3 Renewable Energy Stocks to Consider Buying Right Now
There is much enthusiasm surrounding renewable energy stocks in recent years. Though the iShares Global Clean Energy ETF is down roughly 18% in this year, it still crushed the broader market over a three-year timeframe. In three years, the ETF is up 163%, significantly outperforming the S&P 500 Index's 55% rise.
Investors' euphoria around renewable energy isn't unfounded. By 2050, the share of renewable sources in the U.S. power generation sector is projected to double from 21% to 42%. That should give renewable energy companies significant growth opportunities. Here are three promising stocks to consider buying right now to benefit from expected renewables growth.
Array Technologies (NASDAQ: ARRY) provides solar trackers, which move solar panels throughout the day based on the movement of the sun. The trackers help increase the reliability and uptime of the system, as well as boost energy production. Array Technologies stock fell steeply in May after the company reported lower margins for the first quarter due to higher steel and freight costs. It also expressed uncertainty over meeting its guidance for 2021.
Source Fool.com
