long Island’s Battery Storage Rewards program will receive an upfront incentive from installers of Enphase products of at least $250 per kilowatt-hour of useable battery capacity with a cap of $6,250 per household. For example, homeowners with two IQ Battery 5Ps o昀昀ering 10 kilowatt-hours of usable capacity will receive an upfront discount of $2,500 from their Enphase installer as part of the program. Low-to-moderate income homeowners may be eligible for a larger $400 per kilowatt-hour discount or $4,000 for installing two IQ Battery 5Ps with 10 kilowatt-hours of usable capacity. In return for the upfront incentive, participating homeowners agree to let PSEG Long Island use the electricity stored in their batteries to help reduce demand on the grid during peak load periods about 10 times per year. The power-sharing would occur automatically, and participants would keep the functionality of their IQ Batteries, including backup power. 64