Energy usage worldwide is rising as emerging economies in Asia become the drivers of the manufacturing power in the global economy. The International Energy Agency estimates that renewable energy will overtake coal to become the largest electric power source in the next four years. The iShares Global Clean Energy ETF, which tracks the results of investments in clean energy, has outperformed the broader market by posting a total return of 75.9% compared to the total return of 33.4% by the Russell 1000 over the past year. Even big economic powers like China and Australia, who depend on coal for power and manufacturing needs, are taking steps towards cleaner sources. All market indicators point towards the growth of the renewable energy sector in the coming years.
Insider Monkey gives a list of 10 best renewable energy stocks to buy now. SunPower Corporation sells directly to a network of third-party dealers and resellers. The firm’s shares have been soaring since last month after President Biden announced a plan last month to extend tax credits offered to clean energy firms by ten years and promised increased spending on research and development in the sector. Brookfield Renewable Partners L.P. is a Bermuda-based firm that owns several renewable power energy generating plants. In February, the clean energy firm hiked its quarterly dividend by 5% to $0.30 per share. The products that Canadian Solar Inc. markets include solar ingots, wafers, cells, modules, and other solar power products. The firm also equips and operates electricity-generating solar power plants. Plug Power Inc. is a New York-based company involved in the development and selling of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The firm’s products include GenDrive, a hydrogen-fueled PEM fuel cell system that powers electric cars, and GenFuel, a hydrogen fueling delivery, generation, storage, and dispensing system. This month, Vancouver-based investment firm Canaccord Genuity upgraded Tesla to a Buy rating and set the price target of shares at $1,071. Read more on this topic from The 10 Best Renewable Energy Stocks to Buy Now.
