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Best Solar Stocks to Buy Now (2024)
Top solar stocks in 2024 ranked by overall Zen Score. See the best solar stocks to buy now, according to analyst forecasts for the solar industry.

Industry: Solar
OverviewZen Score
PriceValuationFinancialsForecastEarnings & RevenueDividendsOwnershipTechnicals
Ticker
Company
Zen Score
Valuation Score
Financials Score
Forecast Score
Performance Score
Dividends Score
FSLR
FIRST SOLAR INC
63
43
71
67
70
–
ARRY
ARRAY TECHNOLOGIES INC
61
71
57
44
70
–
JKS
JINKOSOLAR HOLDING CO LTD
59
71
71
22
70
60
SHLS
SHOALS TECHNOLOGIES GROUP INC
52
57
57
56
40
–
ENPH
ENPHASE ENERGY INC
51
29
71
56
50
–

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Use Zen Score to quickly analyze stock fundamentals, even if you don't have a finance background. We run time-tested due diligence checks inspired by legendary investors like Warren Buffett, and score each company based on how many they pass/fail.

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Solar Stocks FAQ

What are the best solar stocks to buy right now in May 2024?

According to Zen Score, the 3 best solar energy stocks to buy right now are:

1. First Solar (NASDAQ:FSLR)


First Solar (NASDAQ:FSLR) is the top solar stock with a Zen Score of 63, which is 35 points higher than the solar industry average of 28. It passed 21 out of 33 due diligence checks and has strong fundamentals. First Solar has seen its stock lose -5.8% over the past year, overperforming other solar stocks by 44 percentage points.

First Solar has an average 1 year price target of $239.88, an upside of 21.4% from First Solar's current stock price of $197.59.

First Solar stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 17 analysts covering First Solar, 82.35% have issued a Strong Buy rating, 17.65% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

2. Array Technologies (NASDAQ:ARRY)


Array Technologies (NASDAQ:ARRY) is the second best solar stock with a Zen Score of 61, which is 33 points higher than the solar industry average of 28. It passed 20 out of 33 due diligence checks and has strong fundamentals. Array Technologies has seen its stock lose -51.68% over the past year, underperforming other solar stocks by -2 percentage points.

Array Technologies has an average 1 year price target of $19.47, an upside of 77.62% from Array Technologies's current stock price of $10.96.

Array Technologies stock has a consensus Buy recommendation according to Wall Street analysts. Of the 15 analysts covering Array Technologies, 46.67% have issued a Strong Buy rating, 13.33% have issued a Buy, 40% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

3. Jinkosolar Holding Co (NYSE:JKS)


Jinkosolar Holding Co (NYSE:JKS) is the third best solar stock with a Zen Score of 59, which is 31 points higher than the solar industry average of 28. It passed 22 out of 38 due diligence checks and has strong fundamentals. Jinkosolar Holding Co has seen its stock lose -43.07% over the past year, overperforming other solar stocks by 7 percentage points.

Jinkosolar Holding Co has an average 1 year price target of $24.12, a downside of -1.42% from Jinkosolar Holding Co's current stock price of $24.47.

Jinkosolar Holding Co stock has a consensus Sell recommendation according to Wall Street analysts. Of the 6 analysts covering Jinkosolar Holding Co, 0% have issued a Strong Buy rating, 0% have issued a Buy, 66.67% have issued a hold, while 0% have issued a Sell rating, and 33.33% have issued a Strong Sell.

What are the solar stocks with highest dividends?

Out of 1 solar stocks that have issued dividends in the past year, the 1 solar stocks with the highest dividend yields are:

1. Jinkosolar Holding Co (NYSE:JKS)


Jinkosolar Holding Co (NYSE:JKS) has an annual dividend yield of 6.13%, which is the same as the solar industry average of 6.13%.

Jinkosolar Holding Co's dividend payout ratio of 16.3% indicates that its high dividend yield is sustainable for the long-term.

Why are solar stocks down?

Solar stocks were down -0.87% in the last day, and up 2.97% over the last week.

We couldn't find a catalyst for why solar stocks are down.

What are the most undervalued solar stocks?

Based on WallStreetZen's Valuation Score, the 3 most undervalued solar stocks right now are:

1. Array Technologies (NASDAQ:ARRY)


Array Technologies (NASDAQ:ARRY) is the most undervalued solar stock based on WallStreetZen's Valuation Score. Array Technologies has a valuation score of 71, which is 49 points higher than the solar industry average of 22. It passed 5 out of 7 valuation due diligence checks.

Array Technologies's stock has dropped -51.68% in the past year. It has underperformed other stocks in the solar industry by -2 percentage points.

2. Jinkosolar Holding Co (NYSE:JKS)


Jinkosolar Holding Co (NYSE:JKS) is the second most undervalued solar stock based on WallStreetZen's Valuation Score. Jinkosolar Holding Co has a valuation score of 71, which is 49 points higher than the solar industry average of 22. It passed 5 out of 7 valuation due diligence checks.

Jinkosolar Holding Co's stock has dropped -43.07% in the past year. It has overperformed other stocks in the solar industry by 7 percentage points.

3. Canadian Solar (NASDAQ:CSIQ)


Canadian Solar (NASDAQ:CSIQ) is the third most undervalued solar stock based on WallStreetZen's Valuation Score. Canadian Solar has a valuation score of 71, which is 49 points higher than the solar industry average of 22. It passed 5 out of 7 valuation due diligence checks.

Canadian Solar's stock has dropped -59.3% in the past year. It has underperformed other stocks in the solar industry by -9 percentage points.

Are solar stocks a good buy now?

41.18% of solar stocks rated by analysts are a strong buy right now. On average, analysts expect solar stocks to rise by 31.26% over the next year.

What is the average p/e ratio of the solar industry?

The average P/E ratio of the solar industry is 24.31x.
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