Enphase Energy, Inc. ( ENPH Quick Quote ENPH - Free Report) recently announced that the demand for its Enphase Energy System, powered by IQ8 Microinverters and IQ Batteries, has escalated in Washington as homeowners seek higher energy security amid power outages due to extreme weather. Enphase Energy's products witness an increased demand due to their ability to provide power during prolonged power outages and help control rising energy costs. ENPH is already booking installations for the 2023 calendar year, demonstrating the rapidly growing demand for clean and reliable power. Additionally, with the introduction of the revolutionary Enphase IQ8 Microinverter, customers can access Sunlight Backup, which has the capability to restart the energy system during a power outage using only sunlight, thus providing backup power even with a fully depleted battery. Can Enphase Products Demand Survive in Washington?
The demand for Enphase products is increasingly rapidly in the United States as the products not only lower utility bills and reduce the carbon footprint but also keep power flowing even during extreme weather conditions and grid disruptions. ENPH will continue to benefit from the rising demand as its products aim to increase the use of battery storage solutions during peak hours, reducing reliance on the grid and providing more energy independence for households across the state.
Residential solar deployments in Washington are estimated to reach more than 75 megawatt in 2022, representing a 63% increase year over year. Moreover, the residential battery capacity in Washington is anticipated to increase by about four times by the end of 2026, per the report from U.S. Energy Storage Monitor and Wood Mackenzie. Hence, Enphase will enjoy the benefits of the rising demand in the region. Zacks Rank & Price Performance
Enphase Energy presently has a Zacks Rank #3 (Hold). In the past six months, shares of ENPH have rallied 11.2% against the
industry’s decline of 14.8%. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Image Source: Zacks Investment Research Battery Storage Market Prospects in the US
The increasing energy costs, along with an increased focus of homeowners on becoming energy independent, are some of the factors that are primarily propelling the growth of the U.S. battery storage market. This is eventually benefiting companies like Enphase, which already enjoy a strong position as a leading U.S. manufacturer of microinverters and battery storage systems.
Such growth projections entail immense prospects for solar companies in the United States like Enphase, SolarEdge Technologies ( SEDG Quick Quote SEDG - Free Report) , SunRun ( RUN Quick Quote RUN - Free Report) and SunPower ( SPWR Quick Quote SPWR - Free Report) to reap the multitude of gains and prosper in the expanding battery storage market. SolarEdge’s StorEdge battery storage system helps meet energy demands with less or cheaper electricity. In 2021, SEDG strengthened its presence in the United States by launching its SolarEdge Energy Bank residential battery and SolarEdge Energy Hub inverter with enhanced backup power. SunRun’s BrightBox battery storage system offers the flexibility to generate, store and manage clean, affordable solar energy. BrightBox can buffer homeowners from increasing energy costs so that they have power when they need it the most, thus enabling homeowners to take charge of their electric bills and get control of energy needs now and in the future. SunPower’s Equinox system with the SunVault Storage solution offers an effective storage solution to homeowners by collecting excess energy in the daytime and distributing it as needed to power essential devices during an outage, thus reducing reliance on grid electricity. This also reduces peak-time charges.