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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.
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.
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.
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.
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.
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