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Enphase (ENPH) Unveils IQ8 Microinverters in North America
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Enphase Energy, Inc. (ENPH - Free Report) recently commenced shipment of its new IQ8 microinverters, IQ8HC and IQ8X, with a peak output power of 384 watts (W), in North America’s solar market. These microinverters will support high-powered solar modules.
The IQ8HC microinverters are now available in the whole of North America, while the IQ8X is available in the United States.
Significance of IQ8 Microinverters
Enphase Energy’s two new microinverters can seamlessly pair with a full range of solar modules up to 540W Direct Current (DC). The IQ8HC can manage a continuous DC of 14 amperes, thereby supporting high-powered solar modules. The IQ8X supports solar modules with higher output DC voltage and cell counts, such as 96 cells, 80 half-cut cells and 88 half-cut cells.
For all IQ8 Microinverters activated in the United States and Canada, an industry-leading 25-year warranty is available while for those activated in Mexico, a 12-year warranty is offered.
Growth Prospects
The Global solar market provides significant growth opportunities, primarily driven by various government policies, declining prices of solar panels and rising adoption of alternate clean power sources. Per a report from the Mordor Intelligence firm, the solar energy market size in terms of installed base is expected to go from 1.84 Thousand gigawatts (GWs) in 2024 to 5.08 Thousand GWs by 2029, at a CAGR of 28.82% during the 2024-2029 period.
Considering such abounding growth prospects offered by the global solar market and North America constituting a major portion of this market, the introduction of Enphase microinverters should aid the company in generating solid revenues in the coming years.
Peers to Benefit
Other prominent players like Canadian Solar Inc. (CSIQ - Free Report) , SolarEdge Technologies Inc. (SEDG - Free Report) and Emeren Group Ltd. (SOL - Free Report) are also expanding their footprint to reap the benefits of the global solar market’s prospects.
In December 2023, Canadian Solar’s e-STORAGE launched SolBank 3.0, which is the latest iteration of its utility-scale energy storage system. The company expects solar PV installations to reach 5 terawatts (TWs) by 2030 and the battery energy storage cumulative capacity installations to reach 1 TW-hour by 2028.
The Zacks Consensus Estimate for 2024 sales implies an improvement of 20.2% from the prior-year estimated number. The stock delivered an average earnings surprise of 67.89% in the last four quarters.
SolarEdge launched the high-power, three-phase SolarEdge 330kW Inverter and its complementing H1300 Power Optimizer in the United States in September 2023. During the third-quarter 2023, it shipped more than 3.8 GW of inverters. The United States accounted for 28.9% of the company’s total revenues during the previous reported quarter.
SEDG has a long-term (three-to-five years) earnings growth rate of 16.4%. Its shares have risen 65.4% in the past five years.
As of Sep 30, 2023, Emeren Group had a global solar development pipeline of 7,762 megawatts (MWs) and a storage project pipeline of 17,282 MW-hour. On Jan 9, 2024, the company acquired a 10.76 MWh energy storage power portfolio in China, comprising six energy storage power stations.
The Zacks Consensus Estimate for SOL’s fourth-quarter 2023 sales implies an increase of 24.6% from the year-ago figure. The Zacks Consensus Estimate for fourth-quarter 2023 earnings implies an improvement of 33.3% from the prior-year quarter’s recorded number.
Price Performance
In the past three months, shares of ENPH have rallied 37.2% compared with the industry’s 8.4% increase.
Image: Bigstock
Enphase (ENPH) Unveils IQ8 Microinverters in North America
Enphase Energy, Inc. (ENPH - Free Report) recently commenced shipment of its new IQ8 microinverters, IQ8HC and IQ8X, with a peak output power of 384 watts (W), in North America’s solar market. These microinverters will support high-powered solar modules.
The IQ8HC microinverters are now available in the whole of North America, while the IQ8X is available in the United States.
Significance of IQ8 Microinverters
Enphase Energy’s two new microinverters can seamlessly pair with a full range of solar modules up to 540W Direct Current (DC). The IQ8HC can manage a continuous DC of 14 amperes, thereby supporting high-powered solar modules. The IQ8X supports solar modules with higher output DC voltage and cell counts, such as 96 cells, 80 half-cut cells and 88 half-cut cells.
For all IQ8 Microinverters activated in the United States and Canada, an industry-leading 25-year warranty is available while for those activated in Mexico, a 12-year warranty is offered.
Growth Prospects
The Global solar market provides significant growth opportunities, primarily driven by various government policies, declining prices of solar panels and rising adoption of alternate clean power sources. Per a report from the Mordor Intelligence firm, the solar energy market size in terms of installed base is expected to go from 1.84 Thousand gigawatts (GWs) in 2024 to 5.08 Thousand GWs by 2029, at a CAGR of 28.82% during the 2024-2029 period.
Considering such abounding growth prospects offered by the global solar market and North America constituting a major portion of this market, the introduction of Enphase microinverters should aid the company in generating solid revenues in the coming years.
Peers to Benefit
Other prominent players like Canadian Solar Inc. (CSIQ - Free Report) , SolarEdge Technologies Inc. (SEDG - Free Report) and Emeren Group Ltd. (SOL - Free Report) are also expanding their footprint to reap the benefits of the global solar market’s prospects.
In December 2023, Canadian Solar’s e-STORAGE launched SolBank 3.0, which is the latest iteration of its utility-scale energy storage system. The company expects solar PV installations to reach 5 terawatts (TWs) by 2030 and the battery energy storage cumulative capacity installations to reach 1 TW-hour by 2028.
The Zacks Consensus Estimate for 2024 sales implies an improvement of 20.2% from the prior-year estimated number. The stock delivered an average earnings surprise of 67.89% in the last four quarters.
SolarEdge launched the high-power, three-phase SolarEdge 330kW Inverter and its complementing H1300 Power Optimizer in the United States in September 2023. During the third-quarter 2023, it shipped more than 3.8 GW of inverters. The United States accounted for 28.9% of the company’s total revenues during the previous reported quarter.
SEDG has a long-term (three-to-five years) earnings growth rate of 16.4%. Its shares have risen 65.4% in the past five years.
As of Sep 30, 2023, Emeren Group had a global solar development pipeline of 7,762 megawatts (MWs) and a storage project pipeline of 17,282 MW-hour. On Jan 9, 2024, the company acquired a 10.76 MWh energy storage power portfolio in China, comprising six energy storage power stations.
The Zacks Consensus Estimate for SOL’s fourth-quarter 2023 sales implies an increase of 24.6% from the year-ago figure. The Zacks Consensus Estimate for fourth-quarter 2023 earnings implies an improvement of 33.3% from the prior-year quarter’s recorded number.
Price Performance
In the past three months, shares of ENPH have rallied 37.2% compared with the industry’s 8.4% increase.
Image Source: Zacks Investment Research
Zacks Rank
Enphase currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.