SolarEdge Technologies, Inc. ( SEDG Quick Quote SEDG - Free Report) recently added a new product to its portfolio of SolarEdge Home ecosystem, SolarEdge Home Load Controller. The product will maximize energy consumption by taking control of homeowners' heavy-load home appliances. This, in turn, would ensure smooth and efficient energy management by homeowners.
As demand for solar products is projected to increase manifold, the latest product introduction by SolarEdge may witness solid demand owing to its varied benefits in energy management.
Significance of SolarEdge Home Load Controller
The SolarEdge Home Load Controller is a wireless device designed to optimize energy consumption. Compactly designed, the size of a card deck, the Load Controller is easy to install, enabling remote and automatic control of home appliances such as heat pumps, EV chargers, pool and well pumps, HVAC and others.
Such features enable homeowners to increase their solar self-consumption by using excess energy that would otherwise be lost and extend their battery backup time during grid outages. Additionally, homeowners get the flexibility to schedule their usage time and keep a note of solar energy production, battery storage, grid services and solar self-consumption.
As homeowners continue to face the vulnerabilities of high energy cost and prolonged grid outages, such technologically advanced products ensure smart energy management, thus assisting homeowners in attaining energy independence.
Solar projects in the United States are expected to gain momentum propelled by factors like rising energy cost, prolonged grid outages and the recently enacted Inflation Reduction Act. The tax credits and provisions in the climate bill are expected to further increase the demand for solar installations, thus increasing the demand for related tools and technology.
In such a scenario, the recent product introduction by SolarEdge may prove prudent as the company may witness an increased demand for the same, thus boosting its overall top line.
Other solar players that have strategically taken measures to augment their business strength in a bid to enjoy the perks of the expanding U.S. solar market are:
First Solar( FSLR Quick Quote FSLR - Free Report) : In August 2022,the companyannounced that it plans to invest up to $1.2 billion in scaling the production of photovoltaic solar modules and boost its production capacity to more than 10 gigawatts by 2025.
First Solar’s long-term earnings growth rate is pegged at 49.3%. FSLR shares have risen 40.7% in the past year.
Canadian Solar ( CSIQ Quick Quote CSIQ - Free Report) : In September 2022,the company announced the launch of the battery storage solution EP Cube for homeowners and SolBank for utility-scale operations at the RE+ trade show. Also, the company intends to scale up its battery manufacturing capacity to 10 gigawatt-hours by the end of 2023.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates a growth rate of 45.9% from the prior-year reported figure. CSIQ has rallied 15.3% in the past year.
SunPower Corporation ( SPWR Quick Quote SPWR - Free Report) : In September 2022,the companyannounced a marginal investment in leading solar dealers, EmPower Solar and Renova Energy, as part of its Dealer Accelerator Program.
The Zacks Consensus Estimate for SunPower’s 2022 sales suggests a growth rate of 26.1% from the prior-year reported figure. SPWR shares have appreciated 10.8% in the past year.
In the past year, the stock has lost 4.7% against the
industry’s 4.5% growth. Image Source: Zacks Investment Research Zacks Rank
SolarEdge currently carries a Zacks Rank #3 (Hold). You can see
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