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Enphase (ENPH) Product Demand Fortifies in Rhode Island
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Enphase Energy, Inc.(ENPH - Free Report) recently witnessed an increase in the demand for its Enphase Energy System, powered by IQ Microinverters and IQ Batteries, in Rhode Island amid extreme weather conditions. The increasing demand for energy independence in uncertain and vulnerable weather conditions must have been the key catalyst behind the surge.
What’s Favoring Enphase’s Growth in Rhode Island?
Rhode Island, a hurricane prone area, is susceptible to prolonged power outages, which fuels the demand for reliable backup power. In such a scenario, the Enphase Energy System that can most effectively meet the solar and battery technology needs of a buyer, with the assurance of a superior customer experience, is certain to outshine due to reliable features and the remarkable performance of its products.
Solar-based energy is likely to exhibit growth in the region, buoyed by favorable solar policies, tax credits and incentive measures. The region’s solar incentive program includes National Grid’s Renewable Energy Growth program, which aims to provide residential customers with 28.75 cents for every kilowatt-hour (kWh) their solar panel system generates for the first 15 years. Also, the region offers new solar owners a per-watt grant by their installation company per the solar grant program’s guidelines.
Such supporting policy measures may drive solar project developments in the region, which should also propel the growth of the battery storage market. To this end, the projection of U.S. Energy Storage Monitor and Wood Mackenzie suggests residential battery capacity addition to expand more than quadruple by the end of 2026.
Such encouraging growth prospects entail ample opportunities for companies like Enphase Energy, which already enjoys an established position in the battery storage market, backed by an impressive line of product range.
US Solar Market Boom
The increased adoption of renewables as a source of energy amid the rising energy cost is propelling the growth of the U.S. battery storage market as well. This growth is likely to fortify going forward as the U.S. government pledges to become fossil-free and depend largely on renewables for energy needs.
This stands to benefit ENPH, which has a leading position in the U.S. battery storage market. Also, other solar companies that stand to gain from the expanding battery storage market are SunPower (SPWR - Free Report) , SunRun (RUN - Free Report) and SolarEdge Technologies (SEDG - Free Report) .
In March 2022, SunPower announced that its residential battery storage system, SunVault Storage, with 26-kilowatt hour and 52 kWh configurations, is now capable of providing whole-home backup services for customers without sacrificing essentials or comfort during an outage.
The Zacks Consensus Estimate for SunPower’s 2022 earnings suggests a growth rate of a solid 414.3% from the prior-year period. The Zacks Consensus Estimate for SPWR’s 2022 sales indicates a growth rate of 20.1% from the prior-year period.
SunRun’s Brightbox 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 21.9% from the prior-year reported figure. RUN shares have rallied 12.6% in the past month.
SolarEdge launched its residential battery, the SolarEdge energy bank, in 2021. This is a 10-kilowatt single-phase battery that integrates with its SolarEdge energy hub family of inverters. Some of the existing SolarEdge systems can be upgraded with a storage solution for backup or on-grid maximum self-consumption use.
SolarEdgeboasts a long-term earnings growth rate of 28.6%. SEDG shares have appreciated 5.4% in the past year.
Price Movement
In the past year, shares of Enphase Energy have rallied 11.9% against the industry’s decline of 21.8%.
Image: Bigstock
Enphase (ENPH) Product Demand Fortifies in Rhode Island
Enphase Energy, Inc.(ENPH - Free Report) recently witnessed an increase in the demand for its Enphase Energy System, powered by IQ Microinverters and IQ Batteries, in Rhode Island amid extreme weather conditions. The increasing demand for energy independence in uncertain and vulnerable weather conditions must have been the key catalyst behind the surge.
What’s Favoring Enphase’s Growth in Rhode Island?
Rhode Island, a hurricane prone area, is susceptible to prolonged power outages, which fuels the demand for reliable backup power. In such a scenario, the Enphase Energy System that can most effectively meet the solar and battery technology needs of a buyer, with the assurance of a superior customer experience, is certain to outshine due to reliable features and the remarkable performance of its products.
Solar-based energy is likely to exhibit growth in the region, buoyed by favorable solar policies, tax credits and incentive measures. The region’s solar incentive program includes National Grid’s Renewable Energy Growth program, which aims to provide residential customers with 28.75 cents for every kilowatt-hour (kWh) their solar panel system generates for the first 15 years. Also, the region offers new solar owners a per-watt grant by their installation company per the solar grant program’s guidelines.
Such supporting policy measures may drive solar project developments in the region, which should also propel the growth of the battery storage market. To this end, the projection of U.S. Energy Storage Monitor and Wood Mackenzie suggests residential battery capacity addition to expand more than quadruple by the end of 2026.
Such encouraging growth prospects entail ample opportunities for companies like Enphase Energy, which already enjoys an established position in the battery storage market, backed by an impressive line of product range.
US Solar Market Boom
The increased adoption of renewables as a source of energy amid the rising energy cost is propelling the growth of the U.S. battery storage market as well. This growth is likely to fortify going forward as the U.S. government pledges to become fossil-free and depend largely on renewables for energy needs.
This stands to benefit ENPH, which has a leading position in the U.S. battery storage market. Also, other solar companies that stand to gain from the expanding battery storage market are SunPower (SPWR - Free Report) , SunRun (RUN - Free Report) and SolarEdge Technologies (SEDG - Free Report) .
In March 2022, SunPower announced that its residential battery storage system, SunVault Storage, with 26-kilowatt hour and 52 kWh configurations, is now capable of providing whole-home backup services for customers without sacrificing essentials or comfort during an outage.
The Zacks Consensus Estimate for SunPower’s 2022 earnings suggests a growth rate of a solid 414.3% from the prior-year period. The Zacks Consensus Estimate for SPWR’s 2022 sales indicates a growth rate of 20.1% from the prior-year period.
SunRun’s Brightbox 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 21.9% from the prior-year reported figure. RUN shares have rallied 12.6% in the past month.
SolarEdge launched its residential battery, the SolarEdge energy bank, in 2021. This is a 10-kilowatt single-phase battery that integrates with its SolarEdge energy hub family of inverters. Some of the existing SolarEdge systems can be upgraded with a storage solution for backup or on-grid maximum self-consumption use.
SolarEdgeboasts a long-term earnings growth rate of 28.6%. SEDG shares have appreciated 5.4% in the past year.
Price Movement
In the past year, shares of Enphase Energy have rallied 11.9% against the industry’s decline of 21.8%.
Image Source: Zacks Investment Research
Zacks Rank
Enphase Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.