With growing climate change concerns, governments worldwide are taking measures to transition their countries to a renewable energy-driven future. Because the cost of storing clean energy has fallen considerably and alternative energy is expected to be a more prominent source of energy in many economies over time, we think it wise to bet on Plug Power (NASDAQ:PLUG) and Array Technologies (ARRY) now. Plug in and read on.Most clean-energy stocks had stellar performance last year due to reducing energy storage costs and rising awareness of climate change. Also, with most countries now formulating long-term plans to reduce their carbon footprints, investors are optimistic about the prospects of this industry.
In alignment with the United States’ goal of achieving carbon neutrality by 2050, President Biden’s $1.52 trillion budget request for fiscal 2022 includes a 27% rise in federal clean energy spending.
As the United States orients itself toward a sustainable future, Wall Street analysts are placing their bets on hydrogen fuel cell energy and solar energy stocks such as Plug Power, Inc. (PLUG) and Array Technologies Inc. (ARRY).