2 Solar Stocks Up More 100% In 2021

landscape photography of blue solar panels

Source: Unsplash 

Growing concerns over environmental issues surrounding fossil fuels have boosted interest in renewable energy and have propelled governments worldwide to adopt sustainable energy policies. For instance, the U.S.  is planning to achieve net zero-emissions by 2050, while China plans to hit that level by 2060. Major European countries have also announced plans to achieve carbon neutrality over the next few decades. Moreover, the new Biden Presidential administration would like to invest $2 trillion over the next four years to, among other objectives, build and upgrade solar power plants.

However, in seeking to capitalize on the boom, the clean energy space is becoming overcrowded with new entrants. Many companies are simply riding the bullish sentiment surrounding the industry absent adequate fundamental strength or product pipelines. Many of them are even burning cash and relying on public investments and debt for their operations.

While some observers believe that soaring solar stocks may witness a correction in the near-term, it’s very hard to resist investing in this space considering the exponential returns that they may generate in the long run.

Two stocks from the solar space — Sunworks, Inc. (SUNW - Get Rating) and iSun, Inc. (ISUN - Get Rating) — have gained more than 150% year-to-date. Let us take a closer look at what drove their performance.

Sunworks, Inc. (SUNW - Get Rating)

SUNW is a premier provider of high-performance photovoltaic-based solar power systems. The company provides a range of installation services to its solar energy customers, including design, system engineering, procurement, permitting, construction, grid connection, warranty, system monitoring and maintenance.

SUNW signed $10 million in new commercial and agriculture projects in September 2020, comprising 19 existing and new customers and a total of more than 4.4 MW for installation. This demonstrates the continued demand for SUNW’s solar solutions, particularly among agriculture and commercial customers.

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