The 2027 Millionaire’s Club: 3 Solar Stocks to Buy Now

  • These solar stocks to buy stand to win from increasing demand for electricity and government programs funding alternative energy sources.
  • First Solar (FSLR): A new research and development center funded by government programs is promising for FirstSolar.
  • JinkoSolar (JKS): Efficiency innovations in a promising new type of solar cell module make JKS stock a buy.
  • Canadian Solar (CSIQ): Expanding into global markets and solar module supply deals are good indicators for Canadian Solar.
Solar Stocks to Buy - The 2027 Millionaire’s Club: 3 Solar Stocks to Buy Now

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The solar energy market is growing rapidly due to a variety of factors. These include improved solar cell efficiency, continued research into the betterment of solar panels and decreasing costs of panel installation. Additionally, the solar industry has seen increased subsidization efforts amid the push for alternative energy sources.

Indeed, in the U.S., the Inflation Reduction Act has put $369 billion toward green energy development while the Infrastructure Investment and Jobs Act has allocated $550 billion in spending toward “equitable, climate-smart infrastructure.” These are both key examples of subsidization efforts in the energy space. What’s more, this kind of subsidization has the potential to lead to further development within the solar energy market.

In light of this trend, here are the three solar stocks to buy as the solar market grows.

First Solar (FSLR)

First Solar logo on smartphone in front of computer screen with graphs. FSLR stock
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First Solar (NASDAQ:FSLR) is a solar technology company that manufactures and designs solar panels. The company emphasizes its commitment to sustainability through goals of powering all manufacturing operations with renewable energy by 2028 and “achieving Net Zero by 2050.”

First Solar presented excellent financials for the first quarter of 2024 with revenue up almost 45% year-over-year (YOY) and its net profit margin increasing 284% YOY. Management has done a phenomenal job in handling operating expenses in particular, which only grew 10.6% YOY despite the other increases above. 

FSLR stock is an opportune investment because of the growing need for electricity globally. Indeed, demand for electricity is expected to increase by 3.4% on average through 2026. Increasing demand stems from growing industries that require large amounts of electricity, including data centers, semiconductors and electric vehicles (EVs).

On top of this, First Solar itself intends to establish a research and development center for $450 million. This facility will allow First Solar to refine thin film panels, which are more cost-efficient to produce than normal panels. This will help the company develop more affordable panels to meet increasing energy demand.

With that all in mind, I definitely have FSLR stock as one of the solar stocks to buy.

JinkoSolar (JKS)

The JinkoSolar logo displayed on a plain white wall.
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JinkoSolar (NYSE:JKS) — a solar module research, development and manufacturing company — showed strong financials for Q1 2024. For the period, the firm missed analyst revenue expectations by 1.8% but beat expectations for EPS.

Financial performance aside, JKS stock is also interesting for investors because of its innovations in solar cell technology. For example, the company has achieved 33.24% efficiency on its perovskite-silicon tandem solar cells. Further, research suggests that these cells have a potential efficiency limit of 39.5%. This promises further advancement potential in the company’s cells.

JinkoSolar boasts a return on common equity (ROCE) of 16.95% — over four times the industry median — indicating strong returns for investors. Given its strong financials and research into cutting-edge solar cell technology, JKS stock is certainly one of the solar stocks to buy.

Canadian Solar (CSIQ)

Canadian Solar (CSIQ) logo on the mobile device. Canadian is a company that manufactures photovoltaic solar modules and provides ready-to-use solar power solutions.
Source: rafapress / Shutterstock.com

Canadian Solar (NASDAQ:CSIQ) is a solar module manufacturing company that has ventured into developing “large-scale solar power plants and battery storage projects” around the globe. This expansion of offerings strengthens the company’s future potential.

Like other solar stocks to buy on this list, Canadian Solar has demonstrated robust financials — having performed in-line with both revenue and EPS guidance for Q1 2024 — and offers indicators of solid profitability as well as responsible management.

That said, I consider CSIQ stock a buy more so because of its global expansion efforts and secured contracts. Canadian Solar’s subsidiary, Recurrent Solar, has secured a $67.1 million contract to build a 152 megawatt power solar facility. Once completed, the project is expected to reduce carbon-dioxide emissions by 150,000 tons annually. Energy project company Sol Systems has also entered an agreement with Canadian Solar for a “significant amount” of solar modules.

By building relationships in multiple markets and entering deals to further strengthen its bottom line, Canadian Solar is only bolstering its position in the solar space.

On the date of publication, Matthew Rodrigues did not hold (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.

Matthew Rodrigues is a college student studying Business at UC Berkeley Haas. He believes detailed research and correct interpretation of current events is what leads to investment success.


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