When it comes to targeting renewable energy stocks, the narrative comes down to one thing: demand and lots of it. Sure, the sector may conjure up images of environmental activists chaining themselves to trees and similar activities. However, at the end of the day, sustainability is a business – and business is good.

Let’s look at some numbers. According to the U.S. Energy Information Administration (EIA), renewable energy deployment may expand by 17% to reach 42 gigawatts (GW) by this year. That would account for almost a quarter of electricity generation, as mentioned by Deloitte. Even more enticing for renewable energy stocks, this estimate could be on the low end.

Overall, Precedence Research notes that the global renewable sector reached a valuation of $970 billion in 2022. By 2032, experts project that the space could be worth over $2.18 trillion. If so, that would imply a compound annual growth rate (CAGR) of 8.5% from 2023.

You don’t want to miss out based simply on misconceptions. With that, below are potentially viable renewable energy stocks to buy.

Brookfield Renewable Corp (BEPC)

One of the top-tier renewable energy stocks, Brookfield Renewable Corp (NYSE:BEPC) falls under the namesake brand of renewable power and decarbonization solutions. However, the difference with BEPC and its Brookfield Renewable Partners (NYSE:BEP) is the enterprise structure. Basically, it comes down to how difficult you want your tax profile to be.

Should you want something simple to deal with, BEPC may be an ideal solution. However, if you’re looking for maximum passive income, BEP gives you that option. Unfortunately, you must file a Schedule K-1 if you go this route. Either way, you’re dealing with a relevant underlying business.

For BEPC specifically, analysts anticipate earnings per share to soar to 47 cents by year’s end. In 2023, the company incurred a loss of 32 cents per share. On the top line, sales could rise to $5.74 billion, up 13.9% from last year’s tally of $5.04 billion.

BEPC offers a forward dividend yield of 4.8%. Combined with a moderate buy rating, Brookfield Renewable offers you a solid idea for renewable energy stocks to buy.

Ormat Technologies (ORA)

Based in Reno, Nevada, Ormat Technologies (NYSE:ORA) supplies alternative and renewable geothermal energy technologies. What makes Ormat stand out from the rest of the crowd is that rather than acquiring power through wind or solar – as is common among renewable energy stocks – ORA goes deep. The earth’s core provides constant energy and can be leveraged for various applications.

Geothermal solutions also offer a more aesthetically palatable profile in that they’re largely out of sight, out of mind. That’s not the case with wind turbines. Financially, Ormat is an intriguing idea because of its profitability. During the trailing 12 months (TTM), the company posted net income of $133.96 million. Further, it posted sales of $868.36 million.

For fiscal 2024, analysts anticipate a slight dip in EPS to $2.03 (from $2.08). However, the top line may expand 7.6% to $892.4 million. That said, analysts are pinning their hopes on fiscal 2025. That’s when EPS may soar to $2.47 on sales of $981.69 million. Further, the blue-sky targets call for earnings of $2.96 per share on revenue of $1.04 billion.

Sunrun (RUN)

A provider of photovoltaic (PV) systems and battery energy storage products, Sunrun (NASDAQ:RUN) is relevant regarding the narrative of renewable energy stocks. However, market pricing dynamics take into account more than just relevance and that happens to be the rub. For example, in the past 52 weeks, RUN stock gave up almost 33% of equity value. It’s also down heavily from its peak seen in early 2021.

Unfortunately, one of the core headwinds against Sunrun was the troubling consumer economy combined with monetary policy. Runaway inflation hurt the company in terms of pricing pressure. On the other end, high borrowing costs made it difficult to finance solar projects. Therefore, Sunrun had to manage the business essentially under a vice grip. It wasn’t pretty and the results in the charts showed that.

Still, if you want to speculate, Sunrun could be an intriguing idea. To be sure, analysts don’t see much room for growth in fiscal 2024. Indeed, the sales target of $2.12 billion implies a 6% erosion. However, fiscal 2025 could see revenue rise to $2.48 billion. That would imply a 17% growth rate.

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.