This month couple of news caused the stock price of the inverter manufacturer Enphase Energy, Inc. (ENPH) to surge. ENPH shares have risen by nearly 33 percent since start of the month on the news that company has started operations in Australia.
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An Enphase Installer Network (EIN) partner network has been launched in Australia by Enphase. It is a directory of technical experts in residential buildings and manufacturing facilities who can install inverters and other Enphase solutions. Enphase is currently aggressively expanding the network of EIN installers, as facilities for installing and connecting solar generation systems to the network are not available to all customers and are a competitive advantage in them. The Enphase microinverter design requires the easiest use of a smartphone application for installation and management. Installers do not, however, require long-term preparation.
At the same time, this gain will bring improved revenues to Enphase, as contractors are likely to prefer, all other things being equal, easier to install products.
Australia is a big market for solar energy. As well as having a low population density, the nation has many sunny days and desert areas. However, the news of the expansion of EIN in this area is unlikely to explain a large rise in ENPH stock.
Also several Washington, D.C. media reports mid this month resulted in a surge to shares of solar companies in general. The reports suggested that Congressional leaders were near to extend the solar tax credits in the COVID-19 stimulus bill. The news stated that solar investment tax credit will be lessened to 21 percent in 2021 which previously was 30 percent in 2019 and has been decreased to 26 percent in 2020. Moreover, in 2022, although there will be no tax credit for residential projects but it will be 10 percent for utility-scale and commercial projects. It was not clear to what extent the extension will be, but it was good news for solar companies no matter how much the government finally extend the incentive.
Enphase Energy, Inc. (ENPH) Stock was slightly up (+0.59%) on Thursday to close the shortened session at $181.39, while its gain over the week was nearly 11%.