Today’s renewable energy market is valued at about $1.35 trillion, but it’s predicted to bring in $2.2 trillion by 2025. That’s solid 63% growth over five years, but it’s also a huge market.
And our pick for one of the best renewable energy stocks to buy now will get a piece of it. It’s a backdoor play on the clean energy movement that Wall Street hasn’t caught onto yet.
Since we wrote about this company six months ago, its share price has jumped over 72%.
As the cost to produce renewable energy plummets, this industry will continue to expand.
At the current rate the world is adopting clean energy, some say it will be close to 100% renewable-based by 2050.
Eighty cities across the United States have committed to 100% renewables, and six have already achieved it, according to Vox.
This trend isn’t going away, and it means big windfalls for renewable energy stocks.
According to Bloomberg New Energy Finance experts, Europe’s grid is going to be 90% reliant on clean energy resources within the next two decades. Eighty percent is expected to come from solar energy.
So it’s happening on a global scale, and we’ve seen it affect our favorite clean energy stocks already.
Even though Vivant shares have nearly doubled, it still has huge potential for market-beating gains.
But in an industry of this size, there are plenty of winners to own.
Here are two more of the top renewable energy stocks to buy now that have the best chance of skyrocketing as clean energy becomes more widely adopted.
This one’s a staple in your clean energy portfolio… but the one that follows could be a dark horse in this industry.
The Best Renewable Energy Stocks to Buy Now, No. 2
JinkoSolar Holding Co. Ltd. (NYSE: JKS) is a solar company trying to combat pollution in China.
It was founded in 2006, and it employs over 13,500 full-time employees.
The company focuses on designing, developing, producing, and selling photovoltaic products both in China and internationally.
It is one of the world’s largest solar module manufacturers, with seven production facilities globally.
JinkoSolar recently commissioned the world’s largest solar project in Abu Dhabi, a plant of 1,177 MWp that will help the country increase its clean energy mix from 25% to 50% by 2050.
Analysts anticipate the company to grow its profits by 18% year over year.
The stock is currently trading at a bargain at $20.38, just 15.84 times the estimated earnings for the year.
As renewable energy becomes more dominant in Europe, China, and other parts of the world, profit growth of 20%-plus is something investors should look for in this stock.
But we have another pick for the best renewable energy stocks to buy that you won’t want to miss.
Here’s our backdoor play on the clean energy movement…
The Best Renewable Energy Stocks to Buy Now, No. 1
Woodward Inc. (NASDAQ: WWD) is a Colorado-based aerospace and defense firm.
Founded in 1870, it’s a top global supplier of actuators, air valves, metering units, fuel pumps, and other systems found on private and commercial aircraft and defense systems.
As the world moves to hydro and wind power over the next 20 years, this company’s industrial products will help manage these radical changes.
According to analysts, Woodward’s profits are expected to grow 13% year over year. Shares are currently trading for $115, at 23 times the estimated earnings for the year. That’s compared to an industry P/E ratio of 43.13, meaning this stock is at almost a 50% discount.
With the boom in renewable energy, expect future growth in Woodward.
You may not quickly double your money with Woodward stock, but you’re likely to continue earning a respectable gain of 10% to 12% per year on this long-term investment as renewable energy continues to take hold globally.
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Source: Money Morning