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Enphase (ENPH) Unveils IQ8 Microinverters in North America
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Enphase Energy, Inc. (ENPH - Free Report) recently rolled out its brand new IQ8 commercial microinverter exclusively for the small commercial solar market in North America. Shipments of these new products for distributors in the United States, Canada and Mexico are projected to start by 2023-end. Meanwhile, shipments from Enphase’s U.S. contract manufacturing facilities are anticipated to begin in the first quarter of 2024.
The new launch will ease the installation process for customers and reduce their electricity costs, thus increasing the scope for Enphase Energy to boost its customer base.
Significance of the New IQ8 Commercial Microinverters
This new product is equipped with an IQ8P-3P microinverter that boasts the capability of peak output power of up to 480 watts (W).
The new microinverters are compatible with a wide range of solar panels, including 54, 60, 66, 72, and 144 cell panels with full or split cell, and with a range of 320 W to 640 W, making the products viable to support projects now and in the future.
They are built to support the small commercial solar industry by simplifying the design and installation process, improving energy harvest with higher uptime, expanding system monitoring capabilities compared to similar solutions and offering industry-leading safety through an alternating current (AC)-based system using low-voltage power.
Enphase’s Prospects in the US Solar Market
Of late, Enphase has observed a subdued demand trend in the solar market within the United States, with the company expecting no stark recovery until the second quarter of 2024.
However, Enphase’s diverse range of strategies is expected to aid the company in addressing these challenges and sustaining its compelling growth trajectory. The differentiated technology, product quality and customer service to boost market share, excellent installer services, strategic acquisitions as well as new and innovative product introductions, like the latest one, are some of the factors that are well-poised to facilitate ENPH’s return to previous growth levels.
The U.S. Energy Information Administration’s latest report suggests that the United States will generate 14% more electricity from solar energy than from hydroelectric facilities in 2024. This forecast exhibits the increased demand for solar products for increased solar capacity. In light of such a projection, Enphase’s state-of-the-art products may witness increased traction from the U.S. solar market, thereby boosting its overall top line.
Peers to Benefit
The positive growth projection is expected to benefit other solar companies that have a significant presence in the U.S. solar market. These companies are as follows:
SolarEdgeTechnologies (SEDG - Free Report) : To strengthen its position in the rapidly expanding renewable energy market, the company launched its new high-power, three-phase complementing H1300 Power Optimizer in the United States in September 2023. SolarEdge also introduced the latest version of its market-leading SolarEdge Home Hub and Wave inverters in the United States in August 2023.
SolarEdge boasts a long-term earnings growth rate of 18.7%. The Zacks Consensus Estimate for SolarEdge’s 2023 sales suggests a growth rate of 0.4% from the prior-year reported figure.
Canadian Solar (CSIQ - Free Report) : The company introduced EP Cube Lite in the United States in September 2023 to expand its residential battery storage offerings. EP Cube Lite is a compact and efficient grid-tied energy storage solution of Canadian Solar.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales calls for a growth rate of 15.6% from the prior-year reported figure. The Zacks Consensus Estimate for CSIQ’s 2023 earnings implies a growth rate of 80.5% from the prior-year reported figure.
Price Movement
In the past month, shares of Enphase Energy have dropped 26.7% compared with the industry’s decline of 12.5%.
Image Source: Zacks Investment Research
Zacks Rank and a Key Pick
Enphase Energy currently carries a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for JKS’ 2023 sales calls for a growth rate of 34.9% from the prior-year reported figure. The Zacks Consensus Estimate for 2023 earnings implies a growth rate of 108.6% from the prior-year reported figure.
JKS delivered an earnings surprise of 32.14% in the last reported quarter. The four-quarter average earnings surprise stands at 102.66% for JKS.
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Enphase (ENPH) Unveils IQ8 Microinverters in North America
Enphase Energy, Inc. (ENPH - Free Report) recently rolled out its brand new IQ8 commercial microinverter exclusively for the small commercial solar market in North America. Shipments of these new products for distributors in the United States, Canada and Mexico are projected to start by 2023-end. Meanwhile, shipments from Enphase’s U.S. contract manufacturing facilities are anticipated to begin in the first quarter of 2024.
The new launch will ease the installation process for customers and reduce their electricity costs, thus increasing the scope for Enphase Energy to boost its customer base.
Significance of the New IQ8 Commercial Microinverters
This new product is equipped with an IQ8P-3P microinverter that boasts the capability of peak output power of up to 480 watts (W).
The new microinverters are compatible with a wide range of solar panels, including 54, 60, 66, 72, and 144 cell panels with full or split cell, and with a range of 320 W to 640 W, making the products viable to support projects now and in the future.
They are built to support the small commercial solar industry by simplifying the design and installation process, improving energy harvest with higher uptime, expanding system monitoring capabilities compared to similar solutions and offering industry-leading safety through an alternating current (AC)-based system using low-voltage power.
Enphase’s Prospects in the US Solar Market
Of late, Enphase has observed a subdued demand trend in the solar market within the United States, with the company expecting no stark recovery until the second quarter of 2024.
However, Enphase’s diverse range of strategies is expected to aid the company in addressing these challenges and sustaining its compelling growth trajectory. The differentiated technology, product quality and customer service to boost market share, excellent installer services, strategic acquisitions as well as new and innovative product introductions, like the latest one, are some of the factors that are well-poised to facilitate ENPH’s return to previous growth levels.
The U.S. Energy Information Administration’s latest report suggests that the United States will generate 14% more electricity from solar energy than from hydroelectric facilities in 2024. This forecast exhibits the increased demand for solar products for increased solar capacity. In light of such a projection, Enphase’s state-of-the-art products may witness increased traction from the U.S. solar market, thereby boosting its overall top line.
Peers to Benefit
The positive growth projection is expected to benefit other solar companies that have a significant presence in the U.S. solar market. These companies are as follows:
SolarEdgeTechnologies (SEDG - Free Report) : To strengthen its position in the rapidly expanding renewable energy market, the company launched its new high-power, three-phase complementing H1300 Power Optimizer in the United States in September 2023. SolarEdge also introduced the latest version of its market-leading SolarEdge Home Hub and Wave inverters in the United States in August 2023.
SolarEdge boasts a long-term earnings growth rate of 18.7%. The Zacks Consensus Estimate for SolarEdge’s 2023 sales suggests a growth rate of 0.4% from the prior-year reported figure.
Canadian Solar (CSIQ - Free Report) : The company introduced EP Cube Lite in the United States in September 2023 to expand its residential battery storage offerings. EP Cube Lite is a compact and efficient grid-tied energy storage solution of Canadian Solar.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales calls for a growth rate of 15.6% from the prior-year reported figure. The Zacks Consensus Estimate for CSIQ’s 2023 earnings implies a growth rate of 80.5% from the prior-year reported figure.
Price Movement
In the past month, shares of Enphase Energy have dropped 26.7% compared with the industry’s decline of 12.5%.
Image Source: Zacks Investment Research
Zacks Rank and a Key Pick
Enphase Energy currently carries a Zacks Rank #4 (Sell).
One better-ranked stock in the same industry is JinkoSolar (JKS - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for JKS’ 2023 sales calls for a growth rate of 34.9% from the prior-year reported figure. The Zacks Consensus Estimate for 2023 earnings implies a growth rate of 108.6% from the prior-year reported figure.
JKS delivered an earnings surprise of 32.14% in the last reported quarter. The four-quarter average earnings surprise stands at 102.66% for JKS.