Enphase Energy, Inc.
ENPH
recently revealed that the Vermont-based utility, Green Mountain Power (GMP),decided to offer the Enphase Energy System to its customers as part of its battery lease grid services pilot program. This would further strengthen Enphase’s presence in the U.S. solar market, which boasts a solid growth opportunity.
Enphase also announced the launch of a software-based product, the distributed energy resource management system (DERMS). Through the DERMS software, ENPH aims to provide GMP a platform to control virtual power plants. Such technologically advanced product offerings enable Enphase to expand its footprint not only in the home country but also globally.
Other Highlights
The pilot lease program intends to provide 100 eligible customers with two Enphase IQ Battery 10 units for $65 per month for 10 years or a one-time payment of $6,500.
Additionally, the deal also highlights an option for homeowners to enroll in GMP’s “Bring Your Own Device” grid services program, which enables customers with their own Enphase Energy Systems to earn an incentive. The customers are eligible to obtain an upfront payment of up to $9,500 with four Enphase IQ Battery 10s.
Also, if homeowners choose to modify an existing solar system in areas where it is most needed then they qualify to get an extra $100 per kilowatt.
Enphase Energy
’s
Growth Prospects in Vermont
Vermont is increasingly adopting solar-based energy to meet its power requirements in a bid to meet its goal of attaining 90% of the total energy supply from renewable sources by 2050.
In this context, it is imperative to mention that the increased penetration of solar power-based energy is instrumental to the battery storage market’s growth as solar power-based energy fails to provide electricity 24×7 and entails the need for an efficient storage solution. This, in turn, opens avenues for Enphase Energy to further expand in the Vermont solar market. The latest selection of the Enphase Energy System by GMP will enable the former to strengthen its position in Vermont.
U.S.Solar Market Boom
Per the report from the U.S. Energy Information Administration, the United States may witness 46.1 gigawatts (GW) of new utility-scale electric generating capacity to be added to the U.S. power grid in 2022, with solar based energy accounting for half of the capacity generation.
Such abounding growth prospects exemplify sizeable opportunities not only for ENPH but alsofor solar playersin the industry to expand and capitalize on growth trends. In this context, solar majors who have already tapped the U.S. solar marketare
Canadian Solar
CSIQ
,
First Solar
FSLR
and
SolarEdge Technologies
SEDG
.
In March 2022, Canadian Solar commenced the mass production of its new 54-cell format solar module, CS6R-MS, and delivered the first batch of the same in March 2022. Canadian Solar’s CS6R-MS module has a power generation capacity of up to 420 watts and boasts an efficiency of up to 21.5%.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales suggests a growth rate of 37.7% from the prior-year reported figure. Shares of CSIQ have rallied 3% in the past six months.
In January 2022, First Solar secured an order from Swift Current Energy involving the supply of 1.2 GW of First Solar’s advanced, ultra-low carbon thin-film photovoltaic solar modules.
The long-term earnings growth rate for First Solar stands at 9.5%. Shares of FSLR have rallied 10.4% in the past month.
In October 2021, SolarEdge launched its SolarEdge Energy Bank residential battery and SolarEdge Energy Hub inverter with enhanced backup power in North America.
SolarEdge boasts a long-term earnings growth rate of 23%. The Zacks Consensus Estimate for 2022 earnings has been revised upward by 1.5% in the past 60 days. SEDG shares have rallied 23% in the past year.
Price Movement
In the past year, shares of Enphase Energy have rallied 29.9% against the
industry
’s decline of 15%.
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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