Renewable energy stocks represent a necessary mechanism to address environmental viability. According to NASA, the “…potential future effects of global climate change include more frequent wildfires, longer periods of drought in some regions, and an increase in the duration and intensity of tropical storms.” Still, this sector doesn’t concentrate exclusively on the science of climate change.

Rather, renewable energy stocks legitimately offer potential upside rewards for prospective stakeholders. According to McKinsey & Company, by 2026, “…global renewable-electricity capacity will rise more than 80 percent from 2020 levels (to more than 5,022 gigawatts).” Further, Allied Market Research states that the global renewables market will command a valuation of nearly $1.98 trillion by 2030. That’s a massive economy in and of itself. About the only thing you need to do is to get in early before the given wave. Below are seven renewable energy stocks to consider.

NextEra Energy (NEE)

A mainstay among renewable energy stocks, NextEra Energy (NYSE:NEE) offers an excellent starting point for investors seeking to go green. Fundamentally, NextEra represents one of the U.S.’s largest capital investors in renewable infrastructures. Per its website, the company commands 45,500 megawatts of net generating capacity.

Currently, NextEra enjoys strong support from Wall Street, with covering analysts pegging shares as a consensus strong buy. Indeed, it’s a rarity in that the company enjoys a unanimous strong buy view. Further, the experts’ average price target stands at $97.13, implying an upside potential of nearly 27% from the time-of-writing price.

Recent data suggests the enthusiasm toward NEE is more than justified. In late October last year, Reuters mentioned that NextEra crushed revenue estimates due to the demand for clean energy surging. For those sitting on the fence, the company also offers a forward dividend yield of 2.2%. Combined with the experts’ upside potential, NEE ranks among the renewable energy stocks to buy.

Enphase Energy (ENPH)

Billed as an energy technology firm, Enphase Energy (NASDAQ:ENPH) develops and manufactures solar micro-inverters, battery energy storage, and electric vehicle charging stations primarily for residential customers. Fundamentally, the battery storage system will likely appeal to consumers who live in regions hard hit by blackouts. Perhaps unsurprisingly, then, ENPH gained nearly 73% in the trailing year.

Still, contrarian investors may want to target ENPH on their wish list of renewable energy stocks. For one thing, recent jitters sent Enphase shares down 17%, likely on profit taking. Second, despite the latest splash of red ink, ENPH still garners the support of Wall Street. Presently, experts peg the company as a consensus strong buy. Also, their average price target implies an upside potential of nearly 55%.

According to Gurufocus.com’s proprietary calculations for fair market value, ENPH rates as significantly undervalued. Objectively, the underlying company features excellent sales growth and solid profit margins, making it an enticing candidate for renewable energy stocks.

Brookfield Renewable Partners (BEP)

A publicly traded limited partnership, Brookfield Renewable Partners (NYSE:BEP) owns and operates renewable power assets. These assets consist of hydroelectric plants, wind farms, solar facilities, and also energy storage facilities. Unlike some other renewable energy stocks, BEP underperformed the benchmark S&P 500 index in the trailing year, slipping nearly 10%.

Nevertheless, in the year so far, Brookfield appears poised to redeem itself, with shares gaining almost 13% of equity value. Significantly, among six covering analysts, BEP rates as a consensus strong buy. The only holdout is a hold rating. Moreover, their average price target for Brookfield shares stands at $34.55, implying 18% upside potential. According to Gurufocus.com’s proprietary calculations for FMV, Brookfield rates as modestly undervalued. Objectively, BEP features a discount based on its price-to-operating cash-flow ratio of 6.1 times (below 61% of the competition).

At the moment, Brookfield offers a forward yield of 4.37%. However, do note that ownership of BEP requires filing Schedule K-1 forms.

Clearway Energy (CWEN)

Based in New Jersey, Clearway Energy (NYSE:CWEN) is one of the largest renewable energy owners in the U.S. with over 5,500 net megawatts (MW) of installed wind and solar generation projects, per its website. Further, the company’s over 8,000 net MW of assets also include approximately 2,500 net MW of environmentally-sound, highly efficient natural gas generation facilities.

To be fair, CWEN got off to a relatively slow start compared to other renewable energy stocks. In the trailing year, it sits a hair below parity. On a year-to-date basis, CWEN gained a modest 3.5%. Still, analysts appreciate the underlying enterprise, rating it a consensus moderate buy. In addition, their average price target of $37.50 implies a potential upside of over 13%.

Further, Clearway will likely attract investors seeking discounted renewable energy stocks. Currently, the market prices CWEN at a trailing multiple of 6.9. In contrast, the sector median stands at 19 times. As a nice bonus, Clearway carries a forward yield of 4.43%, above the utilities sector’s average yield of 3.75%.

Stem (STEM)

Billed as a global leader in artificial intelligence-driven clean energy solutions and services provider, Stem (NYSE:STEM) deserves consideration among contrarians. Through its AI protocol, Stem enables simplified and efficient energy management, facilitating resilience for energy networks. As well, it provides energy storage systems, delivering power when needed most.

To be fair, Stem ranks among the choppier names for renewable energy stocks. This isn’t surprising given that STEM entered the public ecosystem via a merger with a special purpose acquisition company (SPAC). Long story short, SPACs don’t carry a positive reputation. Nevertheless, Wall Street analysts assigned STEM a consensus (and unanimous) strong buy view. Moreover, their average price target stands at $16.25, implying nearly 66% upside potential.

Still, prospective investors should be aware that Stem features an aspirational narrative. At best, Stem has a middling balance sheet. As well, it’s consistently unprofitable. However, its strong revenue growth could make it an interesting pickup among speculative renewable energy stocks.

Ormat Technologies (ORA)

While a risky idea, Ormat Technologies (NYSE:ORA) represents a compelling idea among renewable energy stocks. Specifically, Ormat specializes in geothermal energy. According to the Office of Energy Efficiency and Renewable Energy, “[g]eothermal resources are reservoirs of hot water that exist or are human-made at varying temperatures and depths below the Earth’s surface.”

Further, to clarify any misconceptions, geothermal energy represents a genuinely renewable resource. Basically, the heat from the Earth’s interior continuously replenishes. As well, facilities leveraging this energy source “produce electricity consistently and can run essentially 24 hours per day/7 days per week, regardless of weather conditions.”

In terms of analyst support, prospective investors must exercise intrepidness. Presently, market experts rate Ormat as a consensus hold – three holds and nothing else. Nevertheless, investors may take encouragement at the gradual sales growth following the coronavirus pandemic. Thus, it’s worth checking out for anyone wanting to gamble on renewable energy stocks.

Eco Wave Power (WAVE)

Easily the riskiest name on this list of renewable energy stocks, the Sweden-based Eco Wave Power (NASDAQ:WAVE) represents a wave energy specialist. Fundamentally, these enterprises attempt to leverage the kinetic energy inherent in the natural movement of bodies of water. Moreover, such technologies offer a palatable way to do renewables. In other words, the physical infrastructures are largely out of sight, out of mind.

Specifically, Eco Wave developed an innovative technology that facilitates a grid-connected wave energy array operation. As well, what distinguishes Eco Wave from other wave energy competitors is that the former integrates infrastructure either near shore or onshore. Part of the decision-making process here centers on lower costs and greater reliability. Still, in many ways, wave energy remains a pioneering technology. For instance, high costs dragged down similar endeavors. And let’s face it, WAVE isn’t exactly killing it, losing over 32% in the trailing year. But if you want to take a potshot with renewable energy stocks, this might be it.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.