Enphase Energy, Inc.ENPH recently revealed that Wisconsin witnessed the increased adoption of the Enphase Energy System powered by IQ Microinverters and IQ Batteries as homeowners hunt for a clean reliable storage solution amid prolonged power outages and extreme winter weather conditions.
The increased adoption of Enphase Energy’s product offerings ensures solid business growth for ENPH by providing best-in-class storage and load control solutions, all managed by a cloud-based energy management system.
Enphase Energy’s Growth Prospects in Wisconsin
In a bid to meet clean energy and decarbonization goals, Wisconsin is increasingly adopting solar power for energy needs. In this context, it is imperative to mention that Wisconsin witnessed the solar capacity addition of nearly 300 megawatts (MW) in 2021, highlighting the growing importance of solar based energy in the region and consequently abounding opportunities for the battery storage market.
Moreover, as utilities aggressively invest in the solar energy space in Wisconsin to achieve clean energy goals, the state is likely to witness solar power growth of less than 0.1% to 4.5% in the 2018-2026 period, per the report from the Public Service Commission of Wisconsin.
Additionally, 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 exemplifies significant market growth potential for the battery storage market in Wisconsin. Per the latest report from Wood Mackenzie, the residential storage market in Wisconsin is anticipated to witness deployments growing 15-fold by 2026. Such bright prospects boast tremendous opportunities for companies like Enphase Energy to further expand in the market with its innovative products.
U.S Battery Storage Market Boom
Energy storage encourages more flexibility and resilience for a grid to function more efficiently and effectively. To this end, the U.S battery storage market is likely to increase manifold as the nation increasingly penetrates the solar power energy market for energy needs.
Per the report from the U.S. Energy Information Administration, the United States may witness an installation of an additional 10,000 MW of large-scale battery storage power capacity between 2021 and 2023.
Such upbeat prospects stand to benefit companies like ENPH to further solidify their presence in the market and strategically grow through their product offerings. Solar players who are investing in the rapidly expanding U.S. battery solar market in a bid to capitalize on the tremendous growth opportunity are Canadian Solar CSIQ, ReneSola Ltd SOL and First Solar FSLR.
In November 2021, Canadian Solar signed a partnership agreement with Contemporary Amperex Technology Co. (CATL) to support the rapid growth of its battery storage businesses. The partnership leverages CATL’s innovative battery storage technology and Canadian Solar’s global reach and experience to provide best-in-class battery storage solutions to its customers. The company has a global battery storage pipeline of 21 gigawatt-hour (GWh), including 2.9 GWh under construction.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales suggests a growth rate of 24.1% from the prior-year reported figure. Shares of CSIQ have rallied 5.9% in the past three months.
In December 2020, ReneSola signed a 20-year power purchase agreement (PPA) with Northern California-based Valley Clean Energy for a solar and battery system per which ReneSola added 6.5 MW/26 MWh (4-hour) of battery energy storage to the Northern California grid, which serves Valley Clean Energy customers.</…….