We recently compiled a list of the 7 Cheap Solar Stocks To Buy According To Hedge Funds. In this article, we will look at where Eversource (NYSE:ES) ranks among cheap solar stocks to buy according to hedge funds. Global Solar Energy Market Solar systems utilize photovoltaic effects to capture and convert solar radiation into forms of energy that can be used for residential, commercial, industrial, and even utility-scale applications. According to a report by Precedence Research, the global solar energy systems market is valued at $255.40 billion in 2024. It is expected to reach around $1.14 trillion by 2034, growing at a CAGR of 16.4%. The solar energy systems market has experienced rapid growth and transformation in recent years due to increasing global awareness of sustainable and renewable energy sources.

The Asia Pacific region dominates the market and is poised for continued growth as governments and industries focus on meeting renewable energy targets. India aims to attain 450 GW of renewable capacity by 2030 and is expected to propel the market growth in the region. According to the International Energy Agency, within 20 years, solar power in India is expected to surpass coal’s proportion in the country’s power-generating mix. A combination of technological advancements, environmental concerns, supportive policies, and increasing consumer demand for clean and sustainable energy sources drives the growth in the North American region. The United States has seen substantial growth in residential and utility-scale solar installations and is a leading player in the North American solar energy market. In 2022, the United States added 14.1 GWh of energy storage to the electrical grid, a 34% year-over-year increase.

These policies are designed to encourage the adoption of renewable energy sources, specifically solar energy, by making it more financially attractive. For instance, in the United States, the Investment Tax Credit (ITC) provides a 30% tax credit for solar panel installations, making solar energy more affordable for homeowners. Similarly, in Germany, the Feed-in Tariff (FIT) program offered a guaranteed price for solar energy generated, incentivizing homeowners to install solar panels.

BlackRock’s commitment to solar energy: Investing in the future of clean energy.

BlackRock has made significant investments in solar energy, both directly and through its investment vehicles. BlackRock’s investment strategy focuses on identifying and investing in companies that are at the forefront of the solar energy revolution. This strategy is driven by the belief that solar energy is a key driver of economic growth and job creation.

This investment signifies a strategic shift towards a more diversified and sustainable business model. It allows the company to leverage its expertise in project development and its strong financial position to enter new markets and expand its reach. Recurrent Energy is a leading developer of renewable energy projects, specializing in solar and wind power. They have a proven track record of successfully developing and deploying projects across various geographic locations.

We then narrowed this list down to 7 stocks based on hedge fund activity, specifically looking at the amount of money they are investing in these companies. **Key Points:**

• Methodology: The study used a multi-pronged approach to identify the best cheap solar stocks.

  **The Power of Hedge Funds**
  Hedge funds are investment vehicles that employ sophisticated strategies to generate returns. They are known for their high risk and high reward potential, attracting both seasoned investors and novice ones. **Understanding the Hedge Fund Landscape**
  Hedge funds operate in a complex and dynamic environment.

  Eversource’s commitment to clean energy is evident in its various initiatives, including the development of renewable energy projects, investments in energy efficiency, and the promotion of energy conservation. These initiatives are aligned with the company’s broader sustainability goals, which aim to reduce greenhouse gas emissions and promote a cleaner, more sustainable future. The Enfield Solar One project is expected to generate 10 megawatts of clean energy, enough to power approximately 2,000 homes.

  Solar Energy: A Bright Future for Investors?

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  The financial landscape is constantly evolving, and investors are always seeking opportunities to capitalize on emerging trends. One such trend is the rise of solar energy, a clean and sustainable alternative to traditional fossil fuels.

  Disclosure. None. This article was originally published on Insider Monkey.