As we begin 2024, solar power investments are amongst the most promising prospects amidst the global push for clean energy. Solar power will be critical to the transition to green energy. There is an estimated net investment of $1.2 trillion in the solar industry in the U.S. to meet its 2050 goals.
Solar has grown around 24% annually in the past decade. Various federal and state policies in support of solar have spurred this growth. Thus far, the US has an installed solar capacity of 162 GW, enough to power around 30 million homes.
With such impressive figures, the solar industry is set to grow even bigger in 2024. Here are the top three stocks that will benefit from this massive growth in solar.
SinglePoint Inc. (CBOE: SING)
SinglePoint Inc. is a leader in the renewable energy industry. It has made considerable strides in the sector and is amongst the key players in the market. In a groundbreaking move, the company, via its subsidiary Boston Solar, recently partnered with Energizer Solar to bring renewable energy solutions to the U.S.
It is a significant turning point that will make Boston Solar the first to offer Energizer Solar solutions in the U.S. The collaboration aims to meet U.S. homeowners’ rising demand for reliable energy solutions. SinglePoint’s recent listing on the CBOE Exchange will also help solidify its position in the U.S. solar market while enhancing its visibility to investors. It is the first stock listed in the Chicago Index, with hundreds of others expected to follow soon.
Additionally, the company’s financial performance is rock solid. The quarter ending September 30, 2023, the company reported a gross revenue of $6,914,934. Its YTD revenue was also impressive at $21 million. Consequently, the company has demonstrated resilience amidst challenging macroeconomic conditions.
According to its CEO, Wil Ralston, the company is committed to sustainability and retaining its market leadership position. The company has made numerous achievements, including cutting net losses, raising revenue, and managing expenses. It is part of its commitment to improved operational efficiency and long-term profitability.
As the push towards clean energy gains momentum, SinglePoint is in the perfect position to benefit from increased solar adoption. It is well on its way to becoming a global leader in the renewable energy industry.
First Solar, Inc. (NASDAQ: FSLR)
First Solar, Inc. is a US-based company in the solar technology sector. It has been one of the best performers in the industry. The stock is up 14.78% in the past month. However, it has experienced difficulties in its financial performance, which saw revenue drop 10% in 2022. The company missed revenue estimates by 10.23% in its most recent earnings report. However, it has managed to step back into profitability at the end of 2023 after a disastrous 2022.
Sunrun Inc. (NASDAQ: RUN)
Sunrun Inc. is another company making waves in the solar industry. The company recently launched a subscription service that lets homeowners use solar storage without any upfront costs. Over 85% of new sales in its last reported quarter included battery storage, indicating a strong demand for power storage solutions.
The company’s storage solutions act as backups during outages, which allows customers to optimize solar energy use. Additionally, it will enable users to optimize grid power use, avoiding it when rates are high.
In its Q3 financial results for 2023, the company reported a 131% rise in installed storage capacity. Its installed solar capacity now stands at 258.2MW, significantly contributing to the 6.5 GW networked solar energy capacity. The company anticipates net subscriber values to rise in 2024, reflecting the rising demand for solar energy storage.
Are Solar Stocks Worth It?
There are only a few publicly traded solar stocks. Of those, profits are small, as most are focused on growth in the ballooning solar industry. However, the above three stocks show great promise, and you should consider adding them to your portfolio in 2024.
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