Solar power and other renewable energy sources positively impact the environment, establish new businesses, and make electric vehicles more accessible.
In addition, green energy costs are decreasing, making it more attractive to consumers and, maybe, investors.
Start investing in these five renewable energy companies to get into the green movement with your financial portfolio.
Enphase Energy Inc.
An energy company called Enphase Energy was created in 2006 to revolutionize and disrupt solar energy. The firm specializes in producing microinverters that can be used with a wide range of solar panels and are scalable.
More than 40 million microinverters have been sent to more than 130 countries in the brief existence of this green energy enterprise. Solar panel demand is expected to continue to rise, and this revenue growth trajectory is expected to expand as a result.
Consider Enphase for your solar energy stock portfolio if you want to encourage a green energy shift.
Global X (RNRG)
Wind, solar, hydroelectric, geothermal, and biofuels are some of the sustainable energy sources that this fund focuses on. Companies must earn at least 50% of their income from renewable energy sources to be included.
Madeline Ruid, a research analyst at Global X ETFs, argues that “utilities might experience less risk during economic downturns because of the possibility for more steady and predictable demand and cash flows, and the smaller competitive environment.”
She adds that utility providers may pass on cost increases to customers, and some contracts are inflation-indexed.
For the previous five years, the ETF has returned an average of 7.05 percent each year, according to Morningstar.
NextEra Energy
While NextEra is the world’s largest generator of renewable energy, it is still one of the fastest-growing suppliers to utility companies in the United States.
NextEra Energy is near the top of plans to expand its power generation capabilities. The corporation intends to invest more than $50 billion over the next two years to increase its solar and wind power production.
Also, NextEra Energy is one of the most transparent and honest companies when it comes to releasing information on the environmental effect of its activities. As a way to foster a sense of corporate social responsibility, businesses should keep meticulous records of all emissions they produce.
It’s a wonderful method to get a foothold in well-established large-cap oil and gas companies.
ReneSola (SOL)
Another firm Molchanov alludes to is a solar project developer and operator that relies heavily on the European market.
For the time being, the company has operating assets in China and America, but much of its late-stage development pipeline is based in Europe, with Poland accounting for the lion’s share. Poland is a country bordering Ukraine that depended on Russian oil until the supply was cut in early 2018.
With a 45 percent increase in renewable energy by 2030, tripling EU photovoltaic solar capacity, and cutting the time it takes to get big renewable projects approved, the European Commission’s strategy to deal with the climate issue and its reliance on Russian fossil resources was unveiled in May.
According to a statement from the business last month, “the solar sector continues to enjoy more favorable regulatory backing, which is contributing to an acceleration in market potential throughout Europe.”
ReneSola estimates sales of $100 million to $120 million in 2022, compared to its almost $80 million in revenues in 2017.
First Solar
First Solar was founded in 2001, making it a relatively new American corporation. But, as a solar panel manufacturer, the company does what it teaches.
It has become a pioneer in sustainability and innovation with an ambitious aim of powering all its office and production sites with solar energy by 2028.
First Solar also provides installation and maintenance services for home and business clients.
To keep up with escalating energy costs, many organizations are turning to alternative energy sources, including wind turbines, solar panels, and hydroelectric power plants.
Tesla
It’s a popular misperception that Tesla Inc. is only a car manufacturer. Even though the company is engaged in the automobile business, it has been a favorite of growth stock investors since it is one of the few significant battery companies.
Elon Musk has even reported solar panels in the form of roof tiles.
So, this firm has a lot of plans for the future.
Read More: 5 Promising Green Stocks To Buy Before 2030