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Enphase (ENPH) Expands Its Product Offerings in New York
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Enphase Energy, Inc. (ENPH - Free Report) recently unveiled that it has recorded a surge in deployments of its Enphase Energy System, comprising IQ Microinverters and IQ Batteries, in New York. The surge exemplifies Enphase Energy’s ability to capitalize on the growing needs of an efficient battery and microinverter system amid rising power outages in the region.
What’s Favoring Enphase Energy’s Growth in New York?
Enphase Energy has witnessed increased adoption of its product offerings globally, mainly due to its excellence in developing technologically advanced products and its efforts to continuously improve its product offerings. Hence, it is imperative to mention that recently the company witnessed increased adoption of its products in New York as the region hunts for a reliable energy solution in times of prolonged power outages due to extreme weather conditions.
Moreover, per the U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie, New York may witness three times more deployments over the coming years in residential battery storage.
This signifies strong growth momentum in the battery storage arena and embodies additional opportunities for companies like Enphase Energy to prosper on this growing trend with their excellent product portfolio. This, in turn, must add impetus to its operational performance and boost its revenues from the Enphase Energy System line of business.
U.S. Battery Storage Boom
The United States has recorded significant growth in the adoption of renewable sources of energy for a cleaner environment. Hence, a reliable battery storage system, to offer flexibility in the functioning of the grid, is rapidly gaining momentum.
Per the U.S. Energy Information Administration (EIA), the United States is likely to witness an addition of 10,000 megawatts of large-scale battery storage projects to be installed between 2021 and 2023.
Such growth prospects of the U.S. battery storage market provide a strong platform for growth to Enphase Energy along with prominent solar players like SolarEdge Technologies (SEDG - Free Report) , SunRun (RUN - Free Report) and SunPower (SPWR - Free Report) who have tapped the battery storage market with their product range.
SolarEdge’s StorEdge battery storage system helps meet energy demands with less or cheaper electricity. The company recently strengthened its presence in the United States by launching its SolarEdge Energy Bank residential battery and SolarEdge Energy Hub inverter with enhanced backup power.
The long-term earnings growth rate of SolarEdge stands at 17.69%. The Zacks Consensus Estimate for SEDG’s 2022 sales entails an improvement of 35.9% over the prior-year estimated figure.
SunRun’s Bright Box battery storage system offers flexibility to generate, store and manage clean, affordable solar energy. Brightbox can buffer homeowners from increasing energy costs so that they have power when they need it the most, thus enabling homeowners to take charge of their electric bills and get control of energy needs now and in the future.
In the last reported quarter, SunRun delivered an earnings surprise of 120.00%. The Zacks Consensus Estimate for RUN’s 2022 sales indicates an improvement of 13.4% over the prior-year estimated figure.
SunPower’s Equinox system with SunVault Storage solution offers an effective storage solution to homeowners by collecting excess energy in the daytime and distributing it as needed to power essential devices during an outage, thus reducing reliance on grid electricity. This also reduces peak-time charges.
The Zacks Consensus Estimate for SunPower’s 2022 sales implies growth of 22.9% over the prior-year estimated figure. The long-term earnings growth rate for SPWR stands at 15.6%.
Price Movement
In the past year, shares of Enphase Energy have decreased 28.8% compared with the industry’s 50% decline.
Image: Bigstock
Enphase (ENPH) Expands Its Product Offerings in New York
Enphase Energy, Inc. (ENPH - Free Report) recently unveiled that it has recorded a surge in deployments of its Enphase Energy System, comprising IQ Microinverters and IQ Batteries, in New York. The surge exemplifies Enphase Energy’s ability to capitalize on the growing needs of an efficient battery and microinverter system amid rising power outages in the region.
What’s Favoring Enphase Energy’s Growth in New York?
Enphase Energy has witnessed increased adoption of its product offerings globally, mainly due to its excellence in developing technologically advanced products and its efforts to continuously improve its product offerings. Hence, it is imperative to mention that recently the company witnessed increased adoption of its products in New York as the region hunts for a reliable energy solution in times of prolonged power outages due to extreme weather conditions.
Moreover, per the U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie, New York may witness three times more deployments over the coming years in residential battery storage.
This signifies strong growth momentum in the battery storage arena and embodies additional opportunities for companies like Enphase Energy to prosper on this growing trend with their excellent product portfolio. This, in turn, must add impetus to its operational performance and boost its revenues from the Enphase Energy System line of business.
U.S. Battery Storage Boom
The United States has recorded significant growth in the adoption of renewable sources of energy for a cleaner environment. Hence, a reliable battery storage system, to offer flexibility in the functioning of the grid, is rapidly gaining momentum.
Per the U.S. Energy Information Administration (EIA), the United States is likely to witness an addition of 10,000 megawatts of large-scale battery storage projects to be installed between 2021 and 2023.
Such growth prospects of the U.S. battery storage market provide a strong platform for growth to Enphase Energy along with prominent solar players like SolarEdge Technologies (SEDG - Free Report) , SunRun (RUN - Free Report) and SunPower (SPWR - Free Report) who have tapped the battery storage market with their product range.
SolarEdge’s StorEdge battery storage system helps meet energy demands with less or cheaper electricity. The company recently strengthened its presence in the United States by launching its SolarEdge Energy Bank residential battery and SolarEdge Energy Hub inverter with enhanced backup power.
The long-term earnings growth rate of SolarEdge stands at 17.69%. The Zacks Consensus Estimate for SEDG’s 2022 sales entails an improvement of 35.9% over the prior-year estimated figure.
SunRun’s Bright Box battery storage system offers flexibility to generate, store and manage clean, affordable solar energy. Brightbox can buffer homeowners from increasing energy costs so that they have power when they need it the most, thus enabling homeowners to take charge of their electric bills and get control of energy needs now and in the future.
In the last reported quarter, SunRun delivered an earnings surprise of 120.00%. The Zacks Consensus Estimate for RUN’s 2022 sales indicates an improvement of 13.4% over the prior-year estimated figure.
SunPower’s Equinox system with SunVault Storage solution offers an effective storage solution to homeowners by collecting excess energy in the daytime and distributing it as needed to power essential devices during an outage, thus reducing reliance on grid electricity. This also reduces peak-time charges.
The Zacks Consensus Estimate for SunPower’s 2022 sales implies growth of 22.9% over the prior-year estimated figure. The long-term earnings growth rate for SPWR stands at 15.6%.
Price Movement
In the past year, shares of Enphase Energy have decreased 28.8% compared with the industry’s 50% decline.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.