In what has been a busy six months for SolarEdge, the company has hit another impressive milestone, announcing today that it has reached one million monitored PV systems in its system. This mark is representative of SolarEdge’s recent exponential growth, as it took the company seven years of sales to reach 500,000 monitored systems and just two years to double that number.
What that million system figure translates to in the real world is 14 terawatt-hours (TWh) of energy produced by monitored systems, good for a reduction of 6.5 billion tons of carbon emissions.
The reasoning for this recent exponential growth could be SolarEdge’s transition into the commercial and industrial (C&I) market. It’s well known that SolarEdge dominates the residential inverter market, with a reported 70% of all residential installations using SolarEdge inverters. Recently, the company has shifted, with up to 40% of its inverter revenue coming from C&I projects. The company is also moving into the lane of large-scale solar projects, with a reported 53 MW installation in the pipeline. The rest is simple, a company with diverse capabilities can embark on a diverse gauntlet of development projects, which will only help to grow its monitored systems figure.
This latest announcement now becomes another entry in the log of a year where SolarEdge can seemingly do no wrong. In that time period, the company has gone on an acquisition spree, becoming the partial or outright owner of Italian EV company S.M.R.E. Spa, Gamatronic, an uninterruptible power supply technology group and a South Korean lithium ion battery manufacturer.
Really, what it appears has driven this growth is that SolarEdge is no longer a residential solar supplier, but rather an entity that operates in multiple facets of clean energy. In fact it isn’t just the solar industry SolarEdge has its eyes set on, as the company has recently created an energy storage-focused team.