11:26 AM EDT, 05/30/2024 (MT Newswires) -- Enphase Energy ( ENPH ) said Thursday it has expanded deployments of its net energy metering product offering for solar power installations across California.

The supplier of microinverter-based solar and battery systems said its NEM 3.0 solution with Enphase Energy System helps boost homeowners' return on investment in solar under California's new net billing tariff, also known as NEM 3.0.

The law encourages homeowners to store excess generated solar energy and consume it during peak demand and incentivizes them to export energy during high compensation periods.

Shares of the company rose more than 3% in recent trading.

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