Here’s Why Solar Stocks are On Fire Now
SolarCity, the largest residential solar power provider in the state of California, which also provides financing, monitoring, and installation services, announced this morning that it plans to team up with Google (NASDAQ:GOOG) to offer discount services as part of a new financing initiative. The company is set to invest $280 million in a fund that hopes to help jump-start solar installations nation-wide. The business has put up a total of $680 million in the last few years to create plans with cheaper solar financing options. SolarCity hopes the deal with Google will boost brand recognition and spur sales through discount offerings.
Here’s a look at the wider solar sector to give you an idea of how investors are responding to the news. It’s looking green across the board so far.
First Solar Inc. (NASDAQ:FSLR) is up 3.06%, Suntech Power Holdings (NYSE:STP) is up 3.30%, Yingli Green Energy Hold. Co. Ltd. (NYSE:YGE) spiking 5.38%, LDK Solar Co. (NYSE:LDK) shares are up 3.46% today, Johnson Controls Inc. (NYSE:JCI) trading up 3.24%, Canadian Solar Inc. (NASDAQ:CSIQ) shares are shooting up 6.78%, Trina Solar Limited (NYSE:TSL) shares up big 6.51%, JA Solar Holdings Co. (NASDAQ:JASO) shares are up 5.89%, MEMC Electronic Materials (NYSE:WFR) up 4.84%, and GT Solar International Inc. (NASDAQ:SOLR) shares are wowing up 6.89%. Claymore/MAC Global Solar Index ETF (NYSE:TAN) is up 3.45%.
Lone dogs of the sector this morning are:
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