This story was originally published here.
While the stock market surged on the heels of a wild Election Day 2020, red-hot solar stocks went dim, with The Invesco Solar ETF (NYSEARCA:TAN) shedding as much as 6%, and many headline solar stocks — like First Solar (NASDAQ:FSLR) and SolarEdge (NASDAQ:SEDG) — dropping more than 10%.
Why?
Because the election will likely end with a divided government.
Specifically, Democrats failed to flip the Senate. The Blue Wave that was supposed to ripple across Washington, will not happen. Any sweeping changes that Biden had promised on his platform — including bigger rebates for solar — are now unlikely to materialize.
But this is all just near-term noise.
The reality is that the solar energy megatrend did not hinge on rebates. Bigger rebates would’ve been nice. But far from necessary. Instead, driving the solar energy megatrend over the next few years will be falling costs (solar energy costs have dropped 70% over the past 10 years, and solar is now the cheapest electricity in the world), improving technology (26% of solar systems will be paired with energy storage capability by 2025, versus just 4% in 2019), and rising consumer demand (46% of U.S. homeowners are seriously thinking about adding solar panels to their homes, up from 40% in 2016).
Those secular drivers are much, much bigger than rebates — meaning the solar energy megatrend will continue to accelerate over the next few years, even without a Blue Wave.
So buy the dip in solar stocks.
Specifically, buy the dip in these solar stocks…
Story continues here.
How to turn $7 into $1,480 upfront by tomorrow afternoon
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Regards,
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CEO, InvestorPlace
