Over the past few years, electricity usage in America has increased meaningfully for the first time in two decades. The firm expects that trend to continue going forward, driven by the proliferation of data centers, factories and electric vehicles. Meanwhile, multiple experts say that many renewable energy stocks to buy are poised to benefit significantly from America’s rising electricity consumption.

In an emailed statement to InvestorPlace, Greg Murphy, a Managing Director at sustainable investment firm Ecofin spoke on the matter. “There is hardly a market today where electricity is not taking market share from fossil fuels, and we see this potentially accelerating,” Murphy stated. He added that renewable sources are taking market share in every market because they are cheaper than fossil fuels. Also upbeat on renewable is Ideal Power (NASDAQ:IPWR) CEO, Dan Brdar. In an email to InvestorPlace, he reported that “Large increases in U.S. electricity demand will help renewable energy companies as two-thirds of new capacity is expected to be in the form of solar and wind.” Ideal Power provides bidirectional switches which charge and discharge energy storage batteries. Such batteries are often used in conjunction with wind and solar projects because those sources only provide electricity intermittently. Here are three top renewable energy stocks to buy.

GE Vernova (GEV)

GE Vernova (NYSE:GEV) is one of the world’s largest producers of wind turbines. Global wind power deployments rose 50% last year to a record 117 gigawatts. As the demand for electricity increases going forward, GE Vernova’s revenue from wind turbines should rise tremendously.

The company also sells equipment used by power producers. As more power plants are built to handle the increased demand for electricity, the firm’s revenue should climb. Indeed, Wood McKenzie recently reported that utilities are already experiencing shortages of such equipment.

GE Vernova already appears to be benefiting from these trends as its top line rose 6% last quarter versus the same period a year earlier. Additionally, its adjusted EBITDA increased $300 million.

NextEra Energy (NEE)

NextEra (NYSE:NEE) is very well-positioned to benefit from increasing demand for electricity, being one of America’s largest renewable energy producers.

Continuing to improve its ability to exploit future increases in the demand for clean energy, NextEra began almost 2,765 MW of new renewable and storage projects in Q1.

Also boding well for the company’s outlook, the customer base of its huge electric utility, Florida Power & Light, rose by 100,000 last quarter versus the same period a year earlier.

Analysts, on average, expect the company’s earnings per share to climb to $3.68 next year from $3.17 in 2023. The shares have a significant dividend yield of 2.85%.

First Solar (FSLR)

A leading producer of solar panels, First Solar (NASDAQ:FSLR) is already benefiting a great deal from utilities’ strong demand for renewable energy.

Last quarter its revenue jumped 45% versus the same period a year earlier to $794 million, while its operating income soared to a huge $243 million in Q1 versus just $18 million in Q1 of 2023.

Also impressively, the company had a huge 2.7 gigawatts of booking in the first four months of 2024 alone.

First Solar, which has three factories in Ohio and is building two more in the Southeast, will continue to benefit a great deal from America’s generous tax credits for the domestic production of solar panels.

Given the company’s strong growth, the shares’ forward price-earnings ratio of 14.7 times is very low.

On the date of publication, Larry Ramer held a long position in GEV. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.