SolarEdge Announces First U.S. Installation of Newly UL1741 Certified Optimized Ground-Mount 330kW Inverter in California

Rhea-AI Summary

SolarEdge Technologies, Inc. announced the certification of its high-power DC-optimized SolarEdge 330kW Inverter system for community and ground mount solar, with the first deployment in the U.S. The system aims to offset 96% of the site's annual electricity use, reducing carbon emissions by around 1,018 tons. The solution is designed to lower the Levelized Cost of Energy (LCOE) by increasing energy production and reducing Balance of System (BoS) costs.

Insights

Energy Sector Analyst

The introduction of SolarEdge's 330kW high-power DC-optimized inverter marks a significant advancement in the solar energy industry. The certification by Intertek and the achievement of UL1741-SB certification indicate that the product meets stringent safety and performance standards, which is critical for widespread adoption. The energy sector is increasingly focused on reducing the Levelized Cost of Energy (LCOE) and SolarEdge's claim that their new system can lower LCOE by increasing energy production and reducing Balance of System (BoS) costs is noteworthy. A 50% reduction in BoS costs could represent a sizeable decrease in overall project expenses, potentially altering the competitive landscape of solar technology providers.

Moreover, the deployment of the system in a project that offsets a significant percentage of the site's annual electricity use underscores the potential environmental impact and cost savings for end-users. The system's ability to handle shading and uneven terrain, common challenges in solar installations, could make it a preferred choice for community solar projects and small-to-medium scale utility applications. This technology could lead to increased market share for SolarEdge in these segments, ultimately impacting the company's stock performance as the market responds to technological innovations that offer economic and operational benefits.

Financial Analyst

From a financial perspective, the deployment of SolarEdge's new inverter system represents a strategic move to capture a larger share of the growing community and utility solar markets. The first customer deployment in the U.S. is a critical milestone, as it serves as a real-world case study for the system's performance and cost-effectiveness. Investors should monitor the adoption rate of this new technology, as it could significantly affect SolarEdge's revenue streams and profitability.

With the solar industry being highly sensitive to cost-per-watt metrics, SolarEdge's claim of a 99% inverter efficiency and 200% DC-oversizing could make their product highly competitive. The system's ability to reduce carbon emissions substantially may also align with increasing investor interest in environmentally sustainable and socially responsible investments, potentially affecting investor sentiment and the company's valuation. However, it's important to evaluate the long-term reliability and maintenance costs associated with the new inverter to fully assess its impact on the total cost of ownership and the long-term financial implications for SolarEdge and its stakeholders.

Environmental Impact Analyst

The environmental implications of SolarEdge's new inverter system are significant, particularly in the context of global efforts to reduce carbon emissions. The system's deployment at a site that will offset nearly all of its annual electricity use and reduce carbon emissions by approximately 1,018 tons per year showcases the potential for solar technology to contribute to climate change mitigation. The ability to efficiently manage and distribute electrical power over long distances is essential for the expansion of solar energy into more remote and varied terrains.

Additionally, the mention of agri-PV applications suggests an intersection of agriculture and photovoltaics that could enable dual land use, enhancing the sustainability of both sectors. The environmental benefits of such systems, combined with their economic advantages, could drive policy support and incentives for renewable energy solutions, potentially influencing market dynamics and regulatory landscapes. Stakeholders should consider the long-term environmental benefits and the role of such technologies in achieving broader sustainability goals when evaluating the impact of SolarEdge's new product.

The 330kW high-power optimized inverter is certified by Intertek, designed to meet the highest safety standards in the industry

MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, today announced that its new high-power DC-optimized SolarEdge 330kW Inverter system for community and ground mount solar has received UL1741-SB certification and is now deployed with its first customer in the U.S.

The solar system is expected to offset approximately 96% of the site's annual electricity use, reducing carbon emissions by around 1,018 tons. (Photo: Business Wire)

The first commissioned DC-optimized SolarEdge 330kW Inverter system in the U.S. is a 1MW ground mount solar system that was recently installed in Northern California, on a site owned by the Karuk Tribe. Designed to manage and distribute electrical power efficiently over long distances and to reduce Balance of System (BoS) costs, the system was installed by Arizona-based EPC company, SunRenu. The project is expected to produce approximately 1,575,000 kWh of solar energy annually and, according to SunRenu, is anticipated to offset approximately 96% of the site’s annual electricity use, reducing carbon emissions by around 1,018 tons per year.

Launched in the U.S. in the third quarter of 2023 and now commercially available, the high-power, three phase DC-optimized SolarEdge 330kW Inverter and its complementing H1300 Power Optimizer, enables to overcome the challenges often posed by shading and uneven terrain on expansive community solar, agri-PV, carports and small-to-medium scale utility PV applications. The solution is designed to help lower the Levelized Cost of Energy (LCOE) by yielding more energy production over the system’s lifetime. It achieves this through 99% inverter efficiency, 2:1 Power Optimizers, 200% DC-oversizing, an integrated PID rectifier, as well as reducing BoS costs by up to 50% with fewer and longer strings.

"We selected SolarEdge's 330kW Inverter for the Karuk Tribe owned site as it mitigated voltage drop which, in turn, minimized power degradation and streamlined installation. Additionally, its higher power output substantially decreased the number of inverters needed, resulting in lower installation costs and balance of system costs,” said John McDonnell, Principal, SunRenu. “This advanced solution not only handled project-specific challenges but also provided module-level power electronics benefits, ensuring increased energy production, enhanced safety features and efficient monitoring. With Safe DC functionality and voltage regulation capabilities, SolarEdge's technology not only met stringent safety standards but also gained trust from the local utility company, aligning with the customer’s commitment to innovation, safety and operational efficiency. “

Peter Mathews, General Manager SolarEdge North America, comments: “We are pleased to bring the benefits of power optimization, advanced safety and high-resolution monitoring to the community solar and utility solar segment with the introduction of our new high-power DC-Optimized SolarEdge 330kW Inverter system. With the industry seeking solutions that improve both scalability and economics for community solar, we anticipate that DC-optimization will be critical in maximizing ROI and bringing value to both investors and community solar customers.”

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC-optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at https://www.solaredge.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240214472916/en/

PR Contact

Dana Noyman

Head of Corporate Communications & PR

dana.noyman@solaredge.com

Lily Salkin

Global Public and Media Relations Manager

Lily.salkin@solaredge.com

Investor Contact

JB Lowe

Head of Investor Relations

investors@solaredge.com

Source: SolarEdge Technologies, Inc.

FAQ

What is the certification received by SolarEdge's new high-power inverter system?

SolarEdge's new high-power DC-optimized SolarEdge 330kW Inverter system received UL1741-SB certification.

Where was the first commissioned DC-optimized SolarEdge 330kW Inverter system deployed?

The first commissioned system was deployed in Northern California on a site owned by the Karuk Tribe.

What percentage of the site's annual electricity use is expected to be offset by the solar system?

The solar system is expected to offset approximately 96% of the site's annual electricity use.

How much is the carbon emissions reduction anticipated by the solar system?

The solar system is anticipated to reduce carbon emissions by around 1,018 tons per year.

What are the key features of SolarEdge's 330kW Inverter system?

The system features 99% inverter efficiency, 2:1 Power Optimizers, 200% DC-oversizing, an integrated PID rectifier, and reduced BoS costs by up to 50% with fewer and longer strings.