Top 7 Solar Energy Stocks to Invest in April 2024

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In the realm of renewable energy, solar energy stocks are emerging as a beacon for investors aiming to tap into the clean energy transition. Significant installation growth and a strong investment trajectory highlight the solar energy sector’s resiliency in the face of potential headwinds from a difficult macroeconomic environment. Solar energy, along with its technological advancements, is a sector worth watching because of global initiatives and the urgent need for sustainable energy solutions. As countries such as the US and India head to the polls in 2024, policy outcomes could further influence the solar market, highlighting the importance of informed investment choices in solar energy stocks, solar companies, and renewable energy stocks.

The exploration of top solar energy stocks in March 2024 offers a strategic entry point into the solar industry, a segment that spans solar panel manufacturers, enphase, and sedg stock, amongst others. This guide will navigate through the selection of solar energy stocks, shedding light on their potential amidst the evolving landscape of solar technology, solar investment, and the broader green energy market. By examining factors like solar stock price, solar projects, and the overall solar market, investors can gain insights into energy solar stocks that align with the dual goals of portfolio diversification and contributing to the global shift towards solar power and sustainable energy.

1. Array Technologies Inc. (ARRY)

Array Technologies Inc. (ARRY), a prominent player in the solar energy sector, offers an intriguing investment opportunity as of March 2024. With a current stock price of $15.10, ARRY has caught the attention of analysts, receiving a consensus rating of “Buy.” The average target price stands at an optimistic $22.13, suggesting a potential upside of 46.56%. Here’s a closer look at the analyst ratings and financial forecasts that underscore its potential:

  • Analyst Ratings:
    • Strong Buy: 5
    • Buy: 7
    • Hold: 3
    • Sell: 1
    • Strong Sell: 0
  • Latest Forecasts:
    • Ameet Thakkar, BMO Capital: Initiates at Hold, Price Target $16
    • Sophie Karp, Keybanc: Initiates at Hold, Price Target n/a
    • Brian Lee, Goldman Sachs: Maintains at Strong Buy, Price Target $31 → $27
    • Jordan Levy, Truist Securities: Maintains at Strong Buy, Price Target $25 → $23
    • Derek Soderberg, Cantor Fitzgerald: Maintains at Buy, Price Target $22 → $18
  • Financial Forecast Highlights:
    • Revenue This Year: $1.43B (from $1.58B)
    • Revenue Next Year: $1.81B (from $1.43B)
    • EPS This Year: $1.10 (from $0.56)
    • EPS Next Year: $1.49 (from $1.10)

Array Technologies stands out not only for its robust financials but also for its innovative product offerings and strategic market positioning. The company’s portfolio includes the DuraTrack HZ v3, a single-axis tracker, and SmarTrack, a software product leveraging machine learning to optimize solar array positioning in real time. Moreover, ARRY’s recent initiatives, such as the Hail Alert Response system, demonstrate its commitment to addressing industry-specific challenges, further solidifying its market presence.

The company’s recent financial performance, with revenues of $1.6 billion aligning with analyst expectations and a statutory profit of $0.56 per share exceeding predictions, paints a promising picture for potential investors. Despite a slight adjustment in revenue forecasts for 2024, the projected increase in EPS and a consensus price target adjustment to $20.59 reflect analyst confidence in ARRY’s growth trajectory. With a market cap of $2.14B and a diverse product range catering to the burgeoning solar energy market, Array Technologies Inc. presents a compelling case for inclusion in investment portfolios focused on renewable energy.

2. Canadian Solar Inc. (CSIQ)

Canadian Solar Inc. (CSIQ) emerges as a noteworthy contender in the solar energy sphere, showcasing a blend of financial attractiveness and strategic initiatives that could pique the interest of investors. Notably, the company’s financial metrics reveal a compelling story:

  • Valuation and Stock Performance:
    • Forward P/E Ratio: An undervalued gem at 5.5, suggesting potential for growth.
    • Stock Dynamics: As of March 27, 2024, CSIQ witnessed a notable uptick to $19.40, climbing $1.42 (+7.90%). The month saw fluctuations, peaking at $21.29 and dipping to $17.98, indicating active market engagement.
    • Market Capitalization and Financial Ratios: With a market cap of $1.254 billion, a PE ratio of 3.89, and an EPS of 4.99, Canadian Solar stands out for its financial health.
  • Operational Highlights and Future Outlook:
    • Solar Module Shipment Guidance: Projects an ambitious shipment of 30.5GW for 2023, scaling up to 45GW, reflecting robust operational scaling.
    • Strategic Financing: Through its subsidiary, Recurrent Energy, it has secured $660 million in financing, bolstering its project pipeline and investment capacity.
    • Global Development Pipeline: A staggering 26 GW in solar and 55 GWh in storage space underline its expansive reach and future growth potential.

Several recent developments and analyst insights highlight Canadian Solar’s strategic moves and financial stability:

  • Strategic Initiatives and Analyst Perspective:
    • Analysts’ Consensus: Holds a “Fair Value” rating with a price target of $29.89, indicating a significant 54.07% upside potential.
    • Recent News: Expansion in Spain, Q1 2024 earnings report, and a partnership with Sol Systems for U.S. module manufacturing spotlight its proactive market strategies.
    • Industry Positioning: Trading at a Forward P/E ratio of 7.82, below the industry average of 11.98, coupled with a Zacks Industry Rank of 149, positions CSIQ attractively within the solar industry.

In essence, Canadian Solar Inc. not only presents a financially undervalued opportunity but also demonstrates a proactive approach in expanding its global footprint and enhancing its operational capabilities. Its strategic financial management, robust development pipeline, and forward-looking initiatives position it as a solar energy stock with potential for significant returns.

3. Daqo New Energy Corp. (DQ)

Daqo New Energy Corp. (DQ) presents a unique case among solar energy stocks for March 2024, with current market dynamics painting a mixed picture for potential investors. Here are the key insights:

  • Current Market Position and Predictions:
    • Current Price: $26.71, showing a significant movement compared to its 50-day and 200-day Simple Moving Averages (SMA) of $21.91 and $28.77, respectively.
    • Short-term Forecast: Bearish sentiment prevails, with a 5-day forecast at $21.97 and a 1-month forecast at $19.31. The Fear & Greed Index, which is at 39, further reflects this and indicates fear.
    • Long-term Outlook: Despite the current bearish sentiment, there’s a predicted price increase of 134.108% over the next year, with further significant growth expected in the next five years.
  • Volatility and Performance:
    • Volatility: At 16.15%, DQ’s volatility suggests moderate market fluctuations.
    • Performance: The stock has seen green days 63% of the time over the last 30 days, indicating a somewhat stable performance amidst the volatility.
  • Comparison with Industry Peers:TickerPricePrice TargetUp/downsideConsensusDQ$26.34$25.00-5.09%SellAMBA$50.30$77.17+53.41%Strong BuyUCTT$44.05$60.00+36.21%BuyVECO$34.42$37.75+9.67%BuyACMR$29.65$32.00+7.94%Strong Buy

This comparative analysis reveals DQ’s current market position relative to its peers within the semiconductor equipment stocks sector, highlighting a cautious outlook with a consensus recommendation of “Sell.” However, the predicted significant long-term increase suggests that DQ might offer a potential investment opportunity for those with a longer investment horizon, despite the current bearish sentiment and market fear. The company’s performance against the industry average of 13.74% and the market average of 10.62% further positions it as a stock worth watching, especially for investors interested in the solar energy sector’s future growth potential.

4.Enphase Energy Inc. (ENPH)

Enphase Energy Inc. (ENPH) stands at the forefront of the solar industry, primarily recognized for its pioneering microinverter technology. This innovation not only enhances the efficiency and safety of solar installations but also positions Enphase as a leader in the residential and small-scale commercial solar sectors. The company’s ongoing restructuring aims to refine product offerings and expand into new markets, showcasing its adaptability and forward-thinking approach.

Key Financial and Operational Highlights:

  • Q4 2023 Financial Performance:
    • Revenue: $303 million, marking a 58% YoY decrease.
    • GAAP Gross Margin: Improved to 48.5%, up from 42.5% a year ago.
    • GAAP Operating Income: Reported a loss of $10.2 million, compared to an operating income of $157 million a year ago.
  • Market Position and Future Outlook:
    • U.S. Shipments: Expected to be lower in H1 2024 due to inventory reductions.
    • International Expansion: Revenue was 75% in the U.S. at the end of 2023, with significant growth potential identified in international markets.
    • Manufacturing Capabilities: Two cell pack suppliers in China, with plans to start manufacturing IQ batteries in the U.S. by Q3 2024.

Despite facing challenges such as a significant decrease in year-over-year revenue and a shift towards prioritizing margins over short-term revenue, Enphase Energy’s strategic focus on maintaining high margins during downturns signals a robust foundation for future growth. The company’s emphasis on expanding into new markets, especially internationally, coupled with a projected Compound Annual Growth Rate (CAGR) of 25% from 2021 to 2024, underscores its potential for significant returns. Additionally, Wall Street’s consensus estimates of $1.70 in GAAP earnings per share for 2024, along with a free cash flow of $465 million, reflect a strong confidence in Enphase’s financial health and operational efficiency. This, combined with a forward P/E ratio of 33.01, a premium compared to the industry average, indicates Enphase’s growing influence and the investor confidence in its business model, making it a compelling choice for those looking to invest in solar energy stocks.

5. First Solar Inc. (FSLR)

First Solar Inc. (FSLR) is shaping up to be an attractive investment opportunity in the solar energy sector, with several key metrics and strategic moves underscoring its potential for growth and profitability. As of March 2024, the company boasts a formidable booking backlog of 81.8 GW through 2030, coupled with a year-to-date order intake for 2024 of 27.8 GW. This robust pipeline is further complemented by total booking opportunities amounting to 65.9GW, indicating a strong demand for its photovoltaic solar energy solutions globally.

Financially, First Solar has demonstrated impressive performance and an optimistic outlook:

  • Q4 Earnings: Reported earnings of $3.25 per share on sales of $1.2 billion, surpassing analyst expectations.
  • The forward P/E ratio stands at 19.5, reflecting investor confidence in future earnings.
  • 2024 Fiscal Year Guidance: Sales are projected between $4.4 billion and $4.6 billion, with earnings per share expected to nearly double from $7.74 in 2023 to between $13 and $14.
  • Stock Performance: Over the past month, FSLR has returned +5.6%, outperforming the Zacks S&P 500 composite’s +2.8%.

To accommodate the growing demand, First Solar is aggressively expanding its manufacturing capacity. The company’s facilities are sold out through 2026, prompting investments in Alabama, Louisiana, and Ohio. By 2026, global manufacturing capacity is expected to reach 25.2 gigawatts. This expansion is crucial as it allows First Solar to meet the increasing backlog of solar projects, despite a broader slowdown in the industry.

Investor ratings and future earnings estimates further highlight First Solar’s strong position:

  • IBD Composite Rating: 45 out of 99.
  • IBD Relative Strength Rating: 17 out of 99.
  • EPS Rating: 81 out of 99, indicating strong earnings growth.
  • Zacks Consensus Estimate: Q1 earnings are projected at $2.18 per share, marking a year-over-year increase of +445%. For the current fiscal year, earnings are estimated at $13.55 per share, with a +75.1% change from the prior year.

In summary, First Solar’s strategic initiatives, financial health, and operational efficiency make it a compelling choice for investors looking to capitalize on the growing solar energy market. The company’s commitment to expanding its manufacturing capabilities and its strong booking backlog are indicative of its potential for sustained growth and profitability in the renewable energy sector.

6. SolarEdge Technologies Inc. (SEDG)

SolarEdge Technologies Inc. (SEDG) has experienced a notable correction of 75% in the stock price over the last 12 months, capturing the attention of investors and analysts alike. Despite this, the company’s forward P/E ratio stands at 20.5, suggesting that investors may still see value in its growth potential. Noteworthy achievements include being awarded 538 patents, with another 503 applications pending, highlighting SolarEdge’s commitment to innovation and technological advancement in the solar energy sector.

Key Financial and Operational Insights:

  • Revenue Growth: Demonstrated a Compound Annual Growth Rate (CAGR) of 46% over the past three years, showcasing robust expansion.
  • Geographical Revenue Distribution: A significant 62% of its revenue is derived from Europe, indicating the company’s strong market presence outside the United States.
  • Stock Price Forecast for March 2024: Analysts predict an average target price of $99.77, with a potential average change of 43.16%. The consensus among analysts is a “Hold” rating, based on 28 total ratings, including 6 “Strong Buy”, 8 “Buy”, 11 “Hold”, 1 “Sell”, and no “Strong Sell”.

The financial forecast for 2024 and 2025 paints a mixed picture, with revenue expected to drop by 47.49% in 2024 to $1.56 billion before rebounding significantly in 2025 to $2.55 billion, an increase of 63.08% from 2024. Earnings per share (EPS) are projected to be -$1.80 in 2024, turning positive in 2025 to $4.70. This financial trajectory suggests a period of consolidation followed by strong growth, reflecting the company’s strategic initiatives to navigate the current market challenges and capitalize on future opportunities.

SolarEdge’s stock price on March 26, 2024, was $63.43, marking a decrease of 0.92% from the previous day. The short-term trend indicates a falling trajectory, with sell signals from both short and long-term moving averages. However, Director More Avery’s recent purchase of 7,000 shares and the high institutional ownership of 86.11% signal a strong belief in the company’s long-term value proposition. Despite the challenges, SolarEdge’s innovative patent portfolio, strategic geographical revenue distribution, and the anticipated rebound in financial performance position it as a company to watch in the solar energy sector.

7. Sunnova Energy International Inc. (NOVA)

Sunnova Energy International Inc. (NOVA) is under the spotlight for its promising outlook in the solar energy sector. Analysts are showing a strong consensus towards a “Strong Buy” rating, reflecting optimism about the company’s future performance. Here’s a breakdown of key forecasts and insights:

  • Stock Forecast for 2024:
    • Minimum Forecast: $9.00 (+61.87%)
    • Average Forecast: $19.48 (+250.27%)
    • Maximum Forecast: $58.00 (+943.17%)
  • Revenue and Financial Forecast:
    • 2024 Revenue Growth: 29.85%
    • Average 1-Year Revenue Forecast (2024-2026): $960.4M (+33.27%)
    • EPS This Year: -$2.15
    • EPS Next Year: -$1.68
  • Analyst Ratings and Price Targets:
    • Average Rating: “Strong Buy”
    • Average Target Price: $19.3 (Predicting an increase of 223.28%)
    • Low Estimate: $9.00 (Predicting an increase of 50.75%)
    • High Estimate: $58 (Predicting an increase of 871.52%)

The projected revenue for NOVA indicates a significant uptrend with a forecasted increase of 39.87% to $1.01 billion this year and an anticipated rise to $1.29 billion next year, marking a 28.17% increase. This financial growth trajectory, coupled with the optimistic stock forecasts, positions Sunnova as a notable player in the solar energy market. The company’s share price could potentially reach $19.48 by March 21, 2025, offering a substantial upside of 250.27% from its current price of $5.56.

Despite the projected EPS showing a negative figure for the current and next year, the strong buy consensus and the significant upside potential in the stock price forecast highlight investor confidence in NOVA’s long-term growth. The company’s strategic positioning and its focus on expanding its market presence in the renewable energy sector make it a compelling option for investors looking to tap into the solar energy industry’s growth.

Geopolitical Tensions and Their Impact on Oil Stocks


The exploration of top solar energy stocks for March 2024 provides a comprehensive overview of the sector’s promising opportunities, underscoring the significant growth potential and innovation that characterize each company. From established players like Array Technologies and Enphase Energy to emerging disruptors such as Sunnova Energy International, the varied landscape of solar stocks mirrors the dynamic evolution of the solar industry itself. These insights reinforce the dual objectives of portfolio diversification and contributing to the global transition towards sustainable energy, highlighting the importance of informed investment decisions in an increasingly green economy.

The broader implications of investing in solar energy stocks extend beyond individual portfolio gains, suggesting a concerted move towards addressing climate change and promoting renewable energy adoption on a global scale. The significance of technological advancements, strategic market positioning, and robust growth projections cannot be overstated, marking solar energy as a pivotal sector for future research and investment. As the world inches closer to a sustainable future, the solar energy market’s potential for high returns and positive environmental impact makes it an enticing avenue for investors looking to make a difference while seeking profitability.


Q: Which solar energy stock should I consider buying? A: The best solar energy stocks in India that you might consider investing in include Adani Green Energy, known for its attractive investment opportunities and top-performing stocks, Tata Power, Suzlon Energy, Urja Global, Borosil Renewable, KPI Green Energy, Websol Energy System, and Ujaas Energy.

Q: What are the top stocks to invest in for the year 2024? A: (No answer provided, please refer to the article for more information.)

Q: Is now a good time to invest in solar stocks? A: Analysts predict that the earnings per share for solar companies will increase from $1.03 in 2023 to $1.27 in 2024, indicating a good time to invest. Additionally, a 20% revenue growth rate is projected for the solar industry in 2024.

Q: Which solar company is currently the most profitable? The most profitable solar companies based on market capitalization include NextEra with a market cap of US$116.96 billion, LONGI at US$23.6 billion, Sungrow at US$18.67 billion, First Solar at US$15.9 billion, Trina Solar at US$8.11 billion, Nextracker at US$6.4 billion, SolarEdge at US$3.98 billion, and Sunrun.

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