Why I Just Bought This Solar Stock
The global economy needs to invest a staggering amount of money to transition away from fossil fuels and toward renewable energy. The cost of decarbonizing the U.S. power system alone is an estimated $4.5 trillion, according to an estimate by energy sector research firm Wood Mackenzie. Given the need to pivot toward cleaner power sources, the renewable sector represents a multidecade growth opportunity for investors.
One company well positioned for the sector's bright future is SolarEdge Technologies (NASDAQ: SEDG), which currently focuses on making microinverters for the solar industry. Given the projected growth in solar, as well as the company's expansion into other markets like power storage and electric vehicles (EV), SolarEdge could be a big winner in the coming decades. That's why I recently added this solar stock to my portfolio.
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Source Fool.com
