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Green energy stocks haven't always lived up to the hype. Despite years of continued adoption of solar, wind, hydroelectric and other power-generation sources, investing in the underlying companies has been a turbulent ride.
Fortunately, renewable energy stocks suddenly have friends in high places.
President-elect Joe Biden plans to invest $2 trillion in clean-energy initiatives over the next four years, with a loftier goal of making America a net-zero-emissions country by 2050. Obviously, just how much progress he can make remains largely up to the composition of Congress, but most analysts nonetheless expect a much more accommodative Washington for green energy over the next few years.
When you think of clean energy, you typically think of solar and wind, which have the biggest market share by far; they also have the distinction of being two of the fastest-growing employment sectors in the past decade, according to a 2020 Deloitte report. But there are other types of green energy - biomass, geothermal and hydropower among them. Not to mention, there are companies that help the green-energy fight without actually producing energy; think miners of lithium, which go into batteries that can be charged by renewable sources.
Adoption should only continue, too, as solar photovoltaics and onshore wind now are the cheapest ways to add new electricity-generating plants in most countries, according to the International Energy Agency (IEA). It projects that total installed wind and solar PV capacity is on track to overtake natural gas in 2023 and coal in 2024.
"I see solar becoming the new king of the world's electricity markets," IEA Executive Director Fatih Birol said in a statement.
Read on as we look at five green energy stocks with more upside to come in 2021. Whether they're directly re
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