The companies in the solar sector are developing as well as installing devices that assist in capturing solar energy and then convert that energy to electric energy. These firms are working to assist in transitioning the world economy away from scarce fossil fuels towards renewable sources of energy. This conversion needs millions or trillions of dollars as well as many years for such conversion. There has been observed huge growth in the market of solar energy. As per the reports given by National Renewable Energy Laboratory, this solar industry would be adding around 10 GW of solar capacity by the end of 2022. An increase in the power sources will result in minimizing the cost associated with it and for this purpose solar energy is the lowest possible cost source in the future. Insider Monkey has shared the statement by IEA (International Energy Agency) in their post on Yahoo, which is given below:
“According to the International Energy Agency (IEA), “power generation from solar PV is estimated to have increased by 22% in 2019, to 720 TWh. With this increase, the solar PV share in global electricity generation is now almost 3%”. IEA is also expecting that Solar PV electricity generation capacity will go up by 19.2% in 2022. Furthermore, Solar PV will account for 55% of total renewable electricity production in the same period.”
In this post, we are going to share the Top 5 solar energy stocks in accordance with the stocks reviewed by Insider Monkey. Daqo New Energy is the best option to buy during 2021. Daqo is based in China and it manufactures high-purity polysilicon for the entire solar PV industry. Polysilicon production is Daqo’s core business. The company has the capacity to produce 70,000 metric tons of polysilicon on a yearly basis. During 2020, Daqo’s share price increased by 660.8% while the aggregate revenue growth rate of the company for the past 3 years is 29.7%.
The next company is Clearway Energy Inc. is a US-based company. At present, the company maintains over 7,000MW of solar, wind and natural gas-fired power plants. It also maintains district energy systems. The entire revenue-generating facilities include 2,472MW natural gas power plant, 1,157 MW solar plant, 2,413 wind power plant, 159 MW distributed solar power plant and 39 MW thermal power generation plant. The total combined assets are 6,240 MW. The company signed an agreement with Clearway Energy Group for a 1.6 GW multiple renewable energy power generation source. The company’s stock price increased by 72.7% during the current year while the aggregate revenue growth rate for the past 3 years remained 4.1%. You can read more about other companies on Insider Monkey’s article 10 Best Solar Energy Stocks to Buy Now on Yahoo.