Enphase Energy, Inc. (ENPH - Free Report) recently announced that its Enphase Energy System, powered by IQ8 Microinverters, is witnessing increased demand from customers in Puerto Rico.
Customers in Puerto Rico have been increasingly adopting the Enphase Energy System to achieve energy independence amid the increased severe weather condition. The impressive product lineup of Enphase Energy enables the company to capitalize on strong demand and boost its revenue generation prospects.
Enphase’s Growth Prospects in Puerto Rico
Puerto Rico entails strong growth prospects in the solar market as homeowners continue to face extreme weather calamities in the region. Thus, to minimize reliance on the grid and become more energy-independent, homeowners may increase their investments in sustainable and reliable energy solutions.
Moreover, per the report from U.S. Solar Market Insight from Wood Mackenzie and the Solar Energy Industries Association, solar deployments in Puerto Rico are likely to witness an increase of nearly 300% over the past three years in 2023.
Underpinned by strong growth prospects in Puerto Rico, combined with a robust product portfolio, Enphase may expand its footprint in the region and prosper in the promising growth opportunities.
Global Solar Market Boom
The global solar market has witnessed significant growth over the past few years, buoyed by factors like cost-effective solar panels and government incentives to support the development of the solar market. The increasing awareness of the need to adopt eco-friendly ways for energy to adhere to severe climatic conditions is also fueling the growth of the solar energy market.
Going forward, per the report from Fortune Business Insights, the global solar energy market is poised to witness a CAGR of 6.9% during the 2022-2029 period. This exemplifies immense opportunities for solar players in the industry to expand their footprint globally.
In such a scenario, Enphase, with a strong global footprint and endeavors to expand its reach to more countries, stands to benefit from the aforementioned solar market growth prospect. Apart from ENPH, solar players that can enjoy the perks of the expanding global solar market size are First Solar (FSLR - Free Report) , Canadian Solar (CSIQ - Free Report) and JinkoSolar (JKS - Free Report) .
First Solar is a global provider of responsibly produced, eco-efficient solar modules. With a global footprint spanning the United States, India, Malaysia and Vietnam, First Solar expects to have a global manufacturing capacity of more than 20 GW by 2025.
The long-term earnings growth rate of First Solar stands at 53.7%. Shares of FSLR have surged 115.5% in the past year.
Canadian Solar has one of the world’s largest utility-scale solar project development platforms. It caters to a geographically diverse customer base across key markets in the United States, China, Japan, the U.K. and Canada, and emerging markets in Brazil, India, Mexico, Italy, Germany, South Africa and the Middle East.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales indicates an improvement of 35.7% over the prior-year reported figure. Shares of CSIQ have increased 52.9% in the past year.
JinkoSolar has a total of 14 global production bases in China, the United States, Malaysia and Vietnam. Its products serve more than 3,000 customers in more than 160 countries and regions worldwide. As of the fourth quarter of 2022, JKS’ effective production capacity of monocrystalline silicon wafers, cells and modules reached 65 GW, 55 GW and 70 GW, respectively.
The Zacks Consensus Estimate for JinkoSolar’s 2023 sales suggests a growth rate of 37.2% from the prior-year reported figure. Its shares have risen 23.9% in the past year.
Price Movement
In the past year, shares of Enphase Energy have surged 69.2% compared with the industry’s growth of 35.3%.
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.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
Enphase Energy, Inc. (ENPH - Free Report) recently announced that its Enphase Energy System, powered by IQ8 Microinverters, is witnessing increased demand from customers in Puerto Rico.
Customers in Puerto Rico have been increasingly adopting the Enphase Energy System to achieve energy independence amid the increased severe weather condition. The impressive product lineup of Enphase Energy enables the company to capitalize on strong demand and boost its revenue generation prospects.
Enphase’s Growth Prospects in Puerto Rico
Puerto Rico entails strong growth prospects in the solar market as homeowners continue to face extreme weather calamities in the region. Thus, to minimize reliance on the grid and become more energy-independent, homeowners may increase their investments in sustainable and reliable energy solutions.
Moreover, per the report from U.S. Solar Market Insight from Wood Mackenzie and the Solar Energy Industries Association, solar deployments in Puerto Rico are likely to witness an increase of nearly 300% over the past three years in 2023.
Underpinned by strong growth prospects in Puerto Rico, combined with a robust product portfolio, Enphase may expand its footprint in the region and prosper in the promising growth opportunities.
Global Solar Market Boom
The global solar market has witnessed significant growth over the past few years, buoyed by factors like cost-effective solar panels and government incentives to support the development of the solar market. The increasing awareness of the need to adopt eco-friendly ways for energy to adhere to severe climatic conditions is also fueling the growth of the solar energy market.
Going forward, per the report from Fortune Business Insights, the global solar energy market is poised to witness a CAGR of 6.9% during the 2022-2029 period. This exemplifies immense opportunities for solar players in the industry to expand their footprint globally.
In such a scenario, Enphase, with a strong global footprint and endeavors to expand its reach to more countries, stands to benefit from the aforementioned solar market growth prospect. Apart from ENPH, solar players that can enjoy the perks of the expanding global solar market size are First Solar (FSLR - Free Report) , Canadian Solar (CSIQ - Free Report) and JinkoSolar (JKS - Free Report) .
First Solar is a global provider of responsibly produced, eco-efficient solar modules. With a global footprint spanning the United States, India, Malaysia and Vietnam, First Solar expects to have a global manufacturing capacity of more than 20 GW by 2025.
The long-term earnings growth rate of First Solar stands at 53.7%. Shares of FSLR have surged 115.5% in the past year.
Canadian Solar has one of the world’s largest utility-scale solar project development platforms. It caters to a geographically diverse customer base across key markets in the United States, China, Japan, the U.K. and Canada, and emerging markets in Brazil, India, Mexico, Italy, Germany, South Africa and the Middle East.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales indicates an improvement of 35.7% over the prior-year reported figure. Shares of CSIQ have increased 52.9% in the past year.
JinkoSolar has a total of 14 global production bases in China, the United States, Malaysia and Vietnam. Its products serve more than 3,000 customers in more than 160 countries and regions worldwide. As of the fourth quarter of 2022, JKS’ effective production capacity of monocrystalline silicon wafers, cells and modules reached 65 GW, 55 GW and 70 GW, respectively.
The Zacks Consensus Estimate for JinkoSolar’s 2023 sales suggests a growth rate of 37.2% from the prior-year reported figure. Its shares have risen 23.9% in the past year.
Price Movement
In the past year, shares of Enphase Energy have surged 69.2% compared with the industry’s growth of 35.3%.
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.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
Get the latest research report on JKS - FREE
Get the latest research report on FSLR - FREE
Get the latest research report on CSIQ - FREE
Get the latest research report on ENPH - FREE