Enphase Energy, Inc. (ENPH - Free Report) recently announced that the solar system of New Hampshire’s Shelburne town hall building, jointly developed by 603 Solar and Enphase, possesses the capability to offset almost 12.8 metric tons of CO2 per year. Notably, the building’s solar system consists of 42 Enphase IQ 7A microinverters and is projected to meet 100% of the building’s energy needs.
Of late, the project’s solar energy services provider, 603 Solar, has deployed a 16.8 kilowatt-direct current (kW DC) solar array on the building. Moreover, Enphase Enlighten monitoring system will enable 603 Solar to keep track of the array remotely.
Significance & Growing Demand of IQ 7A
Enphase’s high-powered smart grid-ready IQ 7A microinverters dramatically simplify the installation process while achieving the highest system efficiency for systems with 60-cell and 72-cell modules. Moreover, providing 96.5% EU efficiency, Enphase IQ 7A microinverters can generate up to 14% more power than any previous Enphase IQ microinverters.
Consequently, pairing of IQ 7A microinverters with high-power modules allows solar installers to reduce the number of modules required for a given system output, thereby enabling them to optimize their overall system cost and performance.
These features have been boosting demand for these microinverters as is evident from the company’s recent launch of this product in the markets of Europe and Australia in September 2020. The latest news release, which reflects the growing usage of IQ 7A microinverters in solar systems, also indicates enhancing demand for this particular product of Enphase.
Global Solar Boom
Buoyed by rapidly declining cost of solar, along with growing solar investment from big corporate houses, the global solar market as a whole has been rallying over the past decade. Per a report by Fortune Business Insights, global solar power market size is projected to reach 4766.8 MW in 2026 from 2019, exhibiting a CAGR of 30.7%.
To reap the benefits ofthis expanding global solar market, Enphase Energy and other solar players are making every possible effort. As of Jun 30, 2020, the company shipped more than 28 million microinverters worldwide. It is also launching IQ 8 PV, a grid-agnostic microinverter on the roof, which should expand its market share.
First Solar (FSLR - Free Report) ended 2019 with net bookings of 6.1 gigawatts and current contracted backlog of 12.4 gigawatts. Given the growing demand for solar modules, First Solar expects to increase its nameplate Series 6 manufacturing capacity to 6 GW by 2020 and 8 GW by year-end 2021.
In 2019, JinkoSolar (JKS - Free Report) reported record high solar module shipment of 14.3 GW. For 2020, it projects total solar module shipments of 18-20 GW, indicating an improvement of 35% year over year.
During 2019, ReneSola (SOL - Free Report) connected about 60 MW of projects. It expects project pipeline in core markets to reach 1 GW by the end of 2020.
Price Performance & Zacks Rank
In a year’s time, shares of Enphase have gained 306.6% compared with the industry’s rise of 167.6%.
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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