'America is going to lead again': Biden says wind and solar are already 'significantly cheaper' than coal and oil — 3 top US clean energy stocks to watch
During a speech at Chicago’s Old Post Office on June 28, President Joe Biden said U.S. green energy was “significantly cheaper” than fossil fuels such as coal and crude oil.
“America’s investments in green energy technology are going to reduce carbon emissions,” he said. “We used to be the center of building these solar panels. We are coming back and doing it again. America is going to lead again.”
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Analysis of International Energy Agency data by Energy Intelligence shows, after accounting for various costs, solar energy came in at $60 per megawatt hour (MWh) while gas was $80 per MWh.
Part of the calculation took into consideration the levelized cost of energy model, which includes the cost of building and maintaining energy facilities over time, plus green energy tax subsidies.
To further incentivize the use of solar energy, on June 28, the U.S. Environmental Protection Agency launched a $7 billion solar grant competition to fund residential solar programs across the country.
With so much focus being placed on clean power, investors may want to consider renewable energy stocks for their portfolio. Here are three top U.S. green energy stocks to watch.
First Solar
First Solar (NASDAQ:FSLR) is one of the nation’s largest utility-scale solar energy producers. The company’s competitive edge stems from its proprietary, advanced thin-film module technology.
The company is now trying to differentiate itself with scale. It aims to add approximately eight gigawatts (GWDC) of new manufacturing capacity between the second half of 2023 and 2026, bringing its global manufacturing footprint above 20 GWDC.
Investors seeking a high-growth bet in this sector should add FirstSolar to their watchlist.
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Brookfield Renewable
If you’re looking for a less risky and more established player in the renewable energy sector, Brookfield Renewable (NYSE:BEP) might be a wise bet. The Canada-based asset manager operates one of the largest green energy portfolios in the world.
As its first quarter 2023 report shows, the company has hydro, wind and solar facilities spread across North and South America, as well as Europe and Asia. Altogether, its facilities can generate 25,700 megawatts in energy and its development pipeline should add another 126,000 megawatts of renewable power assets over the next few years.
Brookfield is a dividend juggernaut. The stock offers a dividend yield around 4.6% at the moment.
Keep an eye on this green energy giant if you want to invest in a robust and reliable dividend growth stock in this sector.
SolarEdge Technologies
SolarEdge (NASDAQ:SEDG) has rapidly become one of the most well-known and valuable solar energy firms on the market. The company offers an end-to-end system that generates, stores and manages solar energy from home. Nearly three million homes across the globe were equipped with SolarEdge systems by the end of 2022.
SolarEdge has achieved this scale by establishing a global network of certified installers that service different parts of the world.
SolarEdge stock currently trades at a price-to-earnings ratio of about 79, which seems reasonable for a high-growth, clean energy company with a track record of rapid expansion.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
