Alternative energy stocks and exchange traded funds (ETFs) have taken a beating with the recent market turmoil, and falling crude prices aren’t helping.

Most alternative energy-focused ETFs are down 50% or more, as the switch to alternative energy has taken a backseat thanks to falling crude oil prices. As oil prices topped $147 a barrel last summer and gas closed in on $5 a gallon, alternative energy saw renewed interest from consumers. Unfortunately, now the sector has a taken a back seat since fuel prices are no longer sky-high.

The Obama administration has made it clear that it aims to reduce our dependence on foreign oil, so once the government takes action on the $15 billion earmark for alternative energy as outlined in the stimulus package, these investments will be the focus, reports Harry Dumash’s Winning Investing.

• PowerShares WilderHill Clean Energy (PBW): This is best for an all-around approach to the altenrative energy sector, and tracks 51 small-mid size companies involved in the business.

• Market Vectors Solar Industry (KWT): Solar stocks may have the best chance to gain, as advancements within the solar industry are the most rapid.

• First Trust ISE Global Wind Energy Fund (FAN): Wind-powered generating equipment is still in its infancy, but this energy srouce has potential and the power to help energy needs.

Tags: Alternative Energy, FAN, Green ETFs, KWT, Obama, PBW, PKN, Sector ETFs, Socially Responsible ETFs, Solar, Wind