The concerns surrounding climate change and global warming have accelerated the shift towards clean energy solutions. This will result in a decline in the cost of solar energy systems for residential customers making stocks such as SunPower (NASDAQ:SPWR) and Sunnova (NOVA) top growth bets for long-term investors. But which stock is a better buy now?.Companies operating in the residential solar energy space have been on an absolute tear in 2021. A report from the Solar Energy Industries Association states the installed capacity of residential solar has risen to over 21,000 megawatts at the end of Q2 of 2021, up from just 667 megawatts in 2020.
Given the significant uptick in fossil fuel prices in the past year, demand for residential solar should gain momentum in the near term, making stocks such as SunPower (SPWR) and Sunnova (NOVA) top bets for investors.
The global shift towards clean energy solutions will also result in lower prices over time and will be a massive tailwind for SunPower and Sunnova. So, let’s see which solar stock is a better buy at current prices.