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While most investors may think of photovoltaic cell manufacturers as the typical solar stocks, Enphase Energy has made a name for itself by specializing in semiconductor products known as "microinverters." These microinverters convert energy captured in cells into usable energy for homes and businesses. ENPH also offers proprietary networking and software technologies to monitor and control solar services.
ENPH stock was relatively unknown five years ago, but with shares up more than 2,000% since the beginning of 2019, it''s hard to name a more dynamic name among solar stocks.
Shares admittedly cooled off some in 2023, but the analyst community is bullish on its long-term outlook going forward.
Brookfield Renewable Partners, which is structured more like a utility company than others on this list, is a fast-growing solar investment to consider. BEP specializes in renewable energy produced by solar farms as well as hydroelectric and wind-generation facilities.
There''s a bit more stability in power generation than in supplying hardware, but there''s also plenty of growth, as evidenced by Brookfield''s brisk long-term growth rate. Additionally, the company is projecting revenue expansion of about 14% next year.
The stock''s value is set to grow, too, as Wall Street''s consensus price target for BEP is just about $28 a share at present.
Sunrun may be recognizable to many investors because of its direct-to-consumer marketing presence that supports its residential solar setup business across the United States. As a solar design and installation firm, Sunrun is building out an alternative energy infrastructure one home at a time.
Sunrun is not yet profitable as it looks to expand aggressively, but it does offer one of the most impressive growth rates in any sector over the last few years. Revenue has more than doubled from about $920 million in fiscal year 2020 to about $2.3 billion in FY 2023.
SolarEdge sells current inverter systems for solar installations, allowing the panels to alternate current or AC power that is transmissible across the energy grid. It also offers power optimizers, "smart energy" management tools, energy storage solutions and other add-ons that help make the most of solar arrays.
The bad news for SEDG stock is that it''s located in Israel during a period of geopolitical unrest. That fact, coupled with general headwinds for the sector, caused shares to crater about 80% in the last year.
One thing that''s critical for efficient solar power generation is the ability for panels to move, tracking the path of the sun across the sky rather than rest in a fixed position. Array Technologies specializes in this kind of technology, including the physical hardware and proprietary software, such as its OmniTrack and SmarTrack programs.
It''s a small, niche business, but Array is operating at a decent profit. Furthermore, it continues to post impressive and consistent growth metrics. Revenue has exploded over the past five years. If projections hold, that will also surge to more than $1.6 billion by the end of next year.
Daqo New Energy represents a more aggressive corner of the solar industry for a few reasons. To start, it''s much smaller than some of the other picks on this list. On top of that, DQ is headquartered in Shanghai, China. Thus, it comes with a greater degree of uncertainty thanks to both regional regulation in Asia and the continued trade tensions between China and the United States.
Still, it''s worth acknowledging that China''s solar sector is among the fastest-growing in the world—as evidenced by the amazing revenue trajectory of DQ stock. The company is predicted to generate more than $3 billion in sales next year.
With a name like Canadian Solar, this stock wants you to think mainly of its facilities north of the border in Canada. But outside of Ontario, CSIQ has huge operations overseas including sites in China, Indonesia and Brazil.
It takes a two-pronged approach as a business, with its solar segment concerned with selling cells and energy storage, and its global energy segment concerned with power generation from solar farms it runs directly. This diversification allowed it to perform better than many of the dedicated solar cell manufacturers that struggled in 2023.
While it has seen shares suffer a decline over the last 12 months, Canadian Solar looks poised to double, according to current analyst price targets.
Sunnova is a leading commercial and residential solar installation firm, erecting solar arrays but also offering replacement, maintenance and other services to a network of nearly 300,000 customers at present. The firm is small and still unprofitable, but it is growing aggressively.
*Data courtesy of StockRover current as of May 31, 2024.
Our list of the best solar power stocks is constructed using strict criteria that aim to identify companies with consistently growing operations and strong analyst sentiment. Given the headwinds for the solar industry over the last year, we placed a priority on longer-term growth and future analyst predictions over things like profitability over the last few quarters.
Please note that the stocks above were selected by an experienced financial analyst, but they may not be right for your portfolio. Before you decide to purchase any of these stocks, do plenty of research to ensure they are aligned with your financial goals and risk tolerance.
Cory has been a professional trader for two decades. In addition to trading and investing he''s widely published and coaches individual clients on the finer points of gaining an edge in the market.
Finding the best solar stocks is no easy task in 2024. There has been chronic volatility in the sector as alternative energy companies jockey for a leading position, and the value proposition versus traditional energy sources remains touch-and-go in an era of high inflation and global trade concerns.
On top of those issues, investors also have to worry about rather pragmatic concerns about liquidity and access to solar stocks. Take GCL Technology Holdings Ltd. (ticker: GCPEF), a dominant Chinese company that is ostensibly larger than many U.S.-based solar firms. Unfortunately, it''s only listed on overseas exchanges or as a thinly-traded "pink sheet" stock here in the U.S., with daily volume of about 20,000 shares and a per-share price of less than $1. That kind of illiquid stock is very risky to purchase even in small lots, so the underlying business challenges come with real and fundamental issues simply around trading its shares in the first place.
In such an environment, solar stocks as a group remain higher risk than other sectors on Wall Street. Still, the long-term promise of solar remains significant in the age of climate change – so many investors are eager to get a foothold in the industry, regardless of the challenges.
If you''re interested in the best solar stocks to buy now, here''s a short list of global leaders to consider.
Headquarters: U.S.Market capitalization: $23.5 billion
The name is pretty spot-on for First Solar, as is ranks among the largest stocks in the sector both by market value and by total sales. Specifically, FSLR is set to top $4.4 billion in revenue this fiscal year. What''s more, that''s 35% higher than fiscal year 2023 – and is forecast to grow more than 25% to hit nearly $5.7 billion by the end of fiscal year 2025. In an often volatile sector, scale matters and First Solar clearly has the deep relationships and long reach that investors are looking for in alternative energy stocks. And considering FSLR was founded way back in 1999, this is a company with deep roots as well as a bright future if and when the solar sector takes off.
Headquarters: U.S.Market capitalization: $14.8 billion
About Top publicly traded solar companies
As the photovoltaic (PV) industry continues to evolve, advancements in Top publicly traded solar companies have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
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