We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
3 Stocks to Gain From the Expanding Australian Solar Market
Read MoreHide Full Article
Australia is one of the fastest-growing solar energy markets in the world due to the rising demand for electricity and prolific solar resources. Evidently, the country continues to be a global leader in the per capita rollout of energy generated by solar and wind, per an analysis by The Australian National University (ANU).
Interestingly, about 99% of new renewables in Australia are solar photovoltaic (PV) and wind. Therefore, for solar companies across the globe, the Australian market offers a profitable investment abode.
Impressive Solar Growth Trends in Australia
The growth of solar PV in Australia is driven by frequent renewable energy auctions and the offering of feed-in tariffs. In fact, in addition to the favorable federal initiatives, all eight provinces in Australia have their own schemes supporting the continuous growth of solar PV.
Another key catalyst driving solid installations in Australia is the lack of stringent regulations for installations that has kept installation prices considerably low. Evidently, residential solar systems are currently priced at about 70 cents per watt in Australia, including installation, which is quite lower than the equivalent price of $2.69 per watt in the United States.
Per a Mordor Intelligence report, the solar power market in Australia is expected to see a CAGR of 19.56% during 2020-2025. According to the Australian Energy Market Operator’s (AEMO) July Generation Information data, there are currently 95 proposed solar projects with 23 committed and under construction.
Stocks to Watch
Considering the aforementioned forecast, the below-mentioned solar stocks that have already set foot in Australia’s expanding solar market are expected to gain.
In April 2021, Enphase Energy's (ENPH - Free Report) microinverters were selected by Transdev for the first public transport depot in Australia to feature a fully solar-powered bus. This will be beneficial for Enphase to grow its network in Australia, as Transdev plans to electrify the public transport network in Australia and make a transition to solar-powered electrical vehicle (EV) buses. Earlier, toward the end of 2020, Enphase Energy announced the launch of its Enphase Installer Network (EIN) in Australia.
JinkoSolar's (JKS - Free Report) shipments to Australia passed the 3.2GW mark in May 2021. JinkoSolar was the first solar company to ship transparent back sheet bifacial panels at scale. It is also the first manufacturer to offer a full range of N-type modules to Australia.
Canadian Solar's (CSIQ - Free Report) subsidiary, Canadian Solar Australia, signed a power purchase agreement (PPA) with Amazon in March 2020. Per the terms, Canadian Solar will supply its BiKu bifacial modules to Amazon. Interestingly, this is Canadian Solar's first PPA in New South Wales and marks its strategic entry into the large Australian Consumer and Industrial PPA market.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Image: Shutterstock
3 Stocks to Gain From the Expanding Australian Solar Market
Australia is one of the fastest-growing solar energy markets in the world due to the rising demand for electricity and prolific solar resources. Evidently, the country continues to be a global leader in the per capita rollout of energy generated by solar and wind, per an analysis by The Australian National University (ANU).
Interestingly, about 99% of new renewables in Australia are solar photovoltaic (PV) and wind. Therefore, for solar companies across the globe, the Australian market offers a profitable investment abode.
Impressive Solar Growth Trends in Australia
The growth of solar PV in Australia is driven by frequent renewable energy auctions and the offering of feed-in tariffs. In fact, in addition to the favorable federal initiatives, all eight provinces in Australia have their own schemes supporting the continuous growth of solar PV.
Another key catalyst driving solid installations in Australia is the lack of stringent regulations for installations that has kept installation prices considerably low. Evidently, residential solar systems are currently priced at about 70 cents per watt in Australia, including installation, which is quite lower than the equivalent price of $2.69 per watt in the United States.
Moreover, solar electricity generation is increasing rapidly, backed by government policies, which include the Clean Energy Initiative Solar Flagships Program that has committed $1.5 billion to support the construction and demonstration of up to four large-scale solar power plants in Australia, using solar thermal and PV technologies. Such investments also play a vital role in the growth trajectory of the Australian solar market.
What Lies Ahead for the Australian Solar Market?
Per a Mordor Intelligence report, the solar power market in Australia is expected to see a CAGR of 19.56% during 2020-2025. According to the Australian Energy Market Operator’s (AEMO) July Generation Information data, there are currently 95 proposed solar projects with 23 committed and under construction.
Stocks to Watch
Considering the aforementioned forecast, the below-mentioned solar stocks that have already set foot in Australia’s expanding solar market are expected to gain.
In April 2021, Enphase Energy's (ENPH - Free Report) microinverters were selected by Transdev for the first public transport depot in Australia to feature a fully solar-powered bus. This will be beneficial for Enphase to grow its network in Australia, as Transdev plans to electrify the public transport network in Australia and make a transition to solar-powered electrical vehicle (EV) buses. Earlier, toward the end of 2020, Enphase Energy announced the launch of its Enphase Installer Network (EIN) in Australia.
JinkoSolar's (JKS - Free Report) shipments to Australia passed the 3.2GW mark in May 2021. JinkoSolar was the first solar company to ship transparent back sheet bifacial panels at scale. It is also the first manufacturer to offer a full range of N-type modules to Australia.
Canadian Solar's (CSIQ - Free Report) subsidiary, Canadian Solar Australia, signed a power purchase agreement (PPA) with Amazon in March 2020. Per the terms, Canadian Solar will supply its BiKu bifacial modules to Amazon. Interestingly, this is Canadian Solar's first PPA in New South Wales and marks its strategic entry into the large Australian Consumer and Industrial PPA market.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>