Enphase Energy, Inc
.
ENPH
recently unveiled its Enphase Installer Network (EIN) in Australia. The EIN is specifically designed to help Enphase installers grow their business with a range of innovative digital tools and exclusive benefits.
Benefits of the EIN
As part of the ongoing digital transformation at Enphase, the EIN is backed by significant enhancements to the installer-facing functionality of the Enphase Enlighten platform. The digital components available to EIN members combine analytics with business growth tools, customer-support enhancements and services, which will enable installers to deliver enhanced customer experience and improve business efficiency and profits.
Australia-based homeowners can easily locate an EIN installer in their area using the Find an Installer tool. In addition, the EIN sets a benchmark for installer enablement and digital innovation, which will enhance service and simplify the process of selling high-performance and reliable solar solutions in the Australian solar market.
Enphase’s Prospects in Australia
The solar market in Australia is increasingly gaining momentum, courtesy of plummeting installation costs along with improved technologies. Notably, per a recent
report by Australia’s Department of Industry, Science, Energy and Resources
, the nation registered the maximum uptake of solar energy globally with 21% of homes installing rooftop solar PV.
Being a prominent microinverter supplier in the global solar space, Enphase’s products are frequently preferred by countries across the world, and Australia is no exception. For instance, the company joined REA Global in July 2020 to combine its IQ 7+ microinverters with the latter’s proprietary high-efficiency, high-density cell solar modules. This pair is projected to produce greater solar power from a smaller space for both residential and commercial customers across Australia.
Interestingly, Australia’s current use of solar energy is low, with solar energy accounting for only about 0.1% of the country’s total primary energy consumption. Therefore, there remains ample room for solar expansion in this nation, going ahead. Keeping this in consideration, the latest network launch program further fortifies Enphase’s footprint in the rapidly-growing solar market in Australia.
Other Solar Players Operating in Australia
Alongside Enphase,
Canadian Solar
CSIQ
and
Jinko Solar
JKS
are other solar players that have already set foot in Australia’s solar market and are expected to benefit from the market’s boom.
In June 2020, JinkoSolar announced confirmed orders from an Australian wholesale distributor, Blue Sun Group, totaling more than 100MW of orders. Earlier, in March, Canadian Solar announced that its subsidiary, Canadian Solar Australia, has signed a power purchase agreement (PPA) with Amazon.
Price Performance
Enphase’s stock has skyrocketed 534.4% in the past year, outperforming the
industry
’s growth of 194.9%.
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Zacks Rank & A Key Pick
The company currently has a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
A better-ranked stock in the same space is
Azure Power Global
AZRE
, which carries a Zacks Rank #2 (Buy).
The company’s year-over-year earnings growth estimate stands at 28.54% for fiscal third-quarter 2021. The company’s earnings surpassed the Zacks Consensus Estimate on three occasions and missed on the remaining one, with the average four-quarter surprise being 71.15%.
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