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Enphase's (ENPH) Product Adoption Continues to Rise in the US
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Enphase Energy, Inc. (ENPH - Free Report) recently unveiled that the increased adoption of its IQ Microinverters in the United States is being witnessed by Meraki Solar, a leading national residential solar service provider in the United States. Meraki Solar offers Enphase products to customers switching to solar energy to fulfill their energy needs.
Moreover, Meraki’s presence in eight states across the country provides an edge for Enphase to further expand in product deployment in the United States. This also highlights ENPH’s product proficiency in providing peace of mind for customers in an environment of continuously rising energy prices.
Enphase Continues to Grow in the United States
Enphase earned 80% of its revenues from the United States in the last reported quarter. Its presence in the region continues to grow exotically, buoyed by the strong demand and sell-through of microinverters in the region. The company’s revenues in the United States increased 66% year over year in the last reported quarter.
The strength in demand for its products in the United States can also be gauged by the 28% growth Enphase has been attaining in battery shipments over the last two years. Also, the company continues to win around 15 new installers a week in the United States.
Meanwhile, the company’s capability and effort to continuously improvise its product portfolio spell further strength in the region in the days ahead. Against this backdrop, ENPH expects to introduce its third-generation IQ battery, starting in North America in early 2023. Also, the company anticipates the first shipments of IQ 8 PV microinverters in the third quarter of 2022 and the first shipments of the IQ 8D product in the fourth quarter.
Undoubtedly, a wide product pipeline, combined with the already established and strong footage in the battery storage market, leverages the company in further solidifying its position in the United States. Moreover, as the fight against rising energy prices continues to gather speed, Enphase may further witness the intensified demand for its products going forward, like the latest one.
U.S. Solar Market Boom & Peer Moves
The battery storage market in the United States continues to gain momentum and boasts the capability of expanding by leaps and bounds as the nation gradually transitions to renewable sources for energy needs. Per the report from Grand View Research, the U.S. battery energy storage system market is likely to expand at a CAGR of 23.9% over the 2020-2027 period.
To reap the benefits of the robust growth in the battery storage market, other solar players, namely SolarEdge Technologies (SEDG - Free Report) , SunRun (RUN - Free Report) and Canadian Solar (CSIQ - Free Report) , are increasingly deploying capital in this space.
SolarEdge’s StorEdge battery storage system helps meet energy demands with less or cheaper electricity. The company recently strengthened its presence in the United States by launching its SolarEdge Energy Bank residential battery.
The long-term earnings growth rate of SolarEdge stands at 29.1%. Shares of SEDG have risen 2.7% in the past year.
SunRun’s Brightbox solar battery storage system comes with top-notch innovation in lithium-ion battery technology. The company is one of the prominent battery storage companies in the United States.
The Zacks Consensus Estimate for SunRun’s 2022 sales indicates an improvement of 33.6% over the prior-year reported figure. Shares of RUN have delivered 28% in the past six months.
Canadian Solar is gradually expanding its footprint in the battery storage project in the United States. In June 2022, Canadian Solar announced the acquisition of two standalone energy storage projects from Black Mountain Energy Storage (BMES). The projects, which are in the South Load Zone of the Texas ERCOT market, are anticipated to store up to 200 megawatt-hour of energy each. Both the projects are currently in development and are anticipated to reach the notice to proceed in 2023 and begin operation in the second quarter of 2024.
The Zacks Consensus Estimate for Canadian Solar’s 2022 earnings suggests growth of 171.7% from the prior-year reported figure. CSIQ share have returned 23.7% in the past year.
Price Movement
In the past year, shares of Enphase Energy have rallied 63% compared with the industry’s growth of 3.9%.
Image: Bigstock
Enphase's (ENPH) Product Adoption Continues to Rise in the US
Enphase Energy, Inc. (ENPH - Free Report) recently unveiled that the increased adoption of its IQ Microinverters in the United States is being witnessed by Meraki Solar, a leading national residential solar service provider in the United States. Meraki Solar offers Enphase products to customers switching to solar energy to fulfill their energy needs.
Moreover, Meraki’s presence in eight states across the country provides an edge for Enphase to further expand in product deployment in the United States. This also highlights ENPH’s product proficiency in providing peace of mind for customers in an environment of continuously rising energy prices.
Enphase Continues to Grow in the United States
Enphase earned 80% of its revenues from the United States in the last reported quarter. Its presence in the region continues to grow exotically, buoyed by the strong demand and sell-through of microinverters in the region. The company’s revenues in the United States increased 66% year over year in the last reported quarter.
The strength in demand for its products in the United States can also be gauged by the 28% growth Enphase has been attaining in battery shipments over the last two years. Also, the company continues to win around 15 new installers a week in the United States.
Meanwhile, the company’s capability and effort to continuously improvise its product portfolio spell further strength in the region in the days ahead. Against this backdrop, ENPH expects to introduce its third-generation IQ battery, starting in North America in early 2023. Also, the company anticipates the first shipments of IQ 8 PV microinverters in the third quarter of 2022 and the first shipments of the IQ 8D product in the fourth quarter.
Undoubtedly, a wide product pipeline, combined with the already established and strong footage in the battery storage market, leverages the company in further solidifying its position in the United States. Moreover, as the fight against rising energy prices continues to gather speed, Enphase may further witness the intensified demand for its products going forward, like the latest one.
U.S. Solar Market Boom & Peer Moves
The battery storage market in the United States continues to gain momentum and boasts the capability of expanding by leaps and bounds as the nation gradually transitions to renewable sources for energy needs. Per the report from Grand View Research, the U.S. battery energy storage system market is likely to expand at a CAGR of 23.9% over the 2020-2027 period.
To reap the benefits of the robust growth in the battery storage market, other solar players, namely SolarEdge Technologies (SEDG - Free Report) , SunRun (RUN - Free Report) and Canadian Solar (CSIQ - Free Report) , are increasingly deploying capital in this space.
SolarEdge’s StorEdge battery storage system helps meet energy demands with less or cheaper electricity. The company recently strengthened its presence in the United States by launching its SolarEdge Energy Bank residential battery.
The long-term earnings growth rate of SolarEdge stands at 29.1%. Shares of SEDG have risen 2.7% in the past year.
SunRun’s Brightbox solar battery storage system comes with top-notch innovation in lithium-ion battery technology. The company is one of the prominent battery storage companies in the United States.
The Zacks Consensus Estimate for SunRun’s 2022 sales indicates an improvement of 33.6% over the prior-year reported figure. Shares of RUN have delivered 28% in the past six months.
Canadian Solar is gradually expanding its footprint in the battery storage project in the United States. In June 2022, Canadian Solar announced the acquisition of two standalone energy storage projects from Black Mountain Energy Storage (BMES). The projects, which are in the South Load Zone of the Texas ERCOT market, are anticipated to store up to 200 megawatt-hour of energy each. Both the projects are currently in development and are anticipated to reach the notice to proceed in 2023 and begin operation in the second quarter of 2024.
The Zacks Consensus Estimate for Canadian Solar’s 2022 earnings suggests growth of 171.7% from the prior-year reported figure. CSIQ share have returned 23.7% in the past year.
Price Movement
In the past year, shares of Enphase Energy have rallied 63% compared with the industry’s growth of 3.9%.
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.