From the beginning, the sun has been our primary source of energy. For centuries humans have strived to capture the energy of the sun and other renewable sources of energy to power their daily lives. With new research in solar power today, the field is advancing beyond what we once might have thought possible.
When it comes to investing in solar, there are three distinct aspects that you can invest in.
First, and perhaps the most obvious option, is to invest in companies that manufacture solar panels or the components that go into making them.
Second, you could invest in a company that installs solar panels, either in-home settings or on a massive industrial scale.
Third, you could invest in facilities that harvest solar energy and distribute it to customers in the form of clean and renewable electricity.
If you’re interested in adding solar to your portfolio, we have gathered over 20 of the best stock options that we could find in this field.
From global installations to new companies, we hope to present something that will fit every investor style.
Keep reading to discover 23 excellent solar energy stocks to invest in today.
Table of Contents
- Best Solar Energy Stocks to Invest in Today
- 1. Brookfield Renewable (NYSE:BEP) (NYSE:BEPC)
- 2. First Solar (NASDAQ:FSLR)
- 3. SolarEdge Technologies (NASDAQ:SEDG)
- 4. Sunnova Energy International Inc (NYSE:NOVA)
- 5. Enphase Energy Inc. (NASDAQ:ENPH)
- 6. Sunrun Inc. (NASDAQ:RUN)
- 7. Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN)
- 8. Hannon Armstrong Sustainable Infrastucture Capital, Inc. (NYSE:HASI)
- 9. JinkoSolar Holding Co., Ltd. (NYSE:JKS)
- 10. Daqo New Energy Corp. (NYSE: DQ)
- 11. ReNew Energy Global Plc (NASDAQ:RNW)
- 12. ReneSola Ltd. (NYSE:SOL)
- 13. SunPower Corp. (NYSE:SPWR)
- 14. Azure Power Global Ltd. (NYSE:AZRE)
- 15. GCL-Poly Energy Holdings Ltd. (NYSE:GCPEF)
- 16. Atlantica Sustainable Infrastructure PLC (NYSE:AY)
- 17. Russell 1000
- 18. Invesco Solar ETF (NYSE:TAN)
- 19. Canadian Solar Inc (NASDAQ:CSIQ)
- 20. Northland Power (TSX:NPI)
- 21. Algonquin Power (TSX:AQN)
- 22. Boralex (TSX:BLX)
- 23. Tesla (NASDAQ:TSLA)
Best Solar Energy Stocks to Invest in Today
1. Brookfield Renewable (NYSE:BEP) (NYSE:BEPC)
The first entry on our list is Brookfield Renewable. This company controls a variety of solar, wind, and hydroelectric projects worldwide.
You can access the portfolio for Brookfield Renewable in two ways. The BEP listing is for Brookfield Renewable Partners LP, based in Bermuda.
The other option is BEPC, which is for the Canadian Brookfield Renewable Corporation.
The business created BEP first but then later added BEPC to give investors more options for their portfolios. The two share types have the same weight. A shareholder can use them internally by simply exchanging one share for another.
There are many great reasons to invest in Brookfield Renewable.
First, it is a global entity, which is rare to find in the solar or renewable field. Plus, Brookfield Renewable has a solid financial position.
Thanks to its diverse platform that spans continents and technologies, it is very stable as a renewable stock.
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2. First Solar (NASDAQ:FSLR)
If you prefer a solar stock dedicated to solar and only solar, First Solar is a great option. What sets First Solar apart is the proprietary film they use to manufacture their solar panels.
This film allows panels to perform better than their competition in low-light conditions. First Solar tends to make large-scale panels, perfect for utility-scale solar projects. The large panels also reduce the cost per watt generated.
What sets this company apart financially is its superb balance sheet.
They pride themselves on having more cash than debt in their accounts at any said time.
At such a position, First Solar continues to be able to invest further into their solar technology and meet the demands of future expansion.
3. SolarEdge Technologies (NASDAQ:SEDG)
For companies that specialize in solar panel components, we had SolarEdge Technologies.
Solar Edge crafts the inverters and optimizers used to convert solar energy captured by the panels into electricity. What sets SolarEdge apart is that its optimizers are known to cost less and are more efficient than the competition.
With its focus on low-cost components, Solar Edge has secured a firm market share away from the competitors. Aside from the optimizers and inverters they are known for, SolarEdge uses its strong financial position to invest in research and development for new products.
They are currently looking into solar storage, energy management, and smart modules. Solar Edge designed these new technologies to further increase its revenue with every new solar installation.
SolarEdge’s balance sheet has far more cash than debt, allowing them to expand into other forms of energy, including oil and gas.
They also have some interest in the technology sector with wireless providers and semiconductors.
4. Sunnova Energy International Inc (NYSE:NOVA)
Outside of manufacturing, Sunnova Energy is a company that provides electricity to residential accounts via solar solutions. Through Sunnova, you can create a solar system that fits your home, family, and living situation.
In addition to working with residential accounts, Sunnova works with contractors and homebuilders to act as dealers for Sunnova solutions.
Together they can craft a solar solution on a local level for their customers.
Sunnova Energy is such a good stock option because they have done nothing but exceed expectations in recent years. As such, they are expected to surpass estimations going into 2022. If you’re going to invest in Solar, Sunnova is a solid option while they are on the rise.
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5. Enphase Energy Inc. (NASDAQ:ENPH)
Like Sunnova, Enphase Energy is another company that provides solar solutions for its customers. They spread their focus a little wider than Sunnova, including residential accounts and business owners.
They have a few products that are a part of the Enphase system. First off, they have a revolutionary smart microinverter that can be controlled and tracked through a smartphone app.
The microinverter can run essential electronics during a power outage even if you don’t have a battery installed on your home. Second, they have their own energy bank to store the sun’s energy for later use.
In recent years, Enphase Energy has increased its revenue by as much as 96% from one year to the next.
Other investors have praised Enphase and their innovative microinverter as the reason for their success.
6. Sunrun Inc. (NASDAQ:RUN)
Sunrun is a company that supplies solar panels and battery packs for residential use.
To give homeowners more access to solar power, Sunrun offers several different means of financing, including buying the panels outright to having them on lease. Their solar experts will help you find the best plan for your family, given your financial situation and where in the world you live.
What makes Sunrun an excellent stock option is its stellar growth and ability to outperform the estimations. Over one year cycle, they were able to raise revenue by %109.17.
Other investors have noted Sunrun’s growth similarity with other S&P 500 companies, such as Microsoft. While Sunrun is still relatively new, experts project it will only continue to rise in value over the coming years.
7. Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN)
Maxeon Solar was once a part of SunPower Corporation, based in California. Maxeon stepped out on its own in 2020 and has since grown into a global behemoth that handles solar products across the world.
They work with over 100 countries and have a vast network of retail partners to bring solar technology anywhere and everywhere. In most countries, they deliver SunPower brand products. In the United States and Canada, however, they are Maxeon.
At the end of 2021, stocks for Maxeon were bullish, steadily rising in price. As a newer company, Maxeon has shown steady through slow growth. While they have raised their revenue by a solid 6%, they have also fallen below estimates by several million.
Maxeon shows excellent potential. One of the things that should give Maxeon a bit of a boost in the future is that it could be eligible for a tax benefit.
8. Hannon Armstrong Sustainable Infrastucture Capital, Inc. (NYSE:HASI)
Based in Maryland, Hannon Armstrong is purely an investment company that aids in the growth of the renewable energy sector.
Over the past 35 years, they have invested in heating, AC, ventilation, lighting, roofing, energy control, and building shells. The vision of Hannon Armstrong is that every investment they make should benefit the future climate of our planet.
Over its long history, Hannon Armstrong has proven itself to be a stable choice in terms of investment.
Stock in the recent quarters has met estimations almost exactly, showing a steady rise in revenue. Some investors have praised Hannon Armstrong as being one of the best solar stocks for 2022.
9. JinkoSolar Holding Co., Ltd. (NYSE:JKS)
Standing as the world’s largest producer of solar panels, JinkoSolar has its headquarters in China with contracts across the globe.
They supply solar panels to homes, industrial settings, and commercial installations. JinkoSolar serves not only China but also Japan, Germany, the United States, the United Kingdom, United Arab Emirates, Brazil, Italy, France, and Spain.
As part of the manufacture of solar panels, they make solar cells, solar modules, and mono wafers.
Thanks to their vast size and worldwide spread, JinkoSolar remains one of the best options for solar stock currently available.
Their finances continue to rise, with earnings per share exceeding expectations. Their revenue also increased in the past year, not quite meeting estimates but still on a steady rise.
JinkoSolar is expected to continue its steady rise in the coming year thanks to its partnership with the Brazil company Aldo Solar. This partnership is the most significant one that JinkoSolar has ever participated in and includes 2 gigawatts of power distributed through Aldo Solar.
10. Daqo New Energy Corp. (NYSE: DQ)
Another China option is Daqo New Energy Corp. They manufacture materials for solar panels, including monocrystalline silicon and high-purity polysilicon.
Daqo made this list thanks to their solid annual results. They saw a revenue jump of 366.65%, well-exceeding expert estimates.
They also showed an EPS raise of $3.84, again well exceeding previous estimates. Eighteen of the hedge funds involved in Daqo New Energy were bullish at the end of 2021.
11. ReNew Energy Global Plc (NASDAQ:RNW)
ReNew Energy has a mission of transitioning India away from using fossil fuels as its primary source of power. They deal in industrial-scale projects, including solar, wind, and hydro.
Their solar farms spread across India and have been responsible for 4.42 GW of energy distributed by solar alone. They operate not only in India but around the world as well, delivering utility-level options for use in government, education, and retail.
With such a significant foothold as a solar producer, ReNew Energy has seen a steady rise in both revenue and EPS in the last year.
Both factors surpassed estimates made by analysts. By the end of last year, 24 hedge funds were bullish for ReNew Energy Global.
12. ReneSola Ltd. (NYSE:SOL)
ReneSola was founded in 2005 and is a supplier and manufacturer of solar components and other products. Aside from solar features, they also produce lightbulbs and lighting fixtures that are LED and very energy efficient.
The solar solutions offered by ReneSolar are all-inclusive, covering everything from panels to inverters. They offer bundles to make them more affordable on a residential or industrial scale.
Outside of manufacturing, ReneSola invests and finances in solar energy projects around the United States in order to increase the use of green energy around the country.
By the end of 2021, ReneSola reported that net revenues soared while their net income plummeted. The large increase in revenues was thanked by ReneSola’s involvement in solar projects in Poland and United States.
13. SunPower Corp. (NYSE:SPWR)
As the parent company of Maxeon Solar Technologies, SunPower has a long history of supplying reliable solar systems to both homeowners and businesses.
They founded the company in 1985 and made their home in Silicon Valley.
They ranked number one in commercial solar in the United States for the years 2017, 2018, and 2019, and they hold over 1000 patents for their proprietary solar technology.
SunPower has a mission to make solar power accessible to anyone.
For that reason, they design solar packages that include everything a homeowner or a business may need to harvest their own energy from the sun and sell the excess back to the grid. They believe in their systems so much that they offer a 25-year warranty on their systems after they install them.
SunPower is a great stock option because of its history and foothold in the solar industry.
Experts believe that solar use, and therefore business, will quadruple by 2030, meaning that investing in a well-established solar company is a reasonably safe bet. They have 35 years to prove that they are not going anywhere, with projections to show they will only increase in value.
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14. Azure Power Global Ltd. (NYSE:AZRE)
For another India-based company, we have Azure. Azure Power Global specializes in building and operating solar projects at various scales, including utility and microgrid.
They currently boast over 7.4 GWs of energy produced across India from their combined projects. Their mission is to displace 230 million tonnes of greenhouse gasses by the year 2030.
They were founded in 2009 and were responsible for the first utility-scale solar project developed in India. Azure Power Global made it to this list thanks to its rapid growth since its inception.
In the past year alone, EPS has grown by 1730%, and revenue by 16.4. With that kind of astronomical increase, it is little wonder that experts are keeping their eye on Azure as one of the best solar stock options available in the coming year.
15. GCL-Poly Energy Holdings Ltd. (NYSE:GCPEF)
GCL-Poly is a solar company with a wide range of offerings and products. Here is a quick look at what all they offer:
- They are responsible for manufacturing panel components, including silicon and polysilicon wafers.
- They offer complete solar system solutions on an industrial scale.
- They own several solar farms.
Plus, the company holds several patents in China for their proprietary silicon wafers and even won a China Patent Award for their ingenuity.
This solar-based company was founded in 2006 in Hong Kong and was appeared in two separate index funds. In 2012, Forbes Global listed them in their top 2000 list.
To determine which companies make the Forbes 2000 list, experts weigh the businesses against each other over several factors, including assets and market value.
GCL-Poly made it to this list because it had incredible upward momentum in such a short period that it has blown other companies out of the water.
Just in the last year, they have seen a 119.9% increase in return.
16. Atlantica Sustainable Infrastructure PLC (NYSE:AY)
Atlantica is a UK-based company split between solar and natural gas.
On the solar side, the company sells products for solar systems. Regarding natural gas, they own and operate several natural gas fields. In their efforts to support natural and renewable energy forms, they have also begun to make a presence in water-based energy.
Between their 36 assets across different forms of clean energy, they generate 2022 MW of power. While based in the UK, they operate out of North America, South America, and across Europe.
Like GCL-Poly Energy, Atlantica has had significant momentum in recent years, quickly gaining traction and increasing in value. Over the past year alone, they have increased their return by 11.6%.
17. Russell 1000
Another option outside of investing in a particular stock is to invest in an index fund. An index fund is, in essence, a collection of the top stock options by some metric. In the case of the Russell 1000, it is the top 1000 stocks available in the US equity market, chosen by their market capitalization.
As the list simply includes the top 1000 companies, not every stock within this index is strictly solar.
The list includes other solar stocks we have already mentioned, such as First Solar and Brookfield Renewable. But it also includes non-solar companies such as Apple, Bently Systems, and Garmin.
Index funds are always an excellent option to consider when investing as they are low risk due to the high diversity. They are also known to have low fees and tax advantages.
If you still want to invest in solar energy but would prefer something a little safer than stocks, an index fund such as Russell 1000 may be an excellent choice.
So long as you don’t mind investing in a wide variety of other companies as well.
18. Invesco Solar ETF (NYSE:TAN)
If you liked the idea of an index fund but would prefer one comprised only of solar options, then Invesco Solar is a great option. Like other funds, it is a collection of a variety of companies. This one, in particular, is based on the MAC Global Solar Energy Index.
What sets this index apart is that all of the companies that comprise it are within the solar industry. These businesses participate in all facets of solar energy mentioned in our introduction: the manufacture of solar components, solar installation, and energy companies.
This index fund is balanced quarterly, with taxes automatically withheld. It includes many of the solar options already on this list.
19. Canadian Solar Inc (NASDAQ:CSIQ)
Coming out of Canada, Canadian Solar deals with complete solar solutions for residential, industrial, and utility-sized installations.
They offer turnkey systems that include all the components to begin harvesting and storing solar energy. They start with tiny kits with just enough energy to power a lightbulb and scale up to massive utility-scale installations.
By and large Canadian Solar is considered a trade secret among knowing investors. Just in the past year alone, stocks have risen by 81%. Experts project an accelerated growth rate going into 2022.
Of course, nothing is perfect. Keep in mind that Canadian Solar doesn’t pay a dividend. Despite its stellar performance as of late, this point makes it a riskier stock to get involved with.
20. Northland Power (TSX:NPI)
Northland Power has been working since 1987. With that kind of history, it has become a staple in the solar power industry in Eastern Canada.
Northland Power is an energy company that harvests electricity from green and renewable resources, including solar, wind, and natural gas. They distribute 2.8 GW of electricity, with future projects estimating that they will soon reach 5GW.
Northland Power has seen a compound annual growth rate of over 30% over the last three years. They have assets not only in Canada but also in the Netherlands and Germany.
You can find Northland Power in various Index lists, including TSX Clean Technology Index and S&P SmallCap Index. As of November 2021, the company boasts 226 million shares outstanding and $8.9 billion in market capitalization.
21. Algonquin Power (TSX:AQN)
Since Algonquin’s beginning in 1988, the company has dedicated itself to generating clean, renewable energy for its customers.
Although the headquarters are in Canada, the company has expanded globally. Algonquin holds $16 billion in assets and generates over 4GW in electricity. They have several long-term contracts worldwide that generate power using solar, wind, and hydroelectric projects.
What stands Algonquin apart is its growth rate. In the past year alone, it has increased its earnings by 33%. If you’re a fan of index funds, Algonquin also appears as a top-five on one of Canada’s most significant utility funds.
22. Boralex (TSX:BLX)
Boralex is a Quebec, Canada-based company. Boralex has been generating electricity for its customers for the last 30 years using only renewable resources. There were initially based in Quebec but have since expanded into France and United States.
They generate power using solar, wind, hydro, and thermal projects. They also operate in energy storage for future use. The vast majority of their operations focus on wind and solar energy. In fact, solar energy is responsible for 9GW of the power produced.
With their efforts to expand into other countries, investors have been watching Boralex closely.
They have already shown steady growth over their long history, but those numbers are expected to accelerate in the near future.
23. Tesla (NASDAQ:TSLA)
They have two main options for residential use. They have low-profile solar panels that install on your existing roof, and they have their proprietary solar tiles.
The tiles are small solar panels designed to look like roof shingles.
The idea is to cover your roof in these durable tiles and covertly collect the sun’s energy. Tesla also makes low-profile home energy storage with a sleek design that takes up little room on the side of an exterior wall.
One of the big draws for consumers is that they can monitor the battery pack from a smartphone or other similar device.
Tesla has been a strongly performing stock for many years, primarily thanks to its constant innovations. The company has succeeded so much that it appears in many index funds, such as the S&P 500.
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