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Enphase (ENPH) Battery Sees Increased Deployment in Nevada
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Enphase Energy, Inc. (ENPH - Free Report) recently revealed that Enphase Energy Systems, powered by its IQ Batteries and IQ8 Microinverters, are witnessing an increased deployment in Nevada.This highlights EnphaseEnergy’s growing footprint in the U.S. battery storage market with its latest launch in the family of microinverters.
In this context, it is imperative to mention thatENPH introduced its IQ8 family of microinverters to residential installers in North America in the fourth quarter of 2021. Therefore, the latest expansion in Nevada embodies the capability of its product range to meet the current demand of the solar storage landscape.
Factors Boosting Enphase’s Growth in Nevada
Nevada has been witnessing solid growth in the installation of solar projects. Consequently, the residential battery capacity in Nevada indicates a solid growth trajectory for companies involved in the manufacturing of battery storage solutions and related technology.
Nevada is projected to witness a surge of nearly six folds in battery storage deployments by 2026, per the latest U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie.
Nevada’s impressive growth trend boasts ample opportunities for Enphase Energyto further expand with its innovative product offerings in the region, thereby boosting its revenue generation prospects.
U.S Battery Storage Market Boom & Peer Moves
Considering the aforementioned discussion, it is imperative to mention that not only Nevada but also the entire United States is going through a solar revolution to rapidly decarbonize the nation, which, in turn, is bolstering the battery storage market. Per the latest report from the U.S. Energy Information Administration, the United States is likely to witness a capacity addition of 10 gigawatts in battery storage in the next two years.
This exemplifies sizeable opportunities for solar players like ENPH, which already have an established position in the battery storage market of the United States. Prominent solar players who can reap the benefits of the expanding U.S battery storage market are SunPower (SPWR - Free Report) , SunRun(RUN - Free Report) and Canadian Solar (CSIQ - Free Report) .
In March 2022, SunPower announced that its residential battery storage system, SunVault Storage, with 26-kilowatt hour (kWh) and 52 kWh configurations, is now capable of providing whole-home backup services for customers without sacrificing essentials or comfort during an outage. The installation of the new Sunvault will begin in June 2022.
The Zacks Consensus Estimate for SunPower’s 2022 earnings suggests growth of a solid 385.7% from the prior-year figure. Shares of SPWR have rallied 4.3% in the past three months.
SunRun’s Bright Box provides uninterrupted backup power for the entire home. It also excels in providing electricity during peak demand times, thus buffering customers from high rates.
The Zacks Consensus Estimate for SunRun’s 2022 sales indicates a growth rate of 8.3% from the prior-year reported figure. The Zacks Consensus Estimate for RUN’s 2022 earnings suggests an improvement of 10.3% from the prior-year reported figure.
In April 2022, Canadian Solar sold its Gaskell West 2 and 3 solar plus storage projects to Matrix Renewables. It has a generation capacity of 105 megawatt-alternate current plus 80 megawatt-hour energy storage.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates a 37.7% improvement over the prior-year quarter’s reported figure. CSIQ shares have appreciated 13.4% in the past three months.
Price Movement
In the past year, shares of Enphase Energy have rallied 24.1% against the industry’s decline of 20.5%.
Image: Bigstock
Enphase (ENPH) Battery Sees Increased Deployment in Nevada
Enphase Energy, Inc. (ENPH - Free Report) recently revealed that Enphase Energy Systems, powered by its IQ Batteries and IQ8 Microinverters, are witnessing an increased deployment in Nevada.This highlights EnphaseEnergy’s growing footprint in the U.S. battery storage market with its latest launch in the family of microinverters.
In this context, it is imperative to mention thatENPH introduced its IQ8 family of microinverters to residential installers in North America in the fourth quarter of 2021. Therefore, the latest expansion in Nevada embodies the capability of its product range to meet the current demand of the solar storage landscape.
Factors Boosting Enphase’s Growth in Nevada
Nevada has been witnessing solid growth in the installation of solar projects. Consequently, the residential battery capacity in Nevada indicates a solid growth trajectory for companies involved in the manufacturing of battery storage solutions and related technology.
Nevada is projected to witness a surge of nearly six folds in battery storage deployments by 2026, per the latest U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie.
Nevada’s impressive growth trend boasts ample opportunities for Enphase Energyto further expand with its innovative product offerings in the region, thereby boosting its revenue generation prospects.
U.S Battery Storage Market Boom & Peer Moves
Considering the aforementioned discussion, it is imperative to mention that not only Nevada but also the entire United States is going through a solar revolution to rapidly decarbonize the nation, which, in turn, is bolstering the battery storage market. Per the latest report from the U.S. Energy Information Administration, the United States is likely to witness a capacity addition of 10 gigawatts in battery storage in the next two years.
This exemplifies sizeable opportunities for solar players like ENPH, which already have an established position in the battery storage market of the United States. Prominent solar players who can reap the benefits of the expanding U.S battery storage market are SunPower (SPWR - Free Report) , SunRun(RUN - Free Report) and Canadian Solar (CSIQ - Free Report) .
In March 2022, SunPower announced that its residential battery storage system, SunVault Storage, with 26-kilowatt hour (kWh) and 52 kWh configurations, is now capable of providing whole-home backup services for customers without sacrificing essentials or comfort during an outage. The installation of the new Sunvault will begin in June 2022.
The Zacks Consensus Estimate for SunPower’s 2022 earnings suggests growth of a solid 385.7% from the prior-year figure. Shares of SPWR have rallied 4.3% in the past three months.
SunRun’s Bright Box provides uninterrupted backup power for the entire home. It also excels in providing electricity during peak demand times, thus buffering customers from high rates.
The Zacks Consensus Estimate for SunRun’s 2022 sales indicates a growth rate of 8.3% from the prior-year reported figure. The Zacks Consensus Estimate for RUN’s 2022 earnings suggests an improvement of 10.3% from the prior-year reported figure.
In April 2022, Canadian Solar sold its Gaskell West 2 and 3 solar plus storage projects to Matrix Renewables. It has a generation capacity of 105 megawatt-alternate current plus 80 megawatt-hour energy storage.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates a 37.7% improvement over the prior-year quarter’s reported figure. CSIQ shares have appreciated 13.4% in the past three months.
Price Movement
In the past year, shares of Enphase Energy have rallied 24.1% against the industry’s decline of 20.5%.
Image Source: Zacks Investment Research
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.