It’s high time for investors to gain exposure to the best renewable energy stocks on the market.

As the world races to mitigate the crippling impact of climate change, the demand for green energy sources is skyrocketing. Governments across the globe are effectively transitioning away from carbon-based fossil fuels to more sustainable alternatives.

As we achieve our climate change objectives, the renewable energy sector’s growth is increasing at a breathtaking pace, with several companies ramping up production capabilities.

The International Energy Agency projects that clean energy will account for a staggering 35% of the world’s electricity supply within a couple of years. The bulk of the increased electricity demand over the next few years will stem from China and other large Asian economies.

Let’s delve deeper into the three best renewable energy stocks to invest in for a prosperous future.

First Solar (FSLR)

First Solar (NASDAQ:FSLR is a giant in the renewable energy realm, renowned for producing top-notch, thin-film solar panels boasting durability and efficiency.

Its thin-film technology outperforms traditional silicon-based panels in terms of energy conversion efficiency, making it a go-to choice for utility-scale solar projects. Its relatively strong margin profile is a testament to that notion, with a 5-year average EBITDA margin of 15%.

After a poor first half of 2022, the company posted relatively better results in the year’s second half.

In a more conducive business environment this year, it expects net sales to fall in the $3.4 billion to $3.6 billion range, estimating at least 30% from last year. Analysts forecast its earnings per share figure at $7 to $9, a massive rebound from its net loss of 41 cents last year.

First Solar is looking to expand its capacity by an impressive 6.0 gigawatts by 2024, which should have its investors sold on its long-term bull case.

Brookfield Renewable (BEPC)

Brookfield Renewable (NYSE:BEPC) stands as a titan in the world of sustainable energy, dexterously managing its extensive portfolio of eco-friendly energy systems.

These include hydroelectric, wind, solar, and storage facilities across four different continents. It continues to expand its presence by driving ambitious decarbonization projects.

One such venture is Origin Energy, an acquisition with a hefty investment of $750 million. It positions the firm as a spearhead of a colossal decarbonization initiative in Australia. The acquisition promises a healthy stream of new revenues for the company, further bolstering its financial standing.

BEPC continued to build on its solid financial track record last year, boasting an 8% bump in funds from operation growth per share to $1.56. Its superb operating margins held up remarkably well last year, exceeding historical metrics by a fair margin.

Investors looking to scoop BEPC stock will eye its enticing 4% dividend yield and attractive valuation. It trades at just three times trailing-twelve-month sales, 32% lower than its 5-year average.

Array Technologies (ARRY) 

Array Technologies (NASDAQ:ARRY) distinguishes itself as one of the unique solar space players, focusing on ground mounting systems that angle panels towards the sun. This unique approach has positioned the firm as a potential front-runner among the new-age green energy leaders, evidenced by its phenomenal growth trajectory.

The company’s financial performance has been nothing short of remarkable, with revenues soaring by 82% in the fourth quarter alone. It achieved net income positivity last year.

In the past year, its sales growth of a whopping 92% blew past the sector median by 529%.

As we advance, the U.S.-based solar pure-play will continue to grow rapidly. According to a research firm, IHS Markit, a massive 85% of ground-mounted solar panels in the Americas will be equipped with trackers by 2025. This projection places the U.S. as the second-largest ground-mount market through 2025, which bodes incredibly well for ARRY.

On the date of publication, Muslim Farooque 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