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Enphase (ENPH) Extends Its Product Offerings to Massachusetts

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Enphase Energy, Inc. ENPH recently revealed that it has witnessed increased demand and deployment for the Enphase Energy System, powered by IQ Microinverters and IQ Batteries, in Massachusetts amid rising power outages in the state, primarily due to the extreme weather condition.

The increased deployment epitomizes Enphase Energy’s excellence in providing a reliable battery storage solution to homeowners, which enables ENPH to capitalize on the growing demand for an efficient battery storage system in the region.

What’s Favoring Enphase Energy’s Growth in Massachusetts?

In a bid to boost the adoption of solar energy as a source of power in Massachusetts for achieving renewable energy goals and combating climate change, The Massachusetts Department of Energy Resources (DOER) before the end of 2021 doubled the existing Solar Massachusetts Renewable Target (SMART) Program. The expanded 3,200 megawatt of solar capacity will create opportunities for new projects and battery storage systems in the state.

The SMART program by DOER emphasized the solar development in the region and included aids for Massachusetts residents who intend to install solar panels on their homes. The program highlights a provision for incentives for residents who intend to shift to solar and battery storage systems for energy needs.

The reforms and policy to lift the development of solar capacity in the region along with homeowners’ quest for a reliable and technologically advanced battery storage solution are supporting the expansion of Enphase Energy in the region with product offerings that seek to provide homeowners the flexibility and an alternate solution to fulfill energy demand.

Enphase Energy aims at boosting the usage of the battery storage solution during peak hours to reduce dependence on the grid and aid its proper functioning when energy usage is at the highest.

Moreover, per the report from the Energy Storage Association and Wood Mackenzie, the deployment of residential storage capacity in Massachusetts is anticipated to grow eight times by 2026. Such a forecast exemplifies immense growth opportunities for ENPH to prosper on the growing demand with its best-in-class product offerings and customer experience.

Peer Moves

Apart from Enphase Energy, solar players who stand to benefit in booming Massachusetts solar market are SunRun RUN, SunPower SPWR and Sunnova Energy NOVA.

SunRun develops, owns, manages and sells residential solar energy systems. Its solar lease and purchase plans — with or without a home battery — are available in most of Massachusetts. SunRun offers solar financing in the form of solar power purchase agreements (PPA).

The Zacks Consensus Estimate for RUN’s 2022 sales indicates an improvement of 12.9% over the prior-year estimated figure. SunRun delivered an earnings surprise of 120% in the last reported quarter.

SunPower designs, develops, manufactures, markets and sells high-performance solar electric power technology products, systems and services worldwide. SunPower has a team of experts and local solar installers in Massachusetts. Through a long-term PPA with Green Street, a dealer of SunPower, the Attleboro School District is expected to save nearly $5.5 million in energy costs over the next 25 years.

The Zacks Consensus Estimate for SunPower’s 2022 sales implies growth of 22.6% over the prior-year estimated figure. The long-term (three to five years) earnings growth rate for SPWR stands at 15.6%.

Sunnova is a residential solar and energy storage service provider. It offers home solar panels along with battery storage across Massachusetts. In July 2021, Sunnova Energy International partnered with National Grid and SolarEdge Technologies to utilize its fleet of solar and storage assets in New England, MA to help improve the power quality in National Grid’s service area.

The Zacks Consensus Estimate for Sunnova’s 2022 sales implies growth of 41.2% over the prior-year estimated figure, while NOVA’s 2022 earnings suggest an improvement of 14.3% from the prior-year estimated figure.

Price Movement

In the past month, shares of Enphase Energy have decreased 22.7% compared with the industry’s 21.4% decline.

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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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SunPower Corporation (SPWR) : Free Stock Analysis Report

Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report

Sunrun Inc. (RUN) : Free Stock Analysis Report

Sunnova Energy International Inc. (NOVA) : Free Stock Analysis Report

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