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Got $3,000? Here Are 3 Solar Stocks to Buy and Hold for the Long Term

Investments in solar energy are accelerating. The sector is on track to add 10 gigawatts (GW) of new capacity per year through 2022, with that growing to an average annual pace of 18 to 20 GW from 2023 to 2030 thanks to rapidly falling costs for solar panels and battery storage. Solar stocks could thrive over the next decade.

Given the upside potential, investors should strongly consider adding some solar stocks to their portfolios. Building a mini portfolio of companies focused on the sector is a great way to do that. An excellent place to start is by investing $3,000 evenly across top solar stocks like Brookfield Renewable (NYSE:BEP)(NYSE:BEPC), First Solar (NASDAQ:FSLR), and NextEra Energy (NYSE:NEE).

Brookfield Renewable is one of the leading renewable power producers globally. It currently has 19.3 GW of capacity, 64% of which comes from hydropower.

Although Brookfield’s focus has been hydropower, solar is becoming an increasingly important growth driver for the company due to rapidly falling costs. The company has spent the past couple of years building an extensive solar energy platform and development project backlog. It currently has 3 GW of operating solar capacity and 10 GW under development. Thanks to this progress and the rapid decline in solar costs, the company “believe[s] it is possible that in 10 years from now the majority of the production capacity of Brookfield Renewable will be solar capacity.” That outlook makes it an excellent choice to play the growth in solar. More importantly, the company has a long track record of creating shareholder value, which it expects to continue for the foreseeable future. Read from source….