The UN wants to reflect sunlight back into space in order to cool the earth — but some companies are harnessing it instead. Here are 3 high-flying solar stocks that Wall Street likes

To try to solve the problem, the organization is exploring Solar Radiation Modification, which aims to cool the planet rapidly by reflecting sunlight into space.

“SRM is the only known approach that could be used to cool the Earth within a few years,” the report points out.

But the technology is not ready for deployment just yet.

“There’s been a great deal of headway in SRM research and important advances in modeling, but we need far more empirical evidence on the risks and potential consequences before exposing our only atmosphere to SRM technologies,” says Andrea Hinwood, chief scientist of the United Nations Environment Programme in a press release.

To be sure, the sun is vital to life on earth, and it serves as a significant source of energy. Given the ongoing energy crisis, it might be wise to consider harnessing the power of the sun.

Luckily, we already possess the necessary technology. Here’s a look at three solar stocks that are firing on all cylinders. Wall Street also sees upside in this trio.

Enphase Energy

Enphase (ENPH) is one of the world’s leading suppliers of microinverter-based solar and battery systems.

The company has delivered outsized returns to investors. At the beginning of 2020, shares were trading at around $29 per share. Today, they’re at $208.

That’s a gain of over 600%.

As you’d expect from this kind of share price performance, business is booming. In Q4 of 2022, Enphase generated $724.7 million of revenue, up 76% year-over-year and marking a new quarterly record for the company.

Citi analyst Vikram Bagri has a ‘buy’ rating on Enphase and a price target of $285, implying a potential upside of 37%.

First Solar

First Solar (FSLR) produces solar panels for use in utility-scale solar power plants.

It’s another player in the segment that’s defying the stock market’s selloff.

Over the past 12 months, First Solar shares surged 170%, in stark contrast to the S&P 500’s 8% decline during the same period.

In 2022, the company generated $2.6 billion in net sales. Management has provided net sales guidance of $3.4 billion to $3.6 billion for 2023.