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Embrace Clean Energy, Focus on These 3 Shining Solar Stocks

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There has been a heightened need to shift to solar energy in the fight against greenhouse gas emissions. The transition from fossil fuels to renewable energy is creating opportunities for investors, although it will take huge investments and a lot of time. Amid the backdrop, Maxeon Solar Technologies Ltd. (MAXN - Free Report) , Nextracker (NXT - Free Report)  and First Solar (FSLR - Free Report) are well poised to gain.

Solar Contributes More to New Generating Capacity

Renewables is witnessing its share of electricity generation in the United States growing at a rapid pace. In its latest short-term energy outlook, the U.S. Energy Information Administration (“EIA”) states that the proportion of renewables in electricity generation in the domestic market will increase to 24% this year from last year’s 22%. Meanwhile, the share of coal has been estimated to decrease to 15% from last year’s 17%.

Almost all the regions of the United States in 2024 will see increasing electricity generation from renewable sources, thanks to the increase of 36 gigawatts of solar generating capacity, as estimated by EIA. This year will see a 43% rise in electricity generation from solar energy, added EIA.

3 Stocks to Gain

Thus, it is time for investors to keep an eye on solar energy stocks. We have zeroed in on three such stocks.

Maxeon Solar is a key player in solar innovation and channels. As a key provider of premium solar technology, Maxeon Solar is continuing its innovation work that is leading to its seventh generation of advanced IBC solar technology. Carrying a Zacks Rank #3 (Hold), MAXN is capitalizing on off-grid applications since solar is being utilized for transportation to charge a growing number of devices that could power human lives.

Nextracker is expected to experience growth due to its provision of intelligent, integrated solar tracker and software solutions. Strong balance sheet, substantial backlog and widespread global demand are the main factors driving the company’s success. Currently, Nextracker sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

To accelerate its fight against global warming, First Solar is primarily engaged in providing eco-efficient solar modules. The advanced thin-film photovoltaic modules of First Solar, with a Zacks Rank of 3, represent highly advanced solar technologies of the next generation.

See More Zacks Research for These Tickers

Normally $25 each - click below to receive one report FREE:

First Solar, Inc. (FSLR) - free report >>

Maxeon Solar Technologies, Ltd. (MAXN) - free report >>

Nextracker Inc. (NXT) - free report >>

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