New opportunities are expected to shine soon on the worldâs solar industry, and Petalumaâs Enphase Energy is striving to survive long enough to enjoy them.
The energy tech company with 350 employees has reported annual losses every year since it went public in 2012, including nearly $67.5 million worth of red ink last year. Since September, it has gone through two rounds of layoffs and raised about $26 million by issuing new stock and bringing in two major investors.
Enphase officials say with confidence that a turnaround is underway and the company is on track to make a profit in the second half of 2017. Its employees have worked to significantly cut the cost of producing its signature devices, microinverters that take DC, or direct current, power from solar panels and transform it into AC, or alternating current, power for homes.
And one of its recent products, an encased home battery system, is making its U.S. debut just as the rules governing solar energy rates are changing in California, home to half the nationâs solar production.
Due to the rate change, new rooftop solar owners are expected to make less money than their predecessors for the power they sell to utilities in the Golden State. As such, energy storage systems and rate-savvy monitoring technology could one day help future solar owners take advantage of the best times to buy, sell and store power.
âThe way people are approaching the solar business today will look antiquated in just a couple of years from now,â said Enphase President and CEO Paul Nahi.
Residents wonât simply buy solar panels, but complete energy packages that include storage and operating systems managed in the cloud, he said. And Enphase has the products and software technology to maximize efficiency.
How soon this shift happens in California remains to be seen. The experience in Hawaii, which has the largest concentration of solar energy systems per capita, suggests that a change in solar rates can bring a…