Enphase Energy Inc. ENPH announced that it has expanded its philanthropic partnership with non-profit solar installer, GRID Alternatives, to generate approximately three megawatts (MW) of new capacity for 900 families in underserved communities across the U.S.
Under the agreement, Enphase Energy will help GRID Alternatives provide rooftop solar installations and hands-on job training. The installation of solar power will save $25 million in energy costs over the systems’ lifetimes for the families and prevent 78,000 tons of greenhouse gas emissions.
Enphase Energy has been serving the underserved communities with solar power installations across the U.S. through its partnership with GRID Alternatives over the last six years. The company made microinverter system donations and provided employee volunteer installation hours to GRID Alternatives.
Since 2010, the partnership has installed more than 1,900 rooftop arrays with a cumulative capacity of roughly 6 MW across California, Colorado, New York and New Jersey, saving $50 million in lifetime power costs and preventing 150,000 tons of greenhouse gas emissions.
Recently, Enphase Energy partnered with My Generation Energy, Inc., a southeastern Massachusetts-based solar installer and developer, to build the Sippican Community Solar Garden in Marion, MA. This commissioned 900-kilowatt DC commercial project is the largest North American installation to date featuring Enphase’s advanced C250 Microinverter System. (Read More: Enphase-My Generation Energy Tie Up for 900kW Solar Farm)
Increasing carbon emissions from the power sector have earned strong censure from regulators. This has led to increasing usage of renewable energy in the generation mix.
According to a recent report by the U.S. Energy Information Administration (EIA), utility-scale solar capacity will expand by 86% between 2014-end to 2016-end, with more than half of this capacity being built in California. The EIA projects solar usage to rise from the 2014 level of 0.427 quadrillion btu to 0.607 quadrillion btu in 2016.
Recently, China-based JinkoSolar Holding Co. JKS has entered into a supply agreement with Vivint Solar VSLR, a provider of distributed solar energy to residential customers in the U.S. Jointly, the companies aim to provide the highest quality of solar systems and services to its customers.
Currently, Enphase Energy carries a Zacks Rank #3 (Hold). SolarEdge Technologies, Inc. SEDG, with a Zacks Rank #2 (Buy), is a favorably placed stock in the industry at the moment.
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