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Enphase's (ENPH) Product Demand Increases in Pennsylvania
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Enphase Energy, Inc. (ENPH - Free Report) has been witnessing the increased demand for the Enphase Energy System, powered by IQ8 microinverters, in Pennsylvania. This exemplifies the reliability, sustainability and high resiliency of Enphase’s products, which drives demand among homeowners.
Moreover, as homeowners get the liberty to more efficiently manage their cost and energy needs with Enphase products, the company may witness further strength in demand in the region. This might boost ENPH’s revenue generation prospects.
Can IQ8 Microinverters Continue to Bolster ENPH’s Prospects?
Enphase’s 1Q8 microinverter is a high-quality product that boasts features of advanced technology while enabling consumers to monitor and manage their energy needs thoroughly. This has led to an increase in the demand for Enphase’s products globally.
Enphase started the production shipments of IQ8 microinverters to customers in North America in the fourth quarter of 2021. Since then, the company has witnessed broader market acceptance for its product from customers on both domestic and international grounds.
The strong consumer demand can be gauged by its improvement in the number of units sold of microinverters in 2022. The company sold approximately 15.4 million microinverter units in 2022 compared with nearly 10.4 million units for the year ended Dec 31, 2021, despite the 11% increase in the prices of microinverters by Enphase in 2022.
Going forward, Enphase can be expected to continue to witness the increased deployment of its product as it strives to expand its footprint by introducing IQ8 microinverters in more European regions. The company has already commenced shipping to the Netherlands and France and is looking for opportunities to expand in the European territory.
Apart from Europe, the company is eyeing Australia for expansion and is likely to introduce 1Q8 microinverters in the second quarter of 2023. Such a vast expansion strategy is likely to boost Enphase’s growth prospects.
Global Solar Market Boom
Per the latest report from the U.S. Energy Information Administration, developers plan to add 54.5 gigawatts (GW) of new utility-scale electric-generating capacity to the U.S. power grid in 2023. Solar is anticipated to constitute 54% of this expected capacity addition, highlighting the increasing dominance of solar energy in the country.
Such a capacity expansion is likely to benefit companies like Enphase, which already enjoy strong demand from consumers. This is supported by ENPH’s latest increased deployment in Pennsylvania.
Solar companies that are increasingly focusing on bringing new technologies to the market and developing new products to enjoy the perks of the expanding solar market are as follows:
SolarEdge Technologies’ (SEDG - Free Report) optimized inverter solutions address a broad range of solar market segments. In 2022, the company boosted its renewable portfolio by launching several new products like the SolarEdge Home Energy Bank residential battery and higher power optimizers and inverters in residential and commercial offerings.
The long-term (three to five) earnings growth rate of SolarEdge stands at 31%. Shares of SEDG have risen 4.1% in the past year.
Canadian Solar (CSIQ - Free Report) has one of the world’s largest utility-scale solar project development platforms. In September 2022, its subsidiary, CSI Solar, launched SolBank, a battery energy storage solution.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales indicates an improvement of 34.3% over the 2022 figure. Shares of CSIQ have delivered 34.2% in the past year.
In January 2023, JinkoSolar (JKS - Free Report) introduced its second-generation Tiger Neo panel family. The upgraded Tiger Neo family includes three series with up to 445 Wp for 54-cell, 615 Wp for 72-cell and 635 Wp for 78-cell and module efficiency of up to 22.27%, 23.23% and 22.72%, respectively.
The Zacks Consensus Estimate for 2022 sales suggests a growth rate of 86.1% from the prior-year reported figure. JinkoSolar’s shares have increased 6% in the past year.
Price Movement
In the past year, shares of Enphase Energy have soared 29.9% compared with the industry’s growth of 23.4%.
Image: Bigstock
Enphase's (ENPH) Product Demand Increases in Pennsylvania
Enphase Energy, Inc. (ENPH - Free Report) has been witnessing the increased demand for the Enphase Energy System, powered by IQ8 microinverters, in Pennsylvania. This exemplifies the reliability, sustainability and high resiliency of Enphase’s products, which drives demand among homeowners.
Moreover, as homeowners get the liberty to more efficiently manage their cost and energy needs with Enphase products, the company may witness further strength in demand in the region. This might boost ENPH’s revenue generation prospects.
Can IQ8 Microinverters Continue to Bolster ENPH’s Prospects?
Enphase’s 1Q8 microinverter is a high-quality product that boasts features of advanced technology while enabling consumers to monitor and manage their energy needs thoroughly. This has led to an increase in the demand for Enphase’s products globally.
Enphase started the production shipments of IQ8 microinverters to customers in North America in the fourth quarter of 2021. Since then, the company has witnessed broader market acceptance for its product from customers on both domestic and international grounds.
The strong consumer demand can be gauged by its improvement in the number of units sold of microinverters in 2022. The company sold approximately 15.4 million microinverter units in 2022 compared with nearly 10.4 million units for the year ended Dec 31, 2021, despite the 11% increase in the prices of microinverters by Enphase in 2022.
Going forward, Enphase can be expected to continue to witness the increased deployment of its product as it strives to expand its footprint by introducing IQ8 microinverters in more European regions. The company has already commenced shipping to the Netherlands and France and is looking for opportunities to expand in the European territory.
Apart from Europe, the company is eyeing Australia for expansion and is likely to introduce 1Q8 microinverters in the second quarter of 2023. Such a vast expansion strategy is likely to boost Enphase’s growth prospects.
Global Solar Market Boom
Per the latest report from the U.S. Energy Information Administration, developers plan to add 54.5 gigawatts (GW) of new utility-scale electric-generating capacity to the U.S. power grid in 2023. Solar is anticipated to constitute 54% of this expected capacity addition, highlighting the increasing dominance of solar energy in the country.
Such a capacity expansion is likely to benefit companies like Enphase, which already enjoy strong demand from consumers. This is supported by ENPH’s latest increased deployment in Pennsylvania.
Solar companies that are increasingly focusing on bringing new technologies to the market and developing new products to enjoy the perks of the expanding solar market are as follows:
SolarEdge Technologies’ (SEDG - Free Report) optimized inverter solutions address a broad range of solar market segments. In 2022, the company boosted its renewable portfolio by launching several new products like the SolarEdge Home Energy Bank residential battery and higher power optimizers and inverters in residential and commercial offerings.
The long-term (three to five) earnings growth rate of SolarEdge stands at 31%. Shares of SEDG have risen 4.1% in the past year.
Canadian Solar (CSIQ - Free Report) has one of the world’s largest utility-scale solar project development platforms. In September 2022, its subsidiary, CSI Solar, launched SolBank, a battery energy storage solution.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales indicates an improvement of 34.3% over the 2022 figure. Shares of CSIQ have delivered 34.2% in the past year.
In January 2023, JinkoSolar (JKS - Free Report) introduced its second-generation Tiger Neo panel family. The upgraded Tiger Neo family includes three series with up to 445 Wp for 54-cell, 615 Wp for 72-cell and 635 Wp for 78-cell and module efficiency of up to 22.27%, 23.23% and 22.72%, respectively.
The Zacks Consensus Estimate for 2022 sales suggests a growth rate of 86.1% from the prior-year reported figure. JinkoSolar’s shares have increased 6% in the past year.
Price Movement
In the past year, shares of Enphase Energy have soared 29.9% compared with the industry’s growth of 23.4%.
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.