Enphase (ENPH) recently unveiled a new home energy system for the United Kingdom's solar market, powered by IQ Battery 5P and IQ8 Microinverters.
It's no secret that 2023 has been a brutal year for renewable energy stocks, especially the once-red-hot solar energy industry. The Invesco Solar ETF (NYSEMKT: TAN) rose 233.6% in 2020 while most of the stock market was floundering. After a follow-up jolt from the Inflation Reduction Act in 2022, it's been all downhill for solar stocks in 2023.
The solar energy industry has faced a tough year in 2023, with solar stocks experiencing a downward trend after an initial boost from the Inflation Reduction Act in 2022. The Invesco Solar ETF (Exchange: Ticker), which had seen an impressive rise of 233.6% in 2020, is down by over 25% year-to-date and has remained largely flat over the past three years. Yet, the solar industry's long-term growth potential remains robust, attracting investors to promising segments within the sector.