Early signs are strongly suggesting that the 2023 market will be a market like no other.
Amidst the uncertainties surrounding the market, I find myself holding more cash than normal and investing in growth stocks with long-term potential while hedging with value stocks.
Solar energy stocks are one of those growth stocks with long-term potentials, and they are expected to perform exceptionally over the long run, especially with Joe Biden in the White House.
According to an industry forecast by Valuates Reports, ‘The global solar energy market was valued at $52.5 billion in 2018 and is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026’.
It was reported that renewable energy overtook fossil fuels in the EU’s electricity mix in 2020, rising to 38% of overall generation as the share of fossil fuels declined 37%.
The global growth rate of the solar energy market in 2023 is expected to be huge. With the US rejoining the Paris Climate Change Agreement and the President spending heavily on renewables, it’s evident that government policies and billions of dollars are going to flow into the renewable energy market, a space dominated by solar and wind energy.
I’ve watched some renewable energy penny stocks on this list go up over 100%, and it’s crazy. Personally, I pulled back from such names, sit on the sideline and watch as things unfold to get a clear picture of how I will approach the volatility and enormous uncertainty in the space.
However, while I step aside a lot of traders are making loads of money trading these names. And solar energy penny stocks are some of the stocks doing really well in this crazy market.
If you’re interested in cheap solar energy stocks, here are 3 solar energy penny stocks under $5 and $10 to consider:
1. SPI Energy Co Ltd (NASDAQ: SPI)
SPI Energy Co., Ltd. provides photovoltaic solutions for business, residential, government, and utility customers and investors.
It offers engineering, procurement, and construction services to independent power developers and producers, and commercial and industrial companies.
The company also develops, owns, and operates solar projects that sell electricity to power companies and other electricity off-takers. As of June 29, 2020, it owned and operated 16.8 megawatts of solar projects.
In addition, the company, through its wholly owned subsidiary, EdisonFuture, Inc., designs and develops electric vehicles and EV charging solutions. It operates in Greece, the United States, Italy, Japan, the United Kingdom, Australia, and Germany.
SPI Energy Co., Ltd. is headquartered in Shatin, Hong Kong.
2. Solar Integrated Roofing Corp. (OTCMKTS: SIRC)
Solar Integrated Roofing Corporation operates as an integrated solar and roofing installation company specializing in commercial and residential properties.
Its projects include Desert Willows, Hacienda Heights, LTV Plaza, the Vineyards, Tuscan Hills, Willowcrest Condos.
The company was formerly known as Landstar Development Group, Inc. and changed its name to Solar Integrated Roofing Corporation in November 2015.
Solar Integrated Roofing Corporation was founded in 2007 and is based in Poway, California.
3. SunHydrogen (OTC: HYSR)
SunHydrogen, Inc. develops solar-powered nanoparticle systems that mimic photosynthesis to separate hydrogen from water.
It develops a novel solar-powered nanoparticle system that mimics photosynthesis to separate hydrogen from water. It also intends for technology of this system to be licensed for the production of renewable hydrogen to produce renewable electricity and hydrogen for fuel cells.
The company was formerly known as HyperSolar, Inc. and changed its name to SunHydrogen, Inc. in June 2020. SunHydrogen, Inc. was founded in 2009 and is based in Santa Barbara, California.