Enphase Energy, Inc. (ENPH - Free Report) recently announced that Urban Solar Group, a solar installer in Florida, will use the company’s IQ series microinverters owing to high reliability and resilience in hurricane-susceptible regions.
Enphase Energy’s Microinverter — Outlook
The Enphase IQ Microinverter System simplifies solar installations and provides complete alternating current solution that utilizes no high-voltage direct current. This provides a safe solar solution to homeowners. The company introduced the seventh-generation microinverter in first-quarter 2018. The seventh-generation microinverter is lightweight and is compact in size, offering a state-of-the-art power performance. The IQ 7 series of microinverters provide nearly 96.5% of efficiency with additional production of 23% compared with its existing microinverter series.
The company is continuously putting in efforts and carrying out R&D to introduce better quality microinverters to serve its existing and potential customers. The company has plans to introduce a series of IQ 7X during fourth-quarter 2018. Also, the company is expected to launch a more powerful and compact IQ 8 system in 2019, which will allow solar systems to operate independently of the power grid.
Enphase Energy’s easy product installations, superior energy production, smart monitoring system plus reliable and safe operation will allow the company to encash the surge in demand for solar microinverters in the Florida region.
Soaring Solar Demand
Per the latest release from the U.S. Energy Information Administration (EIA), solar generation in the United States will rise 26.4% to 268,000-megawatt hour per day (MWh/d) in 2018 and further increase 13.1% to 303,000 MWh/d in 2019 from 212,000 MWh/d in 2017. The above projection from EIA indicates a massive addition of solar generation in the electricity production mix. The International Energy Agency (IEA), anticipates 17% average annual growth of solar power generation of nearly between 2017 and 2030.
SunPower Corporation (SPWR - Free Report) is one of the most forward-integrated solar companies, which is fortifying its footprint in the global market with plans to build six solar projects across many regions in Mexico. Other solar companies like Canadian Solar (CSIQ - Free Report) , which currently has multiple late-stage utility-scale solar power projects under construction, is also solidifying its foothold in the global solar space. Additionally, another company in the same arena, JinkoSolar Holding Co. (JKS - Free Report) , boasts multiple global solar projects in its pipeline.
The above projection from EIA and IEA indicates a massive addition of solar generation in the electricity production mix. Therefore, we can safely conclude that there will be increasing demand for Enphase Energy’s microinverters in the long haul.
In the past 12 months, shares of Enphase Energy have gained a staggering 114.3% against its industry’s decline of 17.7%.
Enphase Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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