As the energy sector struggles to stay positive for the year, solar stocks are a bright spot as demand for renewable energy increases.
, which are up 363%, 131%, and 104%, respectively. Enphase and SolarEdge operate in the broader solar ecosystem, while SunPower is a solar panel manufacturer.
While Bloom argues that the tax cut isn't "that much of an issue" given that solar is now "cost competitive without subsidies," it's not the first time the industry has been caught in the political crossfire. The industry is also highly sensitive to price changes in oil and natural gas. Higher oil prices supported a rise in solar stocks for much of the year, but the ETF is down 5% this week, following a drop in natural gas prices.
Adoption of solar power — and the ecosystem involved from the panel maker to the installation company to the power provider — has been on the rise from individuals and corporations alike. Residential adoption of solar panels is growing 8% year-over-year, according to research firm Wood Mackenzie, and publicly traded companies are increasingly viewing renewable energy as beneficial both from an economic standpoint, and from a public image perspective.
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