Not quite, however, solar energy-related stocks are the center of the universe right now and during the first half of 2007, there was a record $4.7 billion in capital raised in solar-based IPOs. In addition, venture capital and private equity funding for solar firms reached new highs , totaling $1.4 billion for the year ending in June 2007, reports Josh Wolfe for Forbes.
Behind the scenes, Congress is adding fuel to the solar fire. In early August, the U.S. House passed Resolution 3221 (HR3221) that offers wider renewable energy incentives that could enable solar energy to provide 50% of all new electricity in the U.S. within eight years.
The solar sector is part of a much larger energy industry. Based on 2004 data, solar energy supplied around 0.066% of all energy, leaving a lot of room for expansion. To invest in alternative energy and the sun-kissed stocks, look into PowerShares Wilderhill Clean Energy ETF (PBW). PBW has several holdings that are solar-related, such as Evergreen Solar (ESLR), and Emcore (EMKR), which produces solar cells, panels and chips used in the communications industry. Currently, it’s up 37.1% year-to-date.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.