Stocks to buy

7 Solar Stocks That Could Be Millionaire-Makers: May Edition

The IEA’s Renewables 2023 report highlights the rapid expansion of renewable power capacity worldwide, which grew by 50% in 2023, led by China, Europe, the United States, and Brazil. Solar PV and wind accounted for most of the growth. This has led to my list of solar stocks to buy.

Furthermore, the IEA notes that solar PV costs have declined significantly, while the wind industry faces supply chain disruptions and higher costs. Progress on renewable-based hydrogen projects has been slower than expected. 

Given that the valuations of many of these solar stocks to buy remain reasonable in my opinion, it then makes sense for investors to start considering them as potential investments. Some of these firms are so attractively priced that they could lead to seven-figure gains for lucky investors.

Investors considering solar or other renewable energy stocks should carefully evaluate individual companies’ financial health, growth prospects, and competitive positioning within the industry. But with that said, here are seven solar stocks for investors to consider buying.

First Solar (FSLR)

Source: T. Schneider /

First Solar Inc. (NASDAQ:FSLR) is renowned for its robust performance in the solar industry. Recent strategic growth and positive adjustments in analyst price targets suggest a promising future for the company.

The average analyst price target is $235.46, with predictions ranging from $157.56 to as high as $356. This indicates a potential increase of about 19.17% from its current price. nalysts generally rate First Solar as a “Strong Buy,” suggesting they anticipate the stock will perform very well in the near future.

Strategically, First Solar is poised for continued growth, with revenue forecasts showing significant increases over the next few years. Analysts project a growth in revenue from $4.5 billion in 2024 to potentially $6.7 billion by 2026, which would mark a substantial increase.

The company’s market cap of 21 billion makes it a sizable company, but this too may give investors some sense of assurance and also makes it less of a speculative bet compared with other firms on this list.

Enphase Energy (ENPH)

Source: T. Schneider /

Enphase Energy Inc. (NASDAQ:ENPH) has made a strong impression with its micro inverter technology, crucial for converting solar power for home use. Enphase has expanded its market presence in Europe and Australia.

For the first quarter of 2024, Enphase Energy reported revenue of $263.3 million with a non-GAAP net income of $48 million and a GAAP net loss of $16.1 million. The non-GAAP EPS was $0.35, and the GAAP loss per share was $0.12. 

The company generated $41.8 million in free cash flow. Enphase shipped approximately 1.4 million microinverters and 75.5 megawatt hours of batteries. Revenue for Q2 is expected to be between $290 million and $330 million with a GAAP gross margin forecasted between 42% to 45%.

All of these are strong numbers and many of them are improvements on a year-over-year basis. ENPH’s valuation is also slightly better than FSLR’s by market cap at 15 billion, thus giving it more upside.

JinkoSolar (JKS)

Source: Shutterstock

JinkoSolar (NYSE:JKS) stands out with its significant global presence and impressive shipment volumes. I feel that a sizable investment into JKS could lead to to a seven-figure sum.

JinkoSolar reported its first quarter financial results for 2024 with total revenues reaching RMB 23.04 billion (approximately U.S.$3.19 billion). This marked a slight decrease of 1.2% from the same period in the previous year. The company also experienced a decrease in gross profit to RMB 2.74 billion (U.S.$378.8 million) and an operating loss of RMB 339.6 million (U.S.$47.0 million). This is where I believe that JKS could be an undervalued pick.

Despite these financial pressures, JinkoSolar’s module shipments showed significant growth, increasing by 53.3% year-over-year to nearly 20 gigawatts. The company remains optimistic about the global demand for photovoltaic (PV) modules, projecting an increase of 25% to 30% in 2024. They expect module shipments for the second quarter to be between 24 and 26 gigawatts, with full-year shipments anticipated to reach between 100 and 110 gigawatts.

With a market cap of just around 1.3 billion, it remains one of those small-cap solar stocks to buy for a potentially great pay day ahead.

Shoals Technologies (SHLS)

Source: Fit Ztudio / Shutterstock

Shoals Technologies (NASDAQ:SHLS) provides comprehensive electrical balance system solutions for solar power systems. 

For the first quarter of 2024, the company reported a decline in net revenue by 14% to $90.8 million, and a decrease in gross profit to $36.5 million from the previous year.

Looking ahead to the rest of 2024, Shoals Technologies has provided a revenue forecast ranging from $440 million to $490 million, with adjusted EBITDA expected to be between $130 million and $150 million. These projections indicate a cautious but optimistic outlook as the company aims to manage its operational challenges and capitalize on market opportunities.

The guidance suggests that while the first half of the year may be weaker, there are expectations for a stronger performance towards the end of the year.

I think that that SHLS could be a good pick for investors who want to diversify their solar portfolio holdings away from direct players and into the realm of companies that provide the “picks and shovels” that help the solar energy thrive, which could have great upside.

Sunrun (RUN)

Source: IgorGolovniov /

Sunrun (NASDAQ:RUN) has faced market challenges but remains a leader in its segment. The company has demonstrated adaptability with significant growth in its installed storage capacity and revenue.

Last quarter, the company’s total revenue was $458.2 million, which represented a 22% decrease from the first quarter of the previous year. Despite this, there was a significant growth in customer agreements and incentives revenue, which increased by 31% to $323 million. 

For the full year of 2024, Sunrun expects a challenging outlook for solar energy capacity, projecting a decline of 15% to flat growth. However, the company anticipates strong growth in storage capacity, expecting to install between 800 megawatt hours to 1 gigawatt hour, representing a growth of 40% to 75% year over year. 

Sunrun also plans to achieve positive cash generation from the fourth quarter of 2023 through the fourth quarter of 2024, with an annualized run rate of $200 million to $500 million​.

It may not be possible for investors to get a seven-figure sum without also risking a proportionate amount in capital, and I think RUN offers that attractive blend of risk and reward.

Maxeon Solar Technologies (MAXN)

Source: chuyuss /

Maxeon Solar Technologies (NASDAQ:MAXN) has carved out its niche with innovative solar panel technologies and a strong patent portfolio. The company’s global reach and significant agreements in various markets position it well for future revenue growth and market expansion.

The company has set a strong performance standard with the release of its Maxeon 7 panels, which feature an industry-leading efficiency rate of 24.9%. These panels have been recognized for their superior performance and reliability.

Looking forward, Maxeon expects to see a positive impact from its strategic initiatives and its focus on innovative, high-efficiency products. The company is also expanding its market reach, with Maxeon 7 panels soon to be commercially available across various regions, targeting a broader deployment in the third quarter of 2024.

With MAXN being a penny stock trading at $2.95 at the time of writing, it provides investors exposure to the extreme risks required in order to make a potentially seven-figure windfall from a sizable investment.

SinglePoint (SING)

Source: Shutterstock

SinglePoint (OTCMKTS:SING) has diversified its offerings by venturing into air purification and energy services, alongside its core solar installations.

In 2024, the company is actively leveraging its capabilities in solar energy through its subsidiary, Boston Solar, which continues to lead projects that enhance renewable energy solutions across various sectors. 

Financially, SinglePoint has been focusing on achieving operational profitability and continued revenue growth. Looking ahead, SinglePoint aims to maintain its growth trajectory by further enhancing its solar capabilities and expanding its service offerings. This includes continuing to build partnerships and undertaking new projects that not only increase the company’s market reach.

However it should be noted that SING’s stock price has cratered over 88% year-to-date, but this extreme risk to reward profile may be appealing for those with strong risk tolerances. Over the last five days, its stock price has increased 14.21%, which indicates there is still some strong interest left in the stock since it may have fallen to oversold levels.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the Publishing Guidelines.

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.

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