Tesla is at the top of its game for a clean energy company, providing the world with many well-loved vehicles, as well as clean energy solutions such as solar panels, and becoming the face of and de-facto leader in the renewable energy market right now. But there are other companies worth investor's attention too; ones, which after Biden's electoral win, are likely to grow over the next 4 years. 

Indeed, after COVID-19 created uncertainty in the oil market earlier this year, it might be time to look at renewable energy as a long-term alternative to traditional energy stocks. So we have provided a selection of three stocks worth considering instead of Tesla.  

SolarEdge 

SolarEdge (NASDAQ: SEDG) was one of Tesla's collaborators, whereby it created PV inverters that were fully compatible with Tesla's own Powerwall storage system. Although SolarEdge has typically remained in the solar power market, with its most recent earnings showing $312.5 million in revenue from solar products alone, it has taken a bold step into the EV sector. Without the need to build up too much of a customer base, SolarEdge could be a powerful rival for Tesla.

Producing the world's first EV charging inverter, SolarEdge combines both grid power and solar power in an easy-to-use system which allows users to charge electric vehicles directly from the power of the sun. In addition, this new inverter will have the ability to charge an EV 2.5 times faster due to its solar boost function and its combined power function.

SolarEdge is likely to eat up market share in multiple areas of clean energy solutions, including solar power systems, inverters, and power storage, as well as the current trend of EV charging. 

Sun Power

Much like SolarEdge, Sun Power (NASDAQ: SPWR) is a company that provides the hardware and services that solar installation companies need to install solar panels. It is a leading company in this rapidly growing industry. Currently, there is a huge trend of solar panels being installed, with massive growth predicted over the next few years for commercial installations which will drive long-term revenue streams.

Sun Power has increased its customer base over the last quarter by more than 10'000 customers to over 338'000. Although COVID-19 hit this company's revenue with a 9% decrease in Q3 YoY to $275 million, Sun Power is doing well as it managed to increase its recurring revenue by $10 million to $575 million. This is a strong showing and as such Goldman Sachs raised its price target in early November, meaning that even some of the biggest names in finance are now looking more positively at the renewable energy sector and at Sun Power in particular.

This stock would be a great addition to an eco-conscious portfolio, or for those who wish to move with the times and profit from the solar energy boom.

NextEra Energy

With share prices currently up around 24% year-to-date, this stock is an important one to consider if looking into the clean energy sector. NextEra Energy (NYSE: NEE) is the largest utility company in the world, but on top of that, it is also one of the largest contracted solar power providers in the world. In August this company had a backlog of more than 14 gigawatts of clean and renewable energy projects. This means that company growth in terms of solar power is set to continue for a good few years.

NextEra Energy is also one of the world's largest wind power electricity providers with 126 wind projects across the U.S. and Canada. Over the past decade, its wind energy capacity has more than tripled and it has plans to keep on growing.

Oil was rather volatile during the general lockdown, so NextEra Energy might be an alternative solution for continuing investment growth in the utility sector, as well as being easy on the planet's resources. As a nice addition, this stock has been increasing its dividend payments by around 10% annually and will continue to do so until at least 2022.

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MyWallSt operates a full disclosure policy. MyWallSt staff currently holds long positions in companies mentioned above. Read our full disclosure policy here.