New Energy
Enphase Sales Rise on Stabilizing California Home Solar
- Second-quarter results driven by battery sales, CEO says
- Earnings signal ray of hope for beleaguered home solar market
California overhauled its incentives for solar-only systems to encourage homeowners to also install batteries to store power for use when electricity is more scarce and expensive.
Photographer: Sandy Huffaker/BloombergThis article is for subscribers only.
Solar equipment maker Enphase Energy Inc. saw demand in California climb in the second quarter as the nation’s biggest market showed signs of stabilizing after state regulators slashed incentives for rooftop panels last year. The shares surged.
Sales to system installers in California rose by more than 7% compared with the first quarter and were driven by a 14% increase in batteries, Chief Executive Officer Badri Kothandaraman said during an investor call Tuesday.