Solar Energy Stocks: 7 Clean Energy Companies Poised for Huge Growth
[ad_1] The post Solar Energy Stocks: 7 Clean Energy Companies Poised for Huge Growth appeared first on Millennial Money. The transition away from fossil fuels to clean energy sources is already well underway. In fact, the International Energy Agency (IEA) estimates that renewable energy will outpace coal as the largest source of electricity by 2025. And solar power will help lead this transformation in the energy sector. In 2020 the amount of solar capacity investments jumped by 12%—even during the global pandemic—and reached nearly $149 billion worldwide. That included a $1.1 billion investment in the largest solar park ever, a 2 gigawatt (GW) park in the United Arab Emirates. And there’s no indication that solar energy investments will slow down any time soon. President Biden included a 10-year extension for solar and energy storage investment tax credits as part of his $2 trillion infrastructure package. And the research firm IHS Markit estimates that solar energy installations will grow by more than 30% in 2021. Solar Energy Stats Investors Need to Know If you’re still a little skeptical that solar energy stocks are a good long-term bet, consider these statistics from the Solar Energy Industries Association: Solar energy growth over the past decade has had an annual growth rate of 42% More than 100 GW of solar power has been installed in the United States, powering more than 18 million homes More than 230,000 Americans work at 10,000 solar companies The cost to install solar has dropped more than 70% over the past 10 years 43% of all new electric capacity added to the grid in 2020 came from solar Solar made up just 0.1% of energy capacity in the United States in 2010 but now makes up 3% Over the next 10 years, 324 GW of solar photovoltaics (solar panels) will be installed in the United States, up 3X of the amount installed through 2020 7 Top Solar Energy Stocks First Solar, Inc. Enphase Energy SunPower Corporation Brookfield Renewable Partners SolarEdge Technologies, Inc. NextEra Energy, Inc. JinkoSolar Holding Co. First Solar, Inc. (Nasdaq: FSLR) First Solar (NASDAQ:FSLR)Price: $91.19 (as of close Jul 6, 2021) document.addEventListener(“DOMContentLoaded”, function(event) { Highcharts.stockChart(“stockChart-f0c22d67d66dd5bd8255ac78147f013d”,{rangeSelector:{selected:1},title:{text:”First Solar (NASDAQ:FSLR)Closing Stock Price”},subtitle: {text: “30-Day Historical Data”},navigator: { enabled: false },scrollbar: { enabled: false },credits: { enabled: false },xAxis: { type: “datetime”, labels: { formatter: function() { return Highcharts.dateFormat(“%m %d, %Y”, this.value); }}},colors: [“#118b4e”],rangeSelector : { enabled: false },series:[{name:”NASDAQ:FSLR”,data:[[1623038400000,75.01],[1623124800000,75.96],[1623211200000,76.81],[1623297600000,80.4],[1623384000000,79.59],[1623643200000,78.61],[1623729600000,76.17],[1623816000000,77.4],[1623902400000,78.53],[1623988800000,76.97],[1624248000000,78.19],[1624334400000,78.38],[1624420800000,80.19],[1624507200000,84.51],[1624593600000,87.87],[1624852800000,92.71],[1624939200000,92.67],[1625025600000,90.51],[1625112000000,90.17],[1625198400000,90.82],[1625544000000,91.19],],tooltip:{valueDecimals:2,xDateFormat: “%A, %B %e, %Y”}}]}); }); First Solar has big plans for the solar modules market and is already making huge strides. The company’s thin-film technology has helped First Solar develop some of the most advanced solar panels on the market, which work better in hot and humid climates than its competitors’ products. And unlike many companies in the solar industry, First Solar is in very good financial shape right now—with little debt and lots of cash. The company has about $1.5 billion in cash right now and just $453 million in debt. Unsurprisingly, 2020 was a difficult year for First Solar—and the entire solar industry—but as demand has begun to come back this year, investors should remember that the company has made strides to improve its gross profit margins, which have jumped from about 10% in mid-2019 to nearly 26% now. And First Solar is planning for future growth as the company just opened up a new production factory in Malaysia that will help the company increase its capacity. Even with the company’s share price taking a hit in 2020 due to a slowdown in its business because of the pandemic, First Solar’s share price gains of 70% are still outpacing the S&P 500’s gains over the past three years. Enphase Energy (Nasdaq: ENPH) Enphase Energy, Inc. (NASDAQ:ENPH)Price: $188.81 (as of close Jul 6, 2021) document.addEventListener(“DOMContentLoaded”, function(event) { Highcharts.stockChart(“stockChart-1437366415ab3e53857c446b1772cf81”,{rangeSelector:{selected:1},title:{text:”Enphase Energy, Inc. (NASDAQ:ENPH)Closing Stock Price”},subtitle: {text: “30-Day Historical Data”},navigator: { enabled: false },scrollbar: { enabled: false },credits: { enabled: false },xAxis: { type: “datetime”, labels: { formatter: function() { return Highcharts.dateFormat(“%m %d, %Y”, this.value); }}},colors: [“#118b4e”],rangeSelector : { enabled: false },series:[{name:”NASDAQ:ENPH”,data:[[1623038400000,137.47],[1623124800000,139.15],[1623211200000,136.97],[1623297600000,143.5],[1623384000000,147.13],[1623643200000,147.65],[1623729600000,144.92],[1623816000000,152.02],[1623902400000,161.99],[1623988800000,165.85],[1624248000000,163.08],[1624334400000,167.3],[1624420800000,170.24],[1624507200000,170.77],[1624593600000,175.39],[1624852800000,188.33],[1624939200000,185.71],[1625025600000,183.63],[1625112000000,183.11],[1625198400000,186.41],[1625544000000,188.81],],tooltip:{valueDecimals:2,xDateFormat: “%A, %B %e, %Y”}}]}); }); If Enphase Energy isn’t on your radar, then let me introduce you to one of the best-performing solar energy stocks of the past few years. Enphase is an energy management company and the leader in the microinverter-based solar-plus-storage systems (essentially solar-powered systems for homes). The company boasts more than 34 million microinverters installed in more than 1.4 million homes. As Enphase has grown, its share price has soared more than 2,500% over the past three years! And the company is positioning itself for more growth in the coming years. Enphase’s chief financial officer, Eric Branderiz, said at the end of 2020 that the company is going to be “very active” in acquiring companies that will complement its digital platform. SunPower Corporation (Nasdaq: SPWR) SunPower (NASDAQ:SPWR)Price: $29.59 (as of close Jul 6, 2021) document.addEventListener(“DOMContentLoaded”, function(event) { Highcharts.stockChart(“stockChart-cb6ff78ac273138aaa6244279cb16fff”,{rangeSelector:{selected:1},title:{text:”SunPower (NASDAQ:SPWR)Closing Stock Price”},subtitle: {text: “30-Day Historical Data”},navigator: { enabled: false },scrollbar: { enabled: false },credits: { enabled: false },xAxis: { type: “datetime”, labels: { formatter: function() { return Highcharts.dateFormat(“%m %d, %Y”, this.value); }}},colors: [“#118b4e”],rangeSelector : { enabled: false },series:[{name:”NASDAQ:SPWR”,data:[[1623038400000,23.2],[1623124800000,25],[1623211200000,24.43],[1623297600000,26.44],[1623384000000,25.9],[1623643200000,26.04],[1623729600000,24.02],[1623816000000,24.62],[1623902400000,26.72],[1623988800000,25.37],[1624248000000,25.41],[1624334400000,25.51],[1624420800000,27.05],[1624507200000,27.78],[1624593600000,27.44],[1624852800000,30.68],[1624939200000,29.89],[1625025600000,29.22],[1625112000000,28.9],[1625198400000,28.81],[1625544000000,29.59],],tooltip:{valueDecimals:2,xDateFormat: “%A, %B %e, %Y”}}]}); }); SunPower makes solar-powered electricity solutions for residential and commercial needs through solar panels and energy storage. The company has some big names that have trusted SunPower to help them achieve their green energy goals, including Toyota (TM), Lowe’s (LOW), and Walmart (WMT). The company’s higher-margin business—like energy storage—looks particularly promising, especially as demand for home solar units increases. The company said residential installations have 24% margins and that they added 13,000 new residential customers in the last quarter of 2020. The company is confident that its higher-margin business growth will continue in the coming years and estimates that EBITDA will triple in 2021 and grow at more than 40% in 2022. SunPower’s stock has been a huge success on Wall Street over the past three years, skyrocketing an astonishing 504%—up nearly 8X more than the S&P 500’s returns! Pick Like A Pro Where to invest $500
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