Reported draft ban on Chinese inverters but timing remains TBD; implications for ENPH and SEDG

Research evidence excerpt

Reported draft ban on Chinese inverters but timing remains TBD; implications for ENPH and SEDG

Equity Research

30 June 2026 | 6:03PM EDT

AMERICAS CLEAN ENERGY

Reported draft ban on Chinese inverters but timing remains TBD;

implications for ENPH and SEDG

On 6/30, Reuters reported that the Trump administration is drafting a ban on foreign Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

inverter imports over concerns around potential for disrupted power supplies. Per Goldman Sachs & Co. LLC

the article, the ban could be finalized as early as this year. While we take no view on Tyler Bisset, CFA

the validity of the report, if this materializes it could be positive on the margin for +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

ENPH and SEDG given market share implications, but the practical implications are Keshav Choudhary

more significant for the utility-scale end market given declining market shares from +1(332)245-7971keshav.choudhary@gs.com|

Chinese inverter companies in residential and C&I applications. We provide more Goldman Sachs India SPL

takeaways below.

Takeaways

Potential import ban on Chinese inverters. On 6/30, Reuters reported that the

Trump administration is drafting a ban on imports of foreign inverters over concerns

around potential for disrupted power supplies. According to the article, the rule is

being drafted by the Federal Communications Commission and would apply to new

inverter imports. The article also states that the policy could be published as early as

this year. This policy follows a May decision by the European Commission to ban

Chinese manufactured inverters for publicly funded projects due to similar security

concerns. Notably, this potential policy measure could be revised or not executed at

all.