10 Most Profitable Renewable Energy Stocks Now

1. Enphase Energy, Inc. (NASDAQ:ENPH)  

Upside Potential: 65.12%  

5-Year Net Income CAGR: 6.33%  

TTM Net Income: $61.41 Million  

Enphase Energy, Inc. (NASDAQ:ENPH) is a global leader in energy technology, focusing on solar microinverters, energy storage solutions, and energy management devices. The company is also known for its solar power and electric vehicle (EV) charging technology. Enphase Energy, Inc. (NASDAQ:ENPH) holds a leading position in the U.S. residential solar market and is expanding its presence in Europe and emerging markets across Asia. The company has shipped approximately 78 million microinverters and has installed over 4.5 million Enphase-based systems in more than 160 countries.

On November 13, Enphase Energy, Inc. (NASDAQ:ENPH) announced a safe harbor agreement with IGS Solar, a leading solar finance company. The agreement aims to expand the deployment of Enphase Energy, Inc.’s (NASDAQ:ENPH) IQ8 Microinverters, which are manufactured in the United States. This partnership will enable IGS Solar-financed leases to qualify for the domestic content bonus tax credit under the Inflation Reduction Act (IRA).

Through this agreement, top solar installation companies such as Venture Solar, Momentum Solar, and Ecohouse Solar will install IGS Solar-owned IQ8 Microinverters on IGS Solar-owned projects. This will help these projects qualify for the domestic content bonus tax credits. The partnership is expected to promote the use of American-made solar technology and support the growth of domestically manufactured clean energy in the US.

While we acknowledge the potential of Enphase Energy, Inc. (NASDAQ:ENPH) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ENPH but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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