Solar stocks are exploding.
- SunPower (SPWR) is up another 13% to $31 on the day
- Canadian Solar (CSIQ) is up 5% to $50.22
- First Solar (FSLR) is up 8% to $104.27
- Solaredge Technologies (SEDG) is up 4% to $331.80
From here, all could run even higher on key catalysts.
For one, the $900 billion stimulus bill includes $35.2 billion for new energy initiatives.
In fact, according to The Washington Post:
“It authorizes a sweeping set of new renewable energy measures, including tax credit extensions and new research and development programs for solar, wind and energy storage; funding for energy efficiency projects; upgrades to the electric grid and a new commitment to research on removing carbon from the atmosphere. And it reauthorizes an Environmental Protection Agency program to curb emissions from diesel engines.”
Two, with Joe Biden heading to the White House, green stocks could see a good deal of upside.
“A Biden administration will mean more regulatory scrutiny for financial and energy stocks and probably higher taxes across the board,” says Rodney Johnson, president of economic research firm HS Dent Publishing, as quoted by Kiplinger. “But there will be opportunities. Infrastructure spending, green energy and health care are all Democratic priorities and should do well under a Biden presidency.”
Three, Biden has already said the U.S. will rejoin the Paris Climate Accord. Also, Biden mentioned a $2 trillion clean energy plan, with hopes for net zero emissions by 2050.