With evolving global climatic conditions and the declining cost of solar systems, the solar energy market is expected to grow significantly. So, we think it could be wise now to scoop up shares of quality solar stocks Enphase Energy (NASDAQ:ENPH), SunPower (NASDAQ:SPWR), Sunnova Energy (NOVA), and ReneSola (SOL), which gained significantly in price in October. Read on.Since governments worldwide have been taking several steps to transition their nations to a renewable energy-based future, it’s no surprise that solar energy has been at the forefront of the revolution, given its relatively lower storage costs. Investors’ optimism about the solar industry’s growth prospects is evidenced by the Invesco Solar ETF’s (TAN) 23.5% gains over the past month compared to SPDR S&P 500 Trust ETF’s (SPY) 6.8% returns.
Furthermore, the Solar Energy Industries Association (SEIA) recently announced its one-of-a-kind DEIJ Certification Program that aims to provide training and support for companies to analyze their DEIJ practices. This is expected to support the industry’s growth. The U.S. solar market is expected to hit $22.9 billion by 2025. Also, small-scale solar capacity systems in the United States are expected to grow by 5.8 GW and 7.8 GW in 2021 and 2022, respectively.
Given this backdrop, we think it could be wise now to consider taking positions in solar stocks Enphase Energy, Inc. (ENPH), SunPower Corporation (SPWR), Sunnova Energy International Inc . (NYSE:NOVA), and ReneSola Ltd (SOL), which gained more than 35% in price last month.