Sales to system installers in California rose by over 7% compared to the first quarter and were driven by a 14% increase in batteries, chief executive officer Badri Kothandaraman. — Bloomberg
LOS ANGELES: Solar equipment maker Enphase Energy Inc saw demand in California climb in the second quarter as the nation’s biggest market showed signs of stabilising after state regulators slashed incentives for rooftop panels last year.
Sales to system installers in California rose by over 7% compared to the first quarter and were driven by a 14% increase in batteries, chief executive officer Badri Kothandaraman said during an investor call.
“Our California business has stabilised,” Kothandaraman said, noting that more than 90% of new solar systems sold now have a battery, resulting in a 1.5 times increase in average revenue.
Enphase’s results offer a preview for the coming quarterly results of home solar companies, including rival SolarEdge Technologies Inc.
The industry has been stung by higher interest rates that have made buying panels more expensive for customers. — Bloomberg
