CNBC’s Jim Cramer recommended three solar stocks that investors can own as Wall Street players raise the stakes on Joe Biden’s odds to win the presidential election next month.
“The Democrats are eager to throw money at solar,” the “Mad Money” host said,” “which is why the stocks are running.”
Cramer said his favorite plays in the group are First Solar, Generac and Tesla, which sells solar panels and solar roof tiles through its subsidiary, SolarCity.
“Musk has figured that out: The future looks like lots of distributed solar panels that flow back into the grid. Tesla’s solar biz can help make that happen,” Cramer said of Tesla CEO Elon Musk. “Meanwhile, First Solar makes the actual solar modules, and this one feels like a stealing-candy-from-a-baby situation. The company’s already in a great position, so if Biden wins they’ll make a fortune.”
Solar energy is seen as a sustainable alternative to fossil fuels, but the technology comes with higher costs when compared to other clean sources. Those costs have fallen gradually, however, as nations around the globe have taken on initiatives to reduce their dependency on traditional fossil fuels to address the threat of climate change.
Former vice president Biden, the Democratic challenger to President Donald Trump in the November election, presses for solar in his green plan, citing the Bureau of Labor Statistics’ projections that solar and wind turbine workers will be among the fastest-growing occupations this decade.
The Democratic Party has pledged to expand use of renewable energy in its platform, including adding more than 500 million solar panels to the country’s energy infrastructure over the next five years.
