Wind and solar power are expected to take the lead in this expansion. The IEA predicts a 50 percent increase in 2022 over pre-pandemic levels of solar PV development to 162 GW. We expect wind capacity to grow faster than solar in the next few years. The production of biofuel and uranium is also expected to improve. In the first eight months of 2021, new wind and solar capacity additions increased by 28% year on year. The deployment of solar photovoltaics (PV) in both urban and rural areas is also gaining momentum. In 2022, the United States will see a record number of new solar and wind projects come online. Utility prices may rise as interest rates and inflation rise, which could lead to a short-term industry boom. In 2022, the United States will spend $63 billion on improving and modernizing its energy and water infrastructure. A good return can be had for much less money if you invest in clean energy stocks.
Here is Insider Monkey’s list of the 10 best clean energy penny stocks to buy now. Energy from ocean waves is the source of electricity generation for Ocean Power Technologies, Inc. Hedge funds haven’t shown much interest in the company lately. In the third quarter of 2021, one hedge fund had a $74,000 stake in OTPT at the end of the quarter. Metals and mining company United States Antimony Corporation. Antimony, a metal used in the production of semiconductors, is a major focus of the company. During the past two years, the company’s stock has returned investors more than 215%. The rare earth business is being expanded by American Resources Corporation. Solar panels and electric vehicle batteries both use rare earth elements. Using a cost-effective method to isolate the end-metals, the company has achieved 99 percent purity from recycled EV batteries. Broadwind, Inc. is a clean energy component manufacturer and distributor. A quarter of the company’s 2022 tower production capacity has already been sold before the year has even begun. The fourth quarter of 2021 is expected to bring in sales of around $30 million for Broadwind, according to analysts. MMAT has been expanding its partnerships with original equipment manufacturers and making strategic acquisitions in the last few months to help grow the company’s product line. An estimated $680 million is the company’s value on the stock market. For more details, click 10 Best Clean Energy Penny Stocks To Buy Now.