SunPower Corporation
SPWR
recently announced that its residential battery storage system, SunVault Storage with 26 kilowatt hour (kWh) and 52 kWh configurations, is now capable of providing whole-home backup services to customers without sacrificing essentials or comfort during an outage. This should strengthen SunPower’s position in the expanding battery storage market. The installation of the new Sunvault will begin in June 2022.
Benefits of SunVault
Post the installation of expanded capacities, SunVault customers can use backup energy during a grid outage to keep indispensable appliances running like refrigerators and HVAC as well as non-essential and comfort appliances like a washer/dryer, a pool pump or an electric vehicle charger. New SunVault offers double the energy as previous iterations.
Such upgraded features should increase the customer base and reduce the operational cost of SunPower, particularly at times of adverse weather conditions driven by grid weakening and blackouts, which are a rising concern across the United States these days. The Energy Information Administration reported that the length of time an average American goes without electricity doubled between 2013 and 2020. Amid such outages, an enhanced battery storage system like SunVault will surely bolster SPWR’s operational performance.
Through the installation of the new SunVault, customers can also achieve additional electricity bill savings by using stored energy during peak times when utility rates are the highest or by selling excess energy back to the grid.
SunPower also announced a warranty for SunVault customers. All SunVault energy storage systems will be backed by a 10-year warranty, including 70% usable energy retention. This should also attract more customers to choose SunVault.
Peer Moves
Considering the growth opportunities of the booming battery storage market, solar players, as mentioned below, are also giving their best efforts to reap the benefits.
SunWorks
SUNW
nearly completed 250+ solar and battery storage projects in Jersey. These range from a small off-grid system for the Crabbe Scout Hut, house roofs of all sizes to installing 1500 solar panels on the roof of Jersey Dairy. SunWorks offers an end-to-end service encompassing an initial survey, designs, project management and all electrical connections and maintenance.
The Zacks Consensus Estimate for SUNW’s 2022 earnings implies year-over-year growth of 44.44%. SunWorks’ long-term (three to five years) earnings growth is currently pegged at 2%.
SolarEdge Technologies
’
SEDG
residential energy storage battery provides 9.7 kWh of backup power. It can be connected in parallel with eight additional batteries, delivering up to 87 kWh of backup capacity. It has a round-trip efficiency of 94.5%.
The Zacks Consensus Estimate for SolarEdge Technologies’ 2022 earnings implies year-over-year growth of 42.41%. SEDG’s long-term earnings growth is currently pegged at 23%.
On Sep 9, 2021,
Canadian Solar Inc.
CSIQ
announced that its majority-owned subsidiary, CSI Solar Co., Ltd., closed a 350 megawatt (MW) / 1400 MW contract to provide the fully integrated battery storage system, engineering, procurement, construction and long-term maintenance services to the Crimson stand-alone battery storage project in Riverside County, CA.
The Zacks Consensus Estimate for Canadian Solar’s 2022 earnings implies year-over-year growth of 192.92%. CSIQ has a four-quarter earnings surprise of 66.2%, on average.
Zacks Rank & Price Performance
SunPower currently carries a Zacks Rank #4 (Sell). In the past month, shares of SPWR have rallied 19.3%, outperforming the
industry
’s 9.6% rise.
You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
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