Before even discussing the concept of green energy stocks to buy, one must acknowledge the 800-pound gorilla in the room: this sector stinks.

As a Barron’s report pointed out recently, green energy stocks have turned a decidedly dark shade of crimson. Once heralded as the next big thing due to political and ideological winds pushing toward zero net-emission goals, the clean energy space enjoyed a period of remarkable growth. Unfortunately, the air has gushed out of the ecosystem.

Part of the blame centers on rising interest rates, with heightened borrowing costs threatening expansion and market integration. However, other headwinds – including supply-chain problems and inadequate electric transmission infrastructure – have imposed much trouble.

Still, not all hope may be lost. As Barron’s mentioned, private investment in go-green solutions has cascaded into the industry. It’s possible that over time, the public sphere may rise. Also, because the U.S. is falling behind its climate goals, giving up may not be a politically viable option.

In other words, maybe now is the time to consider green energy stocks to buy.

General Electric (GE)

One of the more troubled entities in the years prior to the Covid-19 crisis, General Electric (NYSE:GE) is on a comeback trail. Since the start of the year, shares gained nearly 77% of equity value. Yet Wall Street experts believe there still might be some room for additional growth. Part of the excitement, at least as far as green energy stocks are concerned stems from GE’s upcoming corporate split.

Specifically, the General Electric will become two distinct entities: GE Vernova and GE Aerospace. Given the name, the latter’s business focus is obvious. On the other hand, the former unit will target the renewable energy and power sectors. Per its website, Vernova will help accelerate the path to more reliable, affordable and sustainable energy. Further, a concentrated approach rather than the jack-of-all-trades directive may prove effective.

For what it’s worth, GE now trades at 13.85x trailing earnings, below the sector median 21.54x. Also, analysts rate shares a moderate buy with a $133.89 price target, projecting over 14% upside.

Ormat Technologies (ORA)

Standing among the most scientifically appealing green energy stocks to buy, Ormat Technologies (NYSE:ORA) focuses on supplying alternative and renewable geothermal energy technology. Per its public profile, Ormat built over 190 power plants and installed over 3,200 megawatts (MW) of capacity. To be sure, the Street doesn’t exactly see the potential. Since the start of the year, ORA plunged more than 24%, a worrying situation.

Nevertheless, for intrepid speculators interested in green energy stocks to buy, ORA could be significantly de-risked. On Tuesday, shares popped up nearly 9%. Looking forward, the underlying process of acquiring energy from deep inside the earth offers an accessible renewable energy source. At larger scale, the potential economic viability could skyrocket sector players.

For full disclosure, ORA isn’t exactly cheap. Currently, shares trade hands at 26X forward earnings. In contrast, the sector median is only 14.06x. Still, Ormat features consistent profitability, further underscoring the sector’s viability. Analysts peg ORA as a moderate buy with a $79.60 target, implying 24% growth.

Northland Power (NPIFF)

Easily the riskiest idea on this list of green energy stocks, Northland Power (OTCMKTS:NPIFF) is currently traded over the counter. Based in Canada, Northland develops, builds, owns and operates clean and green power infrastructure assets in Asia, Europe, Latin America, North America and other selected global jurisdictions. While it might offer a relevant narrative, NPIFF cratered to the tune of 42%.

Obviously, that’s going to understandably turn off conservative or risk-averse investors. To reiterate, it’s not for the faint of heart. Still, it’s possible that a turnaround is in play. In the trailing five sessions, NPIFF gained over 3% of market value. Looking out into the future, with governments increasingly under pressure to meet climate goals, Northland could possibly rebound.

Not shockingly, investment data aggregator Gurufocus warns that NPIFF could be a possible value trap. However, Northland is consistently profitable. Also, it trades at only 5.2x free cash flow, lower than the sector median 7.93x.

Finally, analysts rate NPIFF a unanimous strong buy (among 10 expert voices) with a $22.97 price target.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.