Solar Morning Spotlight (6/30): Potential Ban of Chinese Inverters, Outlook for Solar PPA Pricing

Research evidence excerpt

Solar Morning Spotlight (6/30): Potential Ban of Chinese Inverters, Outlook for Solar PPA Pricing

Equity Research

Industry Update — June 30, 2026

Clean Energy

Solar Morning Spotlight (6/30): Potential Ban

of Chinese Inverters, Outlook for Solar PPA

Pricing

Our Call Praneeth Satish

US Federal Communications Commission (FCC) is reportedly drafting rules to ban Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

imported power inverters, which points to meaningful upside for NXT & modest upside

Ned Baramov, CFAfor ENPH & SEDG. Also, new LevelTen report sounds alarm for rising PPA prices.

Equity Analyst | Wells Fargo Securities, LLC

Ned.Baramov@wellsfargo.com | 212-214-8021

FCC Drafting Ban on Foreign Inverters. Reuters reports the Trump admin is drafting Eric Shiu

an FCC rule that could ban imports of new foreign-made power inverters. The proposal, Associate Equity Analyst | Wells Fargo Securities, LLC

which could arrive as early as year-end, follows the EU's May move to restrict Chinese Eric.Shiu@wellsfargo.com | 212-214-5038

inverters in public energy projects. Security has been a concern after reports last year that Jack Farrell, CFA

communication devices were found in Chinese inverters. House Republicans previously Associate Equity Analyst | Wells Fargo Securities, LLC

advocated for Chinese inverter ban, but the effort stalled. Jack.L.Farrell@wellsfargo.com | 212-214-8012

Scrutiny Rising On Chinese Inverters Globally. Unrelated to FCC draft (above),

the German government is considering measures against Chinese inverters due to

cybersecurity & economic security risks. ~70-80% of European PV inverters are imported

from China. Timing is unknown, but the European Union restricted funding for PV projects

which use Chinese inverters.