Enphase (ENPH) to Unveil IQ7 Microinverter in Australia & NZ

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Enphase Energy, Inc.ENPH has announced to introduce its seventh-generation microinverter (also known as Enphase IQ 7 microinverters) across Australia and New Zealand. Currently, the company serves fifth-generation and the S-series microinverters to its customers across the island countries.

Benefits of IQ 7 Solar Microinverter

The company introduced the seventh-generation microinverter in first-quarter 2018. The seventh-generation microinverter is lightweight and are compact in size, offering state-of-the-art power performance. The IQ 7 series of microinverter provides nearly 96.5% of efficiency with additional production of 23% compared with its existing microinverter series. The microinverters helps in the conversion of the direct current (DC) generated by a solar module to alternating current (AC).

The new series of microinverter provides a seamless integration with the company's existing microinverter system coupled with easy-to-use interface. The company has already begun the shipment of IQ 7 & IQ 7+ micro inverter to Australia and New Zealand. It is also planning to introduce a series of IQ 7X during fourth-quarter 2018.

Solar Outlook: Holds Promise for Microinverter

Per U.S. Energy Information Administration ("EIA"), the source of energy from renewables increased over the years. Around 55% of the total energy, nearly 21 gigawatt (GW) added in the United States last year, was from a renewable source. Also, as of February 2018, 22% of the country's total electricity generation comes from a renewable source.

By 2018 end, EIA expects an additional 5,067 MW of solar power to come online. Per the forecast, solar capacity is anticipated to grow by 127 gigawatt (GW) from 2020 to 2050. Also, electricity produced from solar power will likely account for nearly 14% of the total energy output to be generated during the same period.

The above projection from EIA indicates towards a massive addition of solar generation in the electricity production mix. We can safely conclude there will be increasing demand for Enphase Energy's microinverters over the long run.

The company is continuously putting efforts and carrying out research & development to bring out new and better quality microinverters to serve its existing and potential customers. Since its IQ 6 microinverter is not compatible enough with the 96-cell modules, the company is coming up with a new IQ 7X microinverter technology by fourth-quarter 2018 to fill in the gap.

Also, the company is expected to introduce a more powerful and compact IQ 8 system in 2019, which will allow a solar system to operate independently of the power grid.

Price Movement

In the past year, shares of Enphase Energy have gained a staggering 743.9% compared with its industry 's surge of 32%.

Zacks Rank & Key Picks

Enphase Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Some better-ranked stocks from the Zacks Oil & Energy Sector are as follows:

Azure Power Global Ltd. AZRE is a Zacks #1 (Strong Buy) Ranked stock. The company posted first-quarter 2018 adjusted earnings of 1 cent per share, outpacing the consensus estimate of a loss of 7 cents by 114.3%.

SolarEdge Technologies, Inc. SEDG holds a Zacks Rank #2 (Buy). It reported first-quarter 2018 adjusted earnings of 87 cents per share, surpassing the Zacks Consensus Estimate of 80 cents by 8.8%.

Chesapeake Utilities Corporation CPK carries a Zacks Rank of 2. The company released first-quarter 2018 adjusted earnings of $1.40 per share, beating the consensus mark of $1.34 by 4.5%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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