SolarEdge, a provider of inverters for residential and commercial solar projects, announced it has released updates to its Home Hub and Wave inverters in the U.S., adding a new power control system (PCS).
The new PCS integrated with the inverters enables solar array oversizing by 50% larger or more without triggering the need for an upgrade to the home’s main panel. Main panel upgrades are often a late costly addition to a solar project that can be a barrier to adoption for the customer.
SolarEdge inverters can now monitor, balance and control the currents on the main panel busbar, enabling larger installations than the National Electrical Code’s 120% rule. A typical home with a 200 Amp main panel can now attach up to three 11.4 kW SolarEdge inverters without triggering a main panel upgrade.
The DC-coupled design also enables up to 200% DC oversizing and storage of excess solar production in its SolarEdge Home battery.
“Customers are seeking to install larger PV systems on their rooftops and financial considerations play a crucial role in their decision making,” said Zvi Lando, chief executive officer, SolarEdge. “With the new SolarEdge inverters, installers will be able to offer their customers bigger PV systems while avoiding main panel upgrades, significantly improving the economics of PV and battery storage across the U.S.”
The PCS will be embedded in SolarEdge’s Hub and Wave inverters, requiring only a current transformer to be installed on the main panel, with no external connector boxes required for installation.
Higher interest rates and lowered compensation rates for net-metered electricity have squeezed the return on investment offered to residential solar customers. Updates like this new PCS are designed to keep upfront costs low and navigate a shifting environment for rooftop solar. SolarEdge’s main competitor, Enphase, has made adjustments to its microinverter product offerings to adapt to these headwinds as well.
“While the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates, we are navigating through this period by leveraging our geographic and multi-segment strengths in the solar markets and expect to benefit from the positive long-term outlook for this sector.”
The company said it also upgraded its inverters with software improvements for faster commissioning and automotive-grade critical components for improved reliability.
In its Q2 2023 earnings call the company reported record revenues of $991.3 million, up 5% from $943.9 million in the prior quarter and up 36% from $727.8 million in the same quarter last year. SolarEdge beat Wall Street’s consensus estimate by 0.21%, an estimate it has now consistently beaten in the last four quarters.
Revenues from the solar segment were a record $947.4 million, up 4% from $908.5 million in the prior quarter and up 38% from $687.6 million in the same quarter last year.
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