Enphase Energy Inc. (ENPH - Free Report) announced that it has introduced its seventh-generation Enphase IQ™ microinverters for the Enphase Home Energy Solution with IQ™ for the U.K. market. The seventh generation microinverters are an outcome of the company’s research and development activities. The microinverters help to convert the Direct current (DC) generated from the solar panels to Alternating current (AC), the form of electricity that can be used commercially as well as residentially.
Rising Use of Renewable Energy
Per a recent report from the World Economic Forum, usage of renewable energy will increase on a global scale. The new installation will be driven by a drop in costs, supportive legislations from the governments and new technologies, making renewable sources more dependable in comparison to the traditional fossil fuel sources of energy.
The report indicates that three countries namely China, the United States and India will account for nearly 67% of the global renewable expansion by 2022. Within the same time frame, production from renewable sources will exceed 25% of the United Kingdom’s total electricity generation. Undoubtedly, this is the right opportunity for the company to introduce the new microinverters in the U.K.
IQ 7 Microinverters
Enphase Energy, a Zacks Rank #3 (Hold) stock, is the home of one of the most advanced microinverter technology. The new IQ 7 microinverters produce 4% more power, and are 19% lighter and 16% smaller than IQ6 microinvertors.
In addition, the new inverters use two-wire cabling, and leverage semiconductor integration for higher reliability and better economies of scale.
Last year, the company invested more than $33 million in research and development activities, and is expected to continue doing the same going forward and churn out high-quality products for the users.
Competition in Microinverter Space
In addition to Enphase Energy, Solaredge Technologies Inc. (SEDG - Free Report) , sporting a Zacks Rank #1 (Strong Buy), is also helping in converting the DC to AC variant through the usage of power optimizers. You can see the complete list of today’s Zacks #1 Rank stocks here
Last year, General Electric Company (GE - Free Report) successfully installed its 1500-volt solar inverter technology to the Japanese solar market.
In a year’s time, Enphase Energy returned 207.4% outperforming its industry’s rally of 70.2%
Enphase Energy carries a Zacks Rank #3 (Hold). A better-ranked stock from the same space is JinkoSolar Holding Co., Ltd. (JKS - Free Report) , sporting a Zacks Rank#1.
JinkoSolar Holding has a long-term earnings growth of 10% and its 2018 earnings estimate moved up 31.9% in the last 60 days to $1.149.
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