There has been a heightened need to transition to solar energy in the fight against greenhouse gas emissions. The transition from fossil fuels to renewable energy is creating opportunities for investors, although it will take huge investments and much time for this transition. Amid the backdrop, Maxeon Solar Technologies Ltd. MAXN, SolarEdge Technologies, Inc. SEDG and First Solar FSLR are well-poised to gain.
Solar Contributes More to New Generating Capacity
By the end of this year, the electric power sector is willing to add 27 gigawatts (GW) of solar generating new capacity, per the latest short-term energy outlook of the U.S. Energy Information Administration (“EIA”). Next year, an additional 31 GW of new solar generating capacity will be added, per EIA. As a result, except for hydropower, renewables will comprise a 16% share of total electricity generation in the United States in 2023, said EIA. The proportion will increase to 18% in the next year, included in the short-term energy outlook, also improving from 15% in 2022.
The United States is reducing its dependency on coal-fired plants, and accordingly, the share of coal in U.S. electricity generation will reduce to 16% this year and 15% next year, per EIA’s prediction.
3 Stocks to Keep an Eye On
Thus, it is time for investors to keep an eye on solar energy stocks. We have zeroed in on three such stocks. All the stocks carry a Zacks Rank #3 (Hold).
Maxeon Solar is a key player in solar innovation and channels. As a key provider of premium solar technology, Maxeon Solar is continuing its innovation works that are leading to its seventh generation of advanced IBC solar technology. MAXN is capitalizing on off-grid applications since solar is being utilized for transportation to charge a growing number of devices that could power human lives.
In the smart energy technologyspace, SolarEdge Technologies is a well-known player. With the development of an intelligent inverter solution, SolarEdge has paved the way for changing how power is harvested and managed in photovoltaic systems.
To accelerate its fight against global warming, First Solar is primarily engaged in providing eco-efficient solar modules. The advanced thin-film photovoltaic modules of First Solar represent highly advanced solar technologies of the next generation.
First Solar, Inc. (FSLR): Free Stock Analysis Report
SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report
Maxeon Solar Technologies, Ltd. (MAXN): Free Stock Analysis Report
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