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The Bright Future of Clean Energy Stocks: Signals from the Surge in Solar Power

During a recent installment of “The Joe Rogan Experience” podcast, Tesla CEO Elon Musk highlighted the extensive potential of solar energy in addressing the intricate interplay between environmental considerations, economic stakes, and geopolitical dynamics. Musk stated that a mere 100 miles by 100 miles of solar panels could fuel the entire United States, underscoring the sun’s abundant, maintenance-free energy conversion capabilities.

According to the Solar Energy Industries Association (SEIA) and Wood Mackenzie, there is a projected record addition of 32 GW of new solar capacity in the U.S. this year, marking a significant 52% increase from 2022. This surge in solar adoption is indicative of the industry’s financial potential and its pivotal role in sustainable energy solutions.

The following are three solar stocks drawing attention on Wall Street:

Enphase Energy (ENPH):

Enphase, a prominent player in microinverter-based solar and battery systems, has witnessed an impressive journey, with shares surging from $29 in early 2020 to over $90 today. Despite a recent decline, the company shipped 3,905,239 microinverters in the last quarter, generating $551.1 million in revenue. Goldman Sachs analyst Brian Lee upholds a “buy” rating on Enphase with a price target of $158, indicating a potential 70% upside.

First Solar (FSLR):

First Solar, a manufacturer of solar panels for utility-scale solar power plants, displayed a notable 72% surge in shares in 2022. While there has been a modest 2% increase year to date in 2023, JPMorgan analyst Mark Strouse upgraded First Solar from “neutral” to “overweight,” setting a price target of $220 — suggesting a potential 44% upside.

Tesla (TSLA):

Although primarily linked to electric vehicles, Tesla, under Elon Musk’s guidance, has integrated solar energy into its mission of sustainable energy transition. By acquiring SolarCity in 2016, Tesla offers solar panels for residential and commercial use, in addition to energy storage solutions such as Powerwall and Powerpack. In 2022, Tesla deployed 348 MW of solar, demonstrating its commitment to solar adoption. Morgan Stanley analyst Adam Jonas maintains an “overweight” rating on Tesla, projecting a price target of $380 — representing a 56% increase from the current stock value.

As the world grapples with the challenges of climate change and energy transition, these solar stocks exemplify the industry’s resilience, innovation, and promising future.

Image Source: Diyana Dimitrova / Shutterstock

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