Enphase Energy, Inc. ENPH introduced a new DIY permit plan feature on its Solargraf platform.
This feature automates the complex permitting process for solar and battery installations using AI and machine learning, reducing permit preparation time by up to 95% for U.S. installers.
The new DIY permit plan feature makes Solargraf a complete end-to-end platform for solar and battery system design, proposals, and permitting. This tool helps installers improve productivity and reduce costs by streamlining workflows and shortening cycle times.
Jayant Somani, senior vice president of the digital business unit at Enphase Energy, said, “With more than 300 permit plans already generated across more than 50 AHJs, the new DIY permitting feature is proven to streamline the solar permitting process and empower installers to operate more efficiently, delivering exceptional service to homeowners.”
Ryan Hurlock, co-founder of Magic Sun Solar, added, “We can now use a single software application to manage the full life cycle of the job beginning with the proposal creation through the system design phase. We are excited to start using this new feature to trim our workflow and give our customers an even more seamless experience, which is unique in the market.”
Last month, the company reported worse-than-expected financial results for the third quarter, with revenue of $380.9 million missing the estimate of $391.979 million and EPS of 65 cents coming below the estimate of 77 cents.
Also as per a regulatory filing last week, Enphase Energy notified its employees of a restructuring plan on November 7, that it will reduce headcount and move certain functions to cost-efficient regions, affecting approximately 17% of its global workforce – approximately 500 employees and contractors.
In addition, the company will streamline its operations by focusing on contract manufacturing in four existing locations: two in the U.S., one in India, and one in China. It will also cease its contract manufacturing operations in Guadalajara, Mexico.
The company estimates that it will incur approximately $17 million to $20 million in restructuring and asset impairment charges, of which approximately $14 million are expected to be incurred in the fourth quarter of 2024 and approximately $11 million to $12 million will be total cash expenditures.
Investors can gain exposure to the stock via Invesco Solar ETF TAN and First Trust NASDAQ Clean Edge Green Energy Index Fund QCLN.
Price Action: ENPH shares are down 4.56% at $63.85 at the last check Monday.
Photo via Shutterstock
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