© Reuters 3 Wall Street predicts solar stocks to more than double in next 12 months
Tax credits, government initiatives to meet net zero carbon emission targets, and growing demand for solar panel installations are expected to support the growth of the solar industry in the coming months. Therefore, Wall Street analysts expect solar stocks ReneSola (SOL), SPI Energy (SPI) and I Sun (ISUN) to double over the next 12 months. Read on to find out more. According to a recent report by the Solar Energy Industries Association (SEIA), the solar industry exceeded three million solar installations in 2021 and the residential solar market grew 21% year-over-year. While supply chain constraints and rising raw material costs have negatively affected facilities, year-over-year increases in utility prices have supported industry growth.
Additionally, with the introduction of the federal Solar Investment Tax Credit (CII), which offers a 26% tax credit for systems installed in 2020-2022, more homeowners and commercial sectors have installed solar panels. The global solar energy market is expected to reach $ 223.3 billion by 2026, reaching a CAGR of 20.5%.
In this context, we believe that it might be useful to add the solar shares ReneSola Ltd (SOL), SPI Energy Co., Ltd. (SPI) and iSun, Inc. (ISUN) on its watchlist. Wall Street analysts expect them to more than double their price over the next 12 months.
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