Look Out Enphase, Here Comes ReneSola
Peteluma, California-based microinverter manufacturer Enphase (ENPH :NASDAQ) was controlling the market but ReneSola (SOL :NYSE) today announced they are powering up their own product to take over the market segment.
Microinverters are the choice of many residential solar installers as they are easy to install and are relatively inexpensive. When Enphase first hit the market, many installers were pushing their customers towards purchasing them despite the company’s inability to keep up with initial demand.
Currently Enphase is having a tough time turning a profit on their microinverters and their solar monitoring systems and having a legitimate competitor isn’t going to help them. ReneSola is touting that their microinverter will be affordable, along with being reliable, so Enphase is going to have a battle for this market.
But if there’s any consolation for Enphase it might be the fact that they have not been able to keep up with demand for their product. Having a competitor tout the advantages of microinverters could expand the market for their products. Greater demand for microinverters could make it easier for Enphase to acquire more funding to expand their production efforts.
Shares of ReneSola were up 7.04 percent in afternoon trading while shares of Enphase were up 3.04 percent.