Despite initial concerns of a recession, the U.S. economy is poised to outperform expectations in 2024, according to Goldman Sachs Research. The forecast indicates a robust expansion with a projected 2.1% increase in U.S. GDP for the full year. This number surpasses the consensus estimate of 1% from economists surveyed by Bloomberg.

Also, Goldman Sachs Research reiterates its enduring perspective that the likelihood of a U.S. recession is notably lower than commonly perceived. This positive economic outlook is expected to contribute to the growth of the stock market. As increased economic activity and confidence begin to propel corporate earnings and investor optimism, investors should buy these three solar stocks now. 

Clearway Energy (CWEN)

Clearway Energy (NYSE:CWEN) is an independent clean power producer and developer, covering every step of the renewable energy process from fields to customers. CWEN stock is down 29.35% year to date (YTD), but current circumstances poise Clearway for recovery and growth.

Renewable energy is an industry with increasing cost competitiveness. Valued at $1.1 trillion in 2022, the industry is projected to grow at a 16.9% CAGR through 2030. This is indicative of a global shift toward lower carbon emissions. Clearway is bound to benefit from this expansion and its cost competitiveness.

Another key success factor is Clearway’s solid backing from its parent company, Clearway Energy Group. Global Infrastructure Partners and TotalEnergies each own exactly 50% of this parent company. Two out of three Wall Street analysts give CWEN a strong buy rating, predicting a 22.27% upside. Also, the company is reporting solid Q3 financials. In fact, revenue of $371 million is beating expectations by $5.5 million and growing 9.1% year over year (YOY). 

Finally, Clearway is positioned in an ever-growing industry and has solid backing and financials. Its current price drop is mainly due to the volatility of renewable sources.

Brookfield Renewable Corporation (BEPC)

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Brookfield Renewable Corporation (NYSE:BEPC) operates one of the world’s largest platforms for renewable power and decarbonization solutions. BEPC is up 13.24% in the past month. Further, Wall Street Journal analysts forecast a median price target of $33.00 to a high of $37.00.

The global renewable energy market is predicted to grow at a 16.9% CAGR from $1.21 trillion in 2023 to $3.60 trillion in 2030. Environmental regulations in developed countries provide Brookfield with expansion opportunities.

BEPC reported solid Q3 financials, with a 13.70% YOY growth in revenue to $1.03 billion. Also, the $4.4 billion available liquidity at the end of the quarter proves tremendous flexibility for future growth funding.

In Q3, Brookfield announced its commitment to invest $2.2 billion of capital across various investments. One of the partnerships is with Axis Energy, an India-based, leading renewable energy developer. This collaboration established a new development platform in India, with 1.2 GW of advanced-stage projects and another 5 GW in the pipeline.

In addition, Brookfield acquired leading U.K. renewables developer Banks Renewable for $600 million. This deal gives the company access to 260 MW wind assets and about 800 near-term development projects.

Hence, BEPC is well-positioned to benefit from the growing global renewable energy market.

NextEra Energy Incorporated (NEE)

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NextEra Energy Incorporated (NYSE:NEE) is an American energy company with 58 GW of generating capacity and 14,900 employees nationwide. 

NEE stock is down 32.48% YTD and is continually placing itself in a worthwhile valuation for investors. The global solar panel market is expected to grow at a CAGR of 18% from 2022 to 2030.

NextEra has strong financials. Revenue in the September 2023 quarter landed at $7.17 billion, growing 6.74% YOY. Also, operating income of $1.89 billion increased by 7.38% YOY.

True, the renewable energy market continues its robust expansion, presenting a long-term investment opportunity for dividend investors. And, NextEra has strategically refined its growth outlook. As of September’s end, NEE anticipates a sustainable distribution growth rate of 5-8% annually. This is a deliberate adjustment from the earlier projection of 12-15% annual growth.

The proactive adaptation is driven by a prudent response to the evolving interest rate landscape. It positions NextEra Energy Partners for resilient and balanced growth in the dynamic energy sector. 

Finally, 19 Yahoo! Finance analysts are projecting a median 12-month price target of $72.57 to a high of $102.80 on NEE. The company is set to grow in the long term as it currently is successfully growing past its turmoils. 

On the date of publication, Michael Que 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.