Despite the current economic headwinds, you’d be remiss if you ignore the best renewable energy stocks to buy now.

Over the years, the renewable energy space has shown tremendous promise with a highly compelling long-term growth runway. Though we saw softness in demand over the past year, the long-term financial incentives of investing in the renewable energy space are tough to ignore.

Take it from the U.S. Energy Information Administration, which states that renewable capacity is expected to jump by 17% this year, surpassing the 42 gigawatts milestone. This would constitute roughly 25% of the nation’s electricity generation.

Moreover, despite the current lull in renewable energy investing, the U.S. continues to break records in renewable energy adoption. Analysts expect a major acceleration over the next half a decade, with multiple companies becoming multi-bagger investments ahead. That said, these three companies are deeply involved in this sector and have effectively tackled the industry’s recent shortcomings. Additionally, they remain well-positioned for future expansion with an extensive pipeline of projects.

NextEra (NEE)

NextEra (NYSE:NEE) is the largest electric utility globally, that has made major strides in renewable energy in recent years. Its utility business provides a robust buffer to its burgeoning renewable energy segment, which continues to evolve each year.

Despite the current headwinds, NEE stock has fared remarkably well, and its underlying business continues to deliver superb earnings growth. In the first-quarter (Q1) alone, NextEra’s clean energy division added 2,765 MW of new renewable and storage projects, making it one of its most successful quarters for growth. Moreover, it added roughly 1,640 megawatts of new solar projects, reinforcing its position as an industry powerhouse. Notably, it reported a strong net profit increase to $2.27 billion in Q1, up from $2.09 billion in the prior-year quarter.

Let’s not forget its attractive dividend profile. Yielding over 2.9%, its healthy dividend has grown for 28 consecutive years. Looking ahead, Next Era’s management has set an ambitious target of 6% to 8% dividend growth through 2027.

Sunrun (RUN)

Sunrun (NASDAQ:RUN) is a leading provider of photovoltaic systems and battery energy storage. With the headwinds weighing down the solar space, RUN stock has seen its stock decline sharply, tumbling more than 36% year-to-date (YTD). The firm is up against challenges on multiple fronts, including a strained consumer economy and tough monetary policies, which continue weighing down its bottom-line metrics. These constraints have significantly marred Sunrun’s financials, reflecting a rough operational environment.

However, there’s a silver lining in Sunrun’s storage segment, which’s proven lucrative despite the solar industry’s struggles. The shift towards energy storage is aimed at improving profit margins and fostering value creation. Moreover, it has already started reaping the rewards, seeing a hefty 50% surge in new storage installations in its most recent quarterly report. Additionally, it announced the launch of new grid service programs, including “PowerOn Puerto Rico” and “CallReady.”

Hence, with multiple catalysts in motion, it’s an excellent time to scoop up a high-quality renewable energy play on the dip.

Brookfield Renewable Partners (BEP)

Brookfield Renewable Partners (NYSE:BEP) is part of the extensive Brookfield Asset Management ecosystem and effectively capitalizes on its parent company’s deep pockets. Hence, with its parent company’s powerful financial backing, BEP boasts a varied and comprehensive portfolio of renewable energy assets.

Its portfolio is like a buffet table for renewable energy stock investors, boasting 10,700 megawatts of hydro assets, 37,200 MW of wind, 75,300 MW of solar, and 26,400 MW of storage options. Moreover, its operations span over 20 countries and 30 different power markets, illustrating its widespread operational scope.

The strength of the company’s business lies in its long-term asset contracts, which ensure steady revenue streams. This stability is shown in its impressive top-and-bottom-line profile and consistent shareholder rewards program. Furthermore, with strategic expansions across key renewable sectors like wind, solar, and hydro, BEP has positioned itself as a true powerhouse. As a result, it’s one of the best renewable energy stocks to buy now.

On the date of publication, Muslim Farooque 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