NEW YORK, NY / ACCESSWIRE / March 13, 2017 / According to the Solar Energy Industries Association, the U.S. solar market nearly doubled its previous record for solar energy installations in 2016, adding more generating capacity than any other source of energy. The expectations are that over the next 5 years the U.S. solar market is expected to nearly triple in size.
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Earlier in the week, the company announced it would be expanding its partnership with Sunnova Energy Corporation through an agreement that will make Enphase the preferred provider of inverters for Sunnova. Sunnova Energy is a provider of solar power to residential buildings across the United States, the Virgin Islands, and Puerto Pico. The agreement boosted Enphase Energy's stock price by 16.67 percent, to $1.33 at the close on Friday, reaching a high during the reading session of $1.35. Shares of Enphase are down significantly since release of its fourth quarter financial result on February 28th, as the company had just $17.8 million cash on hand, the company however has raised money through private placement and also restructured its debt in the current quarter. Employing 500 people, Enphase provides microinverters that increase the efficiency and reduce the required maintenance on residential solar energy systems. Sunnova Energy claims the Enphase technology can help deliver affordable, reliable and clean solar power to its customers. Enphase currently has more than 13 million installed microinverters around the world in more than 540,000 systems, making up 80 percent of the total global market.
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Friday's close saw the stock price of renewable energy company SunEnergy drop 15 cents to a low of $7.08 per share. While the company saw its stock rise in February, there are rumors on the street that SunPower now needs to reduce its costs and has reportedly put its Chilean plant on the auction block. SunEnergy has risen to be the number 2 provider of solar energy in the commercial sector. But the rise in stock price is likely connected to the long term event of a marked increase in demand for solar panel installations in 2018. Manufacturing and material costs for solar panels have dropped considerably, making solar energy an environmental and economic priority for many utility companies. Investment analysis is pointing investors to hope for a relatively steady but an unexciting 2017 and projects the company to begin to realize their profits in 2018 and beyond.
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Enphase Energy Inc. (NASDAQ: ENPH)
SunPower Corporation (NASDAQ: SPWR)
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