5 solar stocks that gained more than 200% in 2020


The year 2020 has certainly been a difficult year for most industries operating across the world due to the widespread impact of the COVID-19 pandemic. However, the global solar market has successfully weathered the storm caused by the pandemic and has been on a solid growth trajectory.

According to a report by the International Energy Agency (IEA), in October 2020, shares of solar companies around the world more than doubled in value from December 2019 levels.

What drove the solar market growth in 2020?

A number of reasons helped boost solar markets in countries such as the United States, China, Brazil, Germany, and Spain throughout the year.

Increasing demand for sustainable energy solutions, improving module efficiency driven by rapidly declining costs of solar panel installations, expanding power grids and large-scale deployment of energy solutions solar power have certainly boosted growth globally. In addition, supportive government initiatives and strong federal policies, which include tax incentives to encourage installation, have spurred the growth of the global solar market.

Notably, according to Wood Mackenzie’s recent market outlook, global solar photovoltaic (PV) installations are expected to reach 115 gigawatts (GWdc) by the end of 2020, suggesting a growth of 5% over total global installations. carried out in 2019.

Global solar market outlook in 2021

By 2021, global demand for photovoltaic solar panels is expected to increase by around 15% and is expected to reach a total capacity of 143.7 GW, according to a Taiwanese market research company, PV Infolink. The growth is mainly due to the completion of projects which will take place next year and which have been delayed by the pandemic.

In particular, China, the United States, India and Europe will lead solar growth, together accounting for over 70% of global market demand.

5 solar actions that have rallied so far in 2020

Considering solar growth prospects in 2021, one can keep the following five stocks on their watch list, each of which has seen price growth of over 200% in 2020 so far.

Enphase EnergyENPH’s products are deployed in more than 130 countries and have shipped more than 30 million microinverters worldwide as of the end of the third quarter. Its shares have gained 525.8% year-to-date, while Zacks’ consensus estimate for 2021 earnings has risen 2.8% in the past 60 days. He has a rank 3 of Zacks (Hold). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.

Renesola SOL, a Zacks Rank # 3 company, is currently expanding its business in international markets and had 188.7 megawatts (MW) of roofing projects in operation at the end of the third quarter. Its shares have gained 444.2% year-to-date, while his Zacks consensus estimate for 2021 earnings has risen 287.5% in the past 60 days.

Sunrun RUN, a Zacks Rank # 3 company, acquired Vivint Solar in October, after which it became the owner of solar assets globally with over 3 GW of solar power and over 500,000 customers. Its shares have gained 351.2% year-to-date, while the year-over-year growth estimate for 2021 sales is set at 47.68%.

SunPowerSPWR’s total customer base at the end of the third quarter was over 335,000, due to higher product demand. He wears a Zacks Rank # 2 (Buy). Its shares have gained 215.7% year-to-date, while Zacks’ consensus estimate for its 2021 earnings reflects a 58.6% improvement.

Sunnova Energy International NOVA, a Zacks Tier 3 company, continues to expand its customer base, grow its dealer network and maintain a robust storage fixation rate. It added more than 7,000 new customers in the third quarter of 2020, up 40% year-over-year. Its shares have gained 274.6% year-to-date, while year-over-year growth estimates for 2021 sales stand at 33.02%.

Top 10 Zacks stocks for 2021

In addition to the actions described above, would you like to know our top 10 tickers for all of 2021?

These 10 are carefully handpicked from over 4,000 companies covered by the Zacks Leaderboard. These are our main choices to buy and keep. Start your access to the new top 10 stocks of Zacks >>

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Renesola Ltd. (SOL): Free Stock Analysis Report

SunPower Corporation (SPWR): Free Inventory Analysis Report

Enphase Energy, Inc. (ENPH): Free Inventory Analysis Report

Sunrun Inc. (RUN): Free Stock Analysis Report

Sunnova Energy International Inc. (NOVA): Free Inventory Analysis Report

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