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Solar is emerging as an energy superpower with this year's investment in the sector ($380B) set to surpass spending on oil production ($370B) for the first time.
That's according to Fatih Birol, executive director of the International Energy Agency, who said the development "will soon start to see a very different energy system emerging and we can keep the 1.5C goal alive."
The change is a result of strong subsidies and tax credits like the Inflation Reduction Act, as well as policy alignment among nations towards climate and energy security, and better economics of alternative power sources.
"Clean energy is moving fast, faster than many people realize," Birol added. "For every dollar invested in fossil fuels, about $1.7 are now going into clean energy. Five years ago, this ratio was 1:1."
Related: First Solar (NASDAQ:FSLR), SunPower (NASDAQ:SPWR), Tesla (NASDAQ:TSLA), Enphase Energy (NASDAQ:ENPH), Sunrun (RUN), SolarEdge (SEDG), Canadian Solar (CSIQ), JinkoSolar (JKS), Bloom Energy (BE), NextEra Energy (NEE), Azure Power Global (AZRE), Sunnova Energy (NOVA), Brookfield Renewable Partners (BEP), Ormat Technologies (ORA), SolarWindow (OTC:WNDW), Daqo New Energy (DQ), ReneSola (SOL), Maxeon (MAXN), PG&E (PCG), Consolidated Edison (ED), Dominion Energy (D), Duke Energy (DUK), American Electric Power (AEP), Exelon (EXC), Entergy (ETR), Alliant Energy (LNT), NextEra Energy (NEE), and Southern California Edison (EIX).
ETFs: Invesco Solar Portfolio ETF (TAN).