#7 - Brookfield Renewable Partners (NYSE:BEP)
The last stock on this list of solar stocks to buy is Brookfield Renewable Partners (NYSE:BEP). As its name suggests, the company is 100% focused on renewable energy However, like NextEra, it is not 100% focused on solar energy. Its portfolio includes hydropower and wind power projects.
Solar represents just a small portion of its portfolio at this time. But that changed significantly when the company acquired solar power from 600 of Exelon’s solar sites in the United States. That is an important step into the company to make good on its estimates to make solar energy the source of most of its energy production by the end of the decade.
If you’re looking for massive share price growth, BEP is not for you. However, it is a solid dividend stock with a yield of over 3%.
About Brookfield Renewable Partners
Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.
Read More - Current Price
- $25.17
- Consensus Rating
- Buy
- Ratings Breakdown
- 7 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $31.78 (26.3% Upside)
The renewable energy sector continues to generate strong opinions and emotions from true believers and skeptics alike. However, investors need to put their personal feelings about the energy sector aside when deciding on where to invest their money.
That's the takeaway from this presentation. The fact is billions of dollars are flowing into the renewable energy sector regardless of how individual investors may feel about the sector.
Solar stocks will be one of the major beneficiaries of this shift to clean energy. One reason is that technology largely exists. And with additional incentives being provided by the federal government, this is a sector that's likely to show strong growth. How strong? Several research firms agree that the solar market is going to grow at a compound annual growth rate (CAGR) of more than 20% over the next five years. And Fortune Business Insights estimates that the global market will be worth $1 trillion at the end of 2028.
That's the kind of growth that's hard to ignore. Still if you're uncomfortable investing in individual solar stocks, investors can look at an ETF such as the Invesco Solar ETF (NYSEARCA:TAN) which is up about 14% in 2022 (as of September 9, 2022).
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