Enphase Energy, Inc. (NASDAQ: ENPH), a maker of inverters, maintains its positive momentum in the residential market, with demand for solar energy solutions skyrocketing in some parts of the United States.
ENPH announced an increase in the delivery of its equipment to the United States at the start of the year. An increasing frequency of natural calamities has piqued people’s interest in self-contained dwellings. This aspect has now been augmented by rising fossil fuel prices and the desire of many electric car owners to charge their vehicles using solar energy.
Enphase Energy, Inc. (ENPH) has disclosed a large growth in demand in Florida, a state where hurricanes and power disruptions are common. In this context, ENPH is effectively selling its smart power systems, which combine solar generating and energy storage to provide a steady supply of electricity.
The IQ8 micro inverters from Enphase Energy, Inc. (ENPH) install directly on the solar panels and allow a smooth addition of electricity to the residential grid. Under its own brand, the firm also distributes residential batteries.
ENPH has a lot of space to develop in Florida. According to research firm Wood Mackenzie, the number of batteries in Florida will expand by nearly sevenfold by 2026.
A favorable trend in solar power can already be seen: capacity in the United States will expand by more than 30% in June, reaching 65 GW.
Enphase Energy, Inc. (ENPH) benefits from the fact that it is not in direct competition with solar firms. The surge in solar panel sales from Canadian Solar, First Solar, and Sunrun, on the other hand, expands Enphase Energy’s potential audience.
As a result, Canadian Solar announced the building of a 100 MW solar power plant in Mississippi in May 2022. More than 460,000 people will be served, and Enphase Energy, Inc. (ENPH) will be able to sell batteries and energy management solutions to these new clients.
ENPH stock rose 9.54% this week, for a monthly gain of 14.26 percent. It had a 30.33 percent quarterly price performance, and a 50.56% trailing twelve-month price performance.