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Enphase (ENPH) Partners With Semper Solaris in California
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Enphase Energy, Inc. (ENPH - Free Report) recently revealed that it has clinched a partnership agreement with Semper Solaris, with an aim to boost the deployment of the Enphase Energy System in California. Semper Solaris is a leading home solar and battery contractor in California.
The move comes in sync with Enphase Energy’s endeavor to expand its footprint in California, thus capitalizing on the growing need for an efficient battery storage system in the region.
What’s Favoring Enphase Energy’s Growth in California?
To aid the development of solar capacity in California for achieving energy goals and combating climate change, California Energy Commission approved the 2022 Building Energy Efficiency Standards (Energy Code) that required newly constructed and renovated buildings to be fitted out with the solar and battery storage system.
In this context, the surge in demand for backup power has been witnessed in the state, thus providing an opportunity for companies like ENPH to expand in the region with products like Enphase Energy System, which provide homeowners the flexibility to adjust their home energy systems around various rate structures.
Last December, California regulators proposed to lessen the discount that rooftop solar and storage systems owners used to avail of their electric bills if they sold the extra energy generated to power companies. In such a scenario, the proposal, if approved, would likely require more battery storage technology to come online as homeowners will likely store the excess energy produced instead of selling it to power companies.
The regulators also proposed to make a $600-million fund to make it affordable for low-income households to install the solar and storage system, highlighting brighter prospects of the storage system in the region.
The aforementioned factors exemplify immense growth opportunities for battery storage makers like Enphase Energy to prosper on the growing demand. The latest partnership agreement opens avenues for Enphase Energy to further boost its operations in the state with its best-in-class product offerings and customer experience.
Considering the growth prospects of solar players like ENPH in California as mentioned above, there remain immense opportunities for Enphase Energy to sign more such agreements like the latest one in the long haul.
Peer Moves
Apart from Enphase Energy, solar players who stand to benefit in the booming Californian solar market are SunRun (RUN - Free Report) , SunPower (SPWR - Free Report) and Canadian Solar (CSIQ - Free Report) .
Headquartered in California, SunRun offers battery storage as well as solar energysolution, mainly to residential homeowners. SunRun’s Bright Box battery storage system offers the flexibility to generate, store and manage clean, affordable solar energy.
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 12.9% over the prior-year estimated figure.
SunPower’s California Solar Electric is dedicated to providing high-quality customer service and the latest, most efficient solar electric technology in the market. Its Equinox system with the SunVault Storage solution offers an effective storage solution to homeowners by collecting the excess energy in the daytime and distributing it as needed to power essential devices during an outage, thus reducing reliance on grid electricity.
The Zacks Consensus Estimate for SunPower’s 2022 sales implies growth of 22.6% over the prior-year estimated figure. The long-term earnings growth rate for SPWR stands at 15.6%.
In September 2021, Canadian Solar announced that its subsidiary, CSI Solar Co., has closed a 350 MW (megawatt)-1400 MW contract to provide the fully integrated battery storage system, engineering, procurement and construction and long-term maintenance service to the Crimson stand-alone battery storage project in Riverside County, CA.
In the last reported quarter, CSIQ delivered an earnings surprise of 109.99%. The Zacks Consensus Estimate for Canadian Solar’s 2022 sales implies growth of 24.1% over the prior-year estimated figure.
Price Movement
In the past year, shares of Enphase Energy have decreased 33.6% compared with the industry’s 52.1% decline.
Image: Shutterstock
Enphase (ENPH) Partners With Semper Solaris in California
Enphase Energy, Inc. (ENPH - Free Report) recently revealed that it has clinched a partnership agreement with Semper Solaris, with an aim to boost the deployment of the Enphase Energy System in California. Semper Solaris is a leading home solar and battery contractor in California.
The move comes in sync with Enphase Energy’s endeavor to expand its footprint in California, thus capitalizing on the growing need for an efficient battery storage system in the region.
What’s Favoring Enphase Energy’s Growth in California?
To aid the development of solar capacity in California for achieving energy goals and combating climate change, California Energy Commission approved the 2022 Building Energy Efficiency Standards (Energy Code) that required newly constructed and renovated buildings to be fitted out with the solar and battery storage system.
In this context, the surge in demand for backup power has been witnessed in the state, thus providing an opportunity for companies like ENPH to expand in the region with products like Enphase Energy System, which provide homeowners the flexibility to adjust their home energy systems around various rate structures.
Last December, California regulators proposed to lessen the discount that rooftop solar and storage systems owners used to avail of their electric bills if they sold the extra energy generated to power companies. In such a scenario, the proposal, if approved, would likely require more battery storage technology to come online as homeowners will likely store the excess energy produced instead of selling it to power companies.
The regulators also proposed to make a $600-million fund to make it affordable for low-income households to install the solar and storage system, highlighting brighter prospects of the storage system in the region.
The aforementioned factors exemplify immense growth opportunities for battery storage makers like Enphase Energy to prosper on the growing demand. The latest partnership agreement opens avenues for Enphase Energy to further boost its operations in the state with its best-in-class product offerings and customer experience.
Considering the growth prospects of solar players like ENPH in California as mentioned above, there remain immense opportunities for Enphase Energy to sign more such agreements like the latest one in the long haul.
Peer Moves
Apart from Enphase Energy, solar players who stand to benefit in the booming Californian solar market are SunRun (RUN - Free Report) , SunPower (SPWR - Free Report) and Canadian Solar (CSIQ - Free Report) .
Headquartered in California, SunRun offers battery storage as well as solar energysolution, mainly to residential homeowners. SunRun’s Bright Box battery storage system offers the flexibility to generate, store and manage clean, affordable solar energy.
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 12.9% over the prior-year estimated figure.
SunPower’s California Solar Electric is dedicated to providing high-quality customer service and the latest, most efficient solar electric technology in the market. Its Equinox system with the SunVault Storage solution offers an effective storage solution to homeowners by collecting the excess energy in the daytime and distributing it as needed to power essential devices during an outage, thus reducing reliance on grid electricity.
The Zacks Consensus Estimate for SunPower’s 2022 sales implies growth of 22.6% over the prior-year estimated figure. The long-term earnings growth rate for SPWR stands at 15.6%.
In September 2021, Canadian Solar announced that its subsidiary, CSI Solar Co., has closed a 350 MW (megawatt)-1400 MW contract to provide the fully integrated battery storage system, engineering, procurement and construction and long-term maintenance service to the Crimson stand-alone battery storage project in Riverside County, CA.
In the last reported quarter, CSIQ delivered an earnings surprise of 109.99%. The Zacks Consensus Estimate for Canadian Solar’s 2022 sales implies growth of 24.1% over the prior-year estimated figure.
Price Movement
In the past year, shares of Enphase Energy have decreased 33.6% compared with the industry’s 52.1% 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.