10 Biggest Solar Companies – Investopedia

Governments, businesses, and individual consumers are increasingly looking to alternative and sustainable forms of energy beyond fossil-based fuels as signs of climate change escalate.

While solar and other alternative energies tend to be more expensive or more difficult to produce upfront compared with fossil fuels, they have the primary benefit of leaving behind a significantly smaller environmental impact. Solar companies are experiencing a period of growth following incentives provided by the Inflation Reduction Act of 2022, which allows taxpayers to subtract 30% of the cost of solar power from their taxes through 2032.

These are the 10 biggest solar companies by market capitalization. The list is limited to publicly traded companies that are listed on the Nasdaq or New York Stock Exchange (NYSE).

All data are courtesy of TradingView and are current as of June 13, 2024.

1. NextEra Energy (NEE)

• Market Capitalization: $151.19 billion
• Price to Earnings Ratio (P/E): 19.69
• Revenue (TTM): $23.99 billion
• Net Income (TTM): $7.49 billion
• Exchange: New York Stock Exchange

NextEra Energy, which describes itself as the “world’s largest producer of wind and solar energy,” is a leading clean energy provider based in Florida, operating 33 solar projects in the U.S. The company touts more than 23,000 net megawatts (MW) of generating capacity in the U.S. and Canada.

2. First Solar (FSLR)

• Market Capitalization: $31.20 billion
• Price to Earnings Ratio (P/E): 31.53
• Revenue (TTM): $3.56 billion
• Net Income (TTM): $1.02 billion
• Exchange: Nasdaq

First Solar provides solar panels, photovoltaic power plants, and related services, such as the constructing, maintaining, and recycling of these products. The company utilizes a thin film semiconductor technology to achieve enhanced efficiency and sustainability in its solar modules.

First Solar’s net sales for the first quarter of 2024 were $794 million, down 400 million from the previous quarter. The company said the decrease was largely due to expected seasonal reductions in sales volumes.

3. Enphase Energy (ENPH)

• Market Capitalization: $17.65 billion
• Price to Earnings Ratio (P/E): 69.70
• Revenue (TTM): $1.83 billion
• Net Income (TTM): $275.97 million
• Exchange: Nasdaq

Enphase Energy builds and provides solar solutions for homes and businesses in more than 150 countries. Its unique product is a modularized smart technology that integrates an energy storage system that can charge electric vehicles, balance loads, and provide power that customers don’t use to the grid.

Enphase said in its first-quarter earnings report that it experienced slowing demand in the U.S. in the first months of the year, while revenue in Europe increased by about 70% over the final quarter of 2023.

4. Nextracker Inc. (NXT)

• Market Capitalization: $8.79 billion
• Price to Earnings Ratio (P/E): 19.84
• Revenue (TTM): $2.50 billion
• Net Income (TTM): $306.24 million
• Exchange: Nasdaq

Nextracker provides solar software and tracking solutions for use in utility-scale solar projects globally. Its products are used to help solar panel power plants to follow the sun’s movement and to optimize performance. Nextracker products are used in power plants across more than 30 countries.

For the 2024 fiscal year, ended March 31 of this year, Nextracker reported a 31% year-over-year increase in revenue as it reach a milestone of 100 gigawatts shipped globally since the launch of the company.

5. Brookfield Renewable Partners (BEP)

• Market Capitalization: $7.36 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $4.92 billion
• Net Income (TTM): -$89.22 million
• Exchange: New York Stock Exchange

Brookfield Renewable Partners, based in Bermuda, owns a portfolio of renewable power assets, including hydroelectric, wind, solar, and distributed energy solutions across five continents. Investors can also access the portfolio through Brookfield Renewable Corporation (BEPC), based in Canada. BEPC has a market cap of $5.49 billion and a trailing 12-month revenue of $4.03 billion.

6. Clearway Energy (CWEN)

• Market Capitalization: $5.32 billion
• Price to Earnings Ratio (P/E): 41.04
• Revenue (TTM): $1.50 billion
• Net Income (TTM): $77.00 million
• Exchange: New York Stock Exchange

Clearway Energy is one of the largest renewable energy owners in the United States, boasting about 6,200 net megawatts of installed wind, solar, and battery energy storage systems. The company says it has powered the equivalent of 2 million homes and has helped customers avoid 10 million metric tons of carbon dioxide.

7. Ormat Technologies, Inc. (ORA)

• Market Capitalization: $4.51 billion
• Price to Earnings Ratio (P/E): 34.10
• Revenue (TTM): $868.36 million
• Net Income (TTM): $133.96 million
• Exchange: New York Stock Exchange

Ormat Technologies, based in Nevada, supplies alternative and renewable geothermal energy technology, designing and operating technology that converts heat into electricity. The company has expanded into energy storage services and solar panels, operating plants in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.

8. Fluence Energy, Inc. (FLNC)

• Market Capitalization: $3.95 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $2.20 billion
• Net Income (TTM): -$46.07
• Exchange: Nasdaq

Fluence develops energy storage products that help modernize energy networks. The company, launched by Siemens and AES in 2018, is involved in more than 225 energy storage projects across 47 markets around the world, covering 9.4 gigawatts of energy storage.

9. Bloom Energy Corporation (BE)

• Market Capitalization: $3.43 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $1.29 billion
• Net Income (TTM): -$299.07
• Exchange: New York Stock Exchange

Bloom Energy, headquartered in California, is a renewable energy company creating technology that generates electricity and hydrogen, aiming to make clean, reliable energy affordable around the world. The company uses technology that produces air and fuel from the electricity generated by solar panels.

10. Sunrun Inc. (RUN)

• Market Capitalization: $2.96 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $2.13 billion
• Net Income (TTM): -$1.45 billion
• Exchange: Nasdaq

Sunrun Inc., develops, manufactures, sells, installs, and maintains solar energy systems. Its products range from rooftop panels and batteries for homes to large-scale energy projects and are installed in more than 900,000 homes.

Sunrun expects its capacity installed in 2024 to be in the range of 800 to 1,000 megawatt hours, representing growth of 40% to 75% over 2023 figures.

The Bottom Line

While post-pandemic interest rate increases have hindered solar companies’ ability to finance expansion and customers’ ability to pay for new installations, many of the largest solar companies in the world are nonetheless experiencing strong revenue growth. The top solar company is NextEra Energy with a market cap of $151.19 billion. All of the companies in our top 10 list have a market cap of at least $2.96 billion.