Enphase Energy, Inc.
ENPH
recently unveiled that it has begun shipments of its IQ8 solar microinverters for its distributor and installer partners in North America. The move is in sync with Enphase’s aim to continuously expand its range of products and grow strategically.
Significance of IQ8 Microinverters
IQ8 microinverters are one step ahead in Enphase’s objective to grow diversely on its business platform with an improvised range of products.
With California Energy Commission efficiency of 97 percent, IQ8 microinverters represent Enphase’s most powerful microinverter to date. The IQ8 microinverters family comprises IQ8, IQ8+, IQ8M, IQ8A and IQ8H, with peak output AC power of 245VA, 300VA, 330VA, 366VA and 384VA, respectively. Moreover, the IQ8 family as a whole supports seamless pairing with a full range of solar modules up to 540W DC.
IQ8 microinverters exemplify Enphase Energy’s efforts to provide products with the most innovative technology as it comes in four different configurations. Additionally, the IQ8 family of microinverters aids in providing backup power even without a battery. This is possible as IQ8 microinverters support a microgrid arrangement during a power outage using sunlight, thus ruling out the prerequisite of a grid connection to function. Further, homeowners have the flexibility to add more solar or batteries as per the energy need.
Certainly, these features embody ENPH’s smartest microinverter that has the ability to attract more customers. This, in turn, should enable the company to generate solid revenues in the future.
U.S. Solar Boom
The United States is rapidly adopting renewable sources of energy for a cleaner environment. In this context, the adoption of solar energy has been rapidly gaining momentum due to its low-cost feature. Per a report from Wood Mackenzie, the United States is likely to witness an addition of 160 GW of solar capacity from 2021 to 2026, thus taking the total installed photovoltaic solar capacity to more than 250 GW by the end of 2026. Considering the growth projections for the U.S. solar market, the aforementioned initiative of Enphase Energy should bolster its future growth in America.
Prominent solar players who are investing in the rapidly expanding U.S. solar market in a bid to capitalize on the tremendous growth opportunity are
SolarEdge Technologies
SEDG
,
First Solar
FSLR
and
SunPower
SPWR
.
SolarEdge’s StorEdge battery storage system helps meet energy demands with less or cheaper electricity. The company recently strengthened its presence in the United States by launching its SolarEdge Energy Bank residential battery and SolarEdge Energy Hub inverter with enhanced backup power.
The long-term earnings growth rate of SolarEdge stands at 17.69%. Shares of SEDG have rallied 0.7% in the past six months.
First Solar recently inked a multi-year agreement with Lightsource bp and BP p.l.c. for supplying nearly 5.4 GW of First Solar’s advanced, ultra-low carbon thin film photovoltaic solar modules. First Solar has also signed a memorandum of understanding (MoU). Through the MoU, the company intends to explore opportunities to source electricity from the generation assets developed, owned and operated by Lightsource bp in Ohio.
First Solar’s long-term earnings growth rate is pegged at 10.8%. The Zacks Consensus Estimate for FSLR’s 2021 sales indicates an improvement of 8.1% over the prior-year figure.
In October 2021, SunPower announced that it has acquired Blue Raven Solar for $165 million. The buyout provides SunPower the opportunity to expand its footprint in underpenetrated areas, including the Northwest and Mid-Atlantic regions.
In the last reported quarter, SunPower delivered an earnings surprise of 120.00%. The long-term earnings growth rate for SPWR stands at 15.6%.
Price Movement
In the past year, shares of Enphase Energy have rallied 10.8% against the
industry
’s decline of 31.8%.
Image Source: Zacks Investment Research
Zacks Rank
Enphase Energy currently carries 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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