5 solar stocks to watch this week
Investing in the stock market is definitely not easy right now. However, if we look at the larger trend right now, you would see constant headlines about companies switching from fossil fuels to renewable energy sources. And some see solar stocks as being in a prime position to benefit from this change. Indeed, many believe the industry still has room to grow as photovoltaic (PV) systems become cheaper and more efficient. And that makes solar energy an attractive opportunity for long-term investors.
In fact, some estimates indicate that by 2030, solar will become one of the most important energy sources for power generation in the world. To top it all off, last year’s study by the U.S. Department of Energy’s Office of Solar Energy Technologies indicates that solar power could account for up to 40% of the nation’s electricity supply. by 2035 and 45% by 2050.
The industry is also not short of exciting developments. For instance, Sunnova (NYSE: NOVA) recently partnered with Montgomery County Green Bank to help transition low-to-middle-income area households to affordable, clean energy solutions. In addition, the program will allow customers to protect themselves against unpredictable utility prices. Therefore, take control of their home energy costs. That being said, here are five top solar stocks to watch on the stock market today.
Solar stocks to watch this week
First, let’s look at the solar power and battery company, Canadian Solar. As the name suggests, the company is a supplier of solar energy products, services and system solutions. In fact, it is a leading manufacturer of solar PV modules and a provider of solar energy and battery storage solutions. Over the past two decades, Canadian Solar has successfully delivered approximately 71 GW of solar photovoltaic modules to customers around the world. That said, CSIQ stock has been relatively stable since the start of the year.
Last week, Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, announced the acquisition of two stand-alone energy storage projects from Black Mountain Energy Storage. In the future, these projects can store up to 200 MWh of energy each. They will provide reliable, dispatchable power to the network. With the renewed focus on the sector, could CSIQ shares be a viable long-term investment?
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Similar to Canadian Solar, JinkoSolar is a respectable force in the photovoltaic industry. In detail, the company is building a vertically integrated value chain for solar energy products, from silicon wafers to solar modules. Under the JinkoSolar brand, it offers services such as solar power generation and solar system engineering, procurement, construction and processing services. Despite all the market volatility, JKS stock has still risen over 35% in the past year.
In May, JinkoSolar announced that it had signed a new distribution agreement with Aldo Star. For those who don’t know, Aldo Star is one of the largest distributors of solar energy solutions in Latin America. This new agreement makes Brazil the first market in Latin America to offer JinkoSolar’s new N-type modules. It should also be noted that the signing marks the world’s largest contract for the distribution of ultra-efficient N-type photovoltaic modules from JinkoSolar’s Tiger Neo family. All in all, it looks like there’s a lot of excitement around JinkoSolar right now. So, should investors pay more attention to JKS shares?
SolarEdge Technologies is a solar energy company that invented the smart inverter solution. Thanks to this, it has changed the way we harvest and manage energy in a solar photovoltaic system. Its DC-optimized inverter also seeks to maximize energy production while reducing the cost of energy produced at the same time. For a sense of reach, SolarEdge also engages in a wide range of energy market segments, including photovoltaic service, storage, electric vehicle charging and grid solutions.
In late May, the company announced the opening of Sella 2, a two-gigawatt-hour battery cell and manufacturing facility. Located in South Korea, Sella 2 is currently producing test cells for certification. SolarEdge also expects production to ramp up in the second half of 2022. Once fully operational, the facility will allow SolarEdge to have its own supply of lithium-ion batteries as well as the infrastructure to develop new new battery cell chemistries and technologies. In addition, the facility will be able to increase the capacity of its battery cells in the future to meet the growing needs for storage solutions offered by the company. Given this announcement, is SEDG stock worth adding to your watchlist?
First Solar is a solar panel manufacturer and one of the world’s leading providers of complete solar PV power solutions. The company’s advanced thin-film PV modules represent the next generation of solar technologies, providing a competitive and high-performance alternative to conventional crystalline silicon PV panels. On May 20, First Solar signed a supply agreement with Scout Clean Energy.
In detail, First Solar will supply 389 megawatts of direct current (MWdc) from its advanced thin film photovoltaic solar modules. Scout will use these solar modules to begin construction on several of its late-stage projects slated to start in 2024. Currently, First Solar is the largest solar module manufacturer in the United States, and its ongoing efforts to developing its photovoltaic solar panel manufacturing capacity further strengthens its position. Additionally, it is also currently investing $680 million to expand US domestic solar PV manufacturing capacity by 3.3 GW per year. Overall, is FSLR stock a buy?
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sunrun is a leading company in the field of solar energy and battery storage. The company’s innovative home battery solution continues to bring affordable, resilient and reliable power to its customers. For an idea of scale, Sunrun has over 600,000 customers and offers its services in 22 states across the United States. Through its network, the company integrates solar, storage, electrification and virtual power plants into a smart solution for homes and communities.
On May 4, 2022, the company released its first-quarter financials for 2022. Plunging, its solar power capacity that was installed in the first quarter grew 27% year-over-year, topping forecasts. It also reported a net addition of 29,463 customers in the quarter, representing a 20% year-over-year customer growth. Along with that, its total revenue grew to $495 million in the quarter. This signals a 48% year-over-year increase. The company says it continues to experience phenomenal growth across its business as it successfully implemented significant pricing changes to offset rising material and capital costs. That being said, are RUN stocks worth investing in?
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