Hottest Solar Stocks – SolarCity (SCTY)
YTD Performance: +332%
While you can make pretty good bearish case for SolarCity (SCTY), there’ no denying that it’s been one heck of solar stock trade so far this year. SCTY stock has surged over 330% throughout the year.
Unlike FSLR and its peers, SolarCity doesn’t focus on the grid-scale space, but on the consumer. SCTY doesn’t actually make panels or wafers; it installs such products for residential and small commercial clients.
And as an installer, SolarCity is expanding quite rapidly. During the third quarter, SCTY managed to add 12,386 new customers — a whopping 92% surge year-over-year. Additionally, the glut of cheap panels has actually helped SCTY on the profit margin front, while rising subsidies in its home-turf of California has helped more people afford to use its services.
This huge bump in new clients, as well as its relationship with Tesla’s (TSLA) Elon Musk, has helped SCTY stock perform so well.
With the new year fast approaching, analysts anticipate that SCTY stock could see more gains as additional customers come calling. Overall, SolarCity is the solar stock to buy.