Potential Chinese Inverter Ban Limited Impact on U.S. Residential Solar

研报英文原文证据摘录

Potential Chinese Inverter Ban Limited Impact on U.S. Residential Solar

RBC Capital Markets, LLC

Christopher Dendrinos, CFA

(Analyst)

(212) 428-6522,

christopher.dendrinos@rbccm.com

Laura Deng (Senior

Associate)

(212) 618-7527,

June 30, 2026 laura.deng@rbccm.com

Potential Chinese Inverter Ban Limited Impact onRESEARCH U.S. Residential Solar

Our view: We see a limited impact from a potential ban on the imports of Chinese inverters on ENPH

and SEDG in our coverage. In the utility scale solar market, NXT could be a bigger beneficiary from the

ban as the Chinese OEM Sungrow has a more significant market share. Due to both legacy IRA rules for

domestic content and the introduction of FEOC/PFE rules through the OBBB that was passed on July 4,

2025, Chinese OEMs were already being phased out and had limited market share in residential solar.

If a similar ban on Chinese inverters is implemented in the EU then SEDG and ENPH could be largerEQUITY beneficiaries, as Chinese OEMs have a much higher share in EU with low cost inverters.

Reuters reported U.S. is working on a ban targeting Chinese energy inverters. This morning Reuters

reported that the administration is drafting a rule to ban the imports of foreign inverters over

concerns China could use them to disrupt power supplies. The rule is being drafted by the Federal

Communications Commission and would apply to new foreign models of inverters and could be

published as early as this year. There has been no official release from the FCC at this time.

Resi solar. Historically, SEDG/ENPH have had virtually a duopoly of the market that has morphed into

an oligopoly the past few years as TSLA has picked up significant share over the past couple of years

with the launch of its integrated BESS + inverter product.