Akeena Solar Inc., a designer and installer of solar power systems, surged to the highest level in almost five months on a plan to sell panels at Lowe’s Cos. stores in California.
Akeena rose 56 cents, or 57 percent, to $1.55 a share in Nasdaq Stock Market composite trading, the highest price since June 18. The shares have declined 9.9 percent this year.
Akeena, based in Los Gatos, California, stocked 21 Lowe’s stores with its Andalay AC panels, the company said today in a statement. The panels can be bought in packages that include built-in inverters, wiring and racking systems.
“This is a brand-new way for homeowners to get solar,” said Theodore O’Neill, an analyst at Kauffman Brothers in New York who has a “hold” rating on the stock and owns none. “Akeena’s product is something nobody else offers, and getting Lowe’s to stock it is a big endorsement.”
Each panel contains a small inverter that converts direct current solar energy into the 120-volt alternating current that lights and appliances use.
That’s different from other solar systems, which gather output from each panel and send it to a higher-voltage inverter that can make up almost half their cost and must be installed by certified electricians, O’Neill said.
“I can see some dad picking up a panel or two to take home for Christmas,” O’Neill said. “This could really open a new market once consumers get educated about it.”
Andalay Panels
Lowe’s will initially sell the Andalay solar panels for $893 each, said JB Tengco, an Akeena spokesman. Purchases of the panels may qualify for both state and federal tax credits.
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