{"id":287293,"date":"2023-11-09T13:53:35","date_gmt":"2023-11-09T12:53:35","guid":{"rendered":"https:\/\/climatescience.press\/?p=287293"},"modified":"2023-11-09T13:53:38","modified_gmt":"2023-11-09T12:53:38","slug":"solar-stocks-crashed-in-the-last-quarter-too-down-40-so-far-this-year-around-the-world","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=287293","title":{"rendered":"Solar Stocks crashed in the last quarter too, down 40% so far this year around the world"},"content":{"rendered":"\n
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Renewable energy companies are struggling with supply chain issues and the impact of high-interest rates, leading to reduced guidance and missed earnings. SolarEdge and Enphase are among the S&P 500\u2019s worst performers this year, falling more than 70% each. Residential solar companies SunPower, Sunrun, and Maxeon have all declined more than 55% to 70%, as well.<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

From JoNova<\/a><\/p>\n\n\n\n

Jo Nova<\/strong><\/a><\/p>\n\n\n\n

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<\/p>\n\n\n\n

It seems people only wanted renewable energy if they got cheap loans<\/h3>\n\n\n\n

Just as the quarterly reporting season revealed crippling losses for wind power<\/a> and EV\u2019s<\/a>, so it is with Solar energy.<\/p>\n\n\n\n

The general US S&P shares index gained 15% this year but The Invesco Solar ETF (Fund)<\/a> which invests in solar energy stocks around the world \u2014 fell by a dire 40%. Even the US \u201cInflation Reduction Act\u201d couldn\u2019t save the solar sector. As finances tighten with rising interest rates, apparently solar panel orders are among the first to be cancelled.<\/p>\n\n\n\n

Some of the worst performers in the whole US share market are solar shares, with SolarEdge and Enphase losing 70% each this year.  A few weeks ago, the CEO of SolarEdge said revenues this quarter were about half of what was expected. He blamed  \u201cunexpected cancellations\u201d from European distributors. But US demand was down too. Indeed, the bad news started in California, the largest market in the US, when the government slashed home solar  \u201cnet metering\u201d payments in April<\/a> by about 75%. Suddenly, it was going to take 10 years to pay off the panels. Solar panels were a luxury item.<\/p>\n\n\n\n

If only solar panels were cheaper, in tough economic times, everyone would want them.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Solar Stocks Shaken By High Interest Rates And Supply Chain Issues<\/a><\/h4>\n\n\n\n

by ZeroHedge, Oil Price<\/em><\/strong><\/p>\n\n\n\n

The renewable energy industry is in full collapse mode this week. First, Orsted A\/S, the world\u2019s largest offshore wind farm developer, abandoned two major US projects due to supply chain and interest rate impacts, and now solar stocks are being clubbed like a baby seal in US premarket trading on Thursday after solar equipment-makers SolarEdge and Sunrun reported dismal guidance amid waning demand.<\/p>\n\n\n\n

That\u2019s a nasty surprise:<\/p>\n\n\n\n

Let\u2019s start with solar equipment maker SolarEdge Technologies. The company said current quarter revenues are expected between $300 million to $350 million, far below analysts\u2019 estimates of $718.9 million, as per Bloomberg Consensus data.<\/p>\n\n\n\n

This has been a sharp turnaround in the solar industry. The rocket-like growth of 2020 has collapsed. And as long as interest rates are high, nobody is talking about a fast recovery:<\/p>\n\n\n\n

What happened to solar stocks?<\/a> Investors \u2018pick up the pieces\u2019 after a brutal earnings season<\/h4>\n\n\n\n

Claudia Assis reports at Marketwatch<\/em>,<\/strong><\/p>\n\n\n\n

Just about every major U.S. solar company had big quarterly misses\u2026<\/p>\n\n\n\n

Shares of Enphase Energy Inc. ENPH,<\/a> which sells microinverters widely used in solar-power systems and can stand in as a barometer for solar, among other wares, are down more than 70% in the year. As recently as 2020, the stock drew triple-digit yearly gains; it rose 45% last year.<\/p>\n\n\n\n

SolarEdge Technologies Inc. SEDG<\/a> warned late last month<\/a> that starting in the second half of the third quarter it experienced \u201csubstantial unexpected cancellations and pushouts of existing backlog\u201d from our European distributors, a dip it said wasn\u2019t related to the Israel-Hamas war.<\/p>\n\n\n\n

Some residential solar companies in the US are down 55-70% too. These are terrible numbers.<\/p>\n\n\n\n

Solar Stocks Still Searching For A Bottom<\/a><\/h4>\n\n\n\n

Beth Kindig, Forbes<\/em><\/strong><\/p>\n\n\n\n

Solar is arguably one of the market\u2019s most sold-off industries at the moment,\u2026<\/p>\n\n\n\n

SolarEdge and Enphase are among the S&P 500\u2019s worst performers this year, falling more than 70% each; a significant weakening in US demand starting in Q2 worsened with weakening European demand in Q3, causing revenues to nosedive. Residential solar companies SunPower, Sunrun, and Maxeon have all declined more than 55% to 70%, as well.<\/p>\n\n\n\n

The decline was sudden in Quarter 3. What was a 25% growth in quarter two, became a 34% fall:<\/p>\n\n\n\n

Enphase echoed SolarEdge\u2019s commentary about weakening EU demand, as European revenues fell (34%) sequentially in Q3<\/a>, after recording +25% QoQ growth in Q2. That\u2019s a pretty swift QoQ decline in European revenues, which Enphase attributed to \u201chigh inventory<\/a> at our distribution partners along with a softening in demand in our key markets \u2013 the Netherlands, France, and Germany.\u201d<\/p>\n\n\n\n

The near-term outlook for solar has definitely taken a hit from high rates impacting demand \u2013 a forecast from Wood Mackenzie\/SEIA<\/a> is pointing to a YoY decline in US residential solar installations in 2024, weighed down by a sharp contraction in California. Overall, the group expects installations to drop (4%) in 2024, dragged down by a (38%) contraction in California primarily due to the shift to NEM 3.0<\/a>.<\/p>\n\n\n\n

________________________________________________<\/p>\n\n\n\n

Photo of Solar panels damaged in South Morivua: by Tade\u00e1\u0161 Bednarz<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Renewable energy companies are struggling with supply chain issues and the impact of high-interest rates, leading to reduced guidance and missed earnings. SolarEdge and Enphase are among the S&P 500\u2019s worst performers this year, falling more than 70% each. Residential solar companies SunPower, Sunrun, and Maxeon have all declined more than 55% to 70%, as […]<\/p>\n","protected":false},"author":121246920,"featured_media":287299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Renewable energy companies are struggling with supply chain issues and the impact of high-interest rates, leading to reduced guidance and missed earnings. SolarEdge and Enphase are among the S&P 500\u2019s worst performers this year, falling more than 70% each","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691824452,691819094,691824450,691824451],"class_list":{"0":"post-287293","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-enphase","9":"tag-renewable-green-energy","10":"tag-solar-energy-stocks","11":"tag-solaredge","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-256.png?fit=1800%2C1223&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1cJL","jetpack-related-posts":[{"id":287316,"url":"https:\/\/climatescience.press\/?p=287316","url_meta":{"origin":287293,"position":0},"title":"Scorched Earth: Subsidised Wind & Solar Wreaking Economic Havoc\u00a0Everywhere","author":"uwe.roland.gross","date":"09\/11\/2023","format":false,"excerpt":"The renewable energy industry is in full collapse mode this week. First, Orsted A\/S, the world's largest offshore wind farm developer, abandoned two major US projects due to supply chain and interest rate impacts, and now solar stocks are being clubbed like a baby seal in US premarket trading on\u2026","rel":"","context":"In \"BP\"","block_context":{"text":"BP","link":"https:\/\/climatescience.press\/?tag=bp"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-265.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-265.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-265.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-265.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":343648,"url":"https:\/\/climatescience.press\/?p=343648","url_meta":{"origin":287293,"position":1},"title":"Why Are Renewable Equipment Companies Such Poor Investments?","author":"uwe.roland.gross","date":"18\/09\/2024","format":false,"excerpt":"Headlines promote renewable energy equipment companies as part of efforts to transition to Net Zero carbon dioxide emissions by 2050. 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By Bal\u00e1zs M. Fekete For over three decades, the reduction of CO2\u00a0emission was the primary motivation for promoting the transition from fossil fuels to alternative energy sources. Concerns about the inevitable exhaustion of fossil fuels were considered particularly during energy crises, but these concerns died out quickly\u2026","rel":"","context":"In \"Climate change\"","block_context":{"text":"Climate change","link":"https:\/\/climatescience.press\/?tag=climate-change"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-420.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-420.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-420.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-420.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/287293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=287293"}],"version-history":[{"count":4,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/287293\/revisions"}],"predecessor-version":[{"id":287301,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/287293\/revisions\/287301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/287299"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=287293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=287293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=287293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}