SolarCity Stock Price and Symbol
What is SolarCity’s stock price, and are they publicly traded? Unfortunately, investors cannot purchase SolarCity shares because it is a private company. However, NextEra Energy (NYSE: NEE), First Solar (NASDAQ: FSLR), and Brookfield Renewable Partners (NYSE: BEP) are energy stocks that traders can invest in.Growth investors have become obsessed with investing in clean energy and sectors like electric vehicles for the past few years. We know that fossil fuels are a finite resource. As supply depletes, demand and price will continue to rise. Many investors are targeting alternative energy production methods as one of the next high-growth industries. One of those methods of generating power is utilizing the sun’s energy. Solar panels are nothing new and have been around since the 1950s. Today, we harness the sun’s energy on a much larger scale. Solar parks with tens of thousands of solar panels are worldwide, generating enough energy to power entire cities. This article will discuss investing in SolarCity stock and the solar industry in 2024.
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SolarCity Introduction (No Stock Symbol)
SolarCity was a solar energy generation company founded in 2006 in Fremont, California. Lyndon and Peter Rive, two brothers from South Africa, founded the company. While they were famously known as the founders of SolarCity, they are probably even more famous for being the cousins of Tesla CEO Elon Musk. Musk gave the Rive brothers the idea for SolarCity, but more on later. You might have noticed that I have been using past tense for SolarCity. That’s because the company no longer operates as SolarCity and has been defunct since November 2016. SolarCity introduced a new business model for solar energy companies when it was operating. Customers would owe nothing upfront but agree to a 20-year contract to purchase the energy created by SolarCity panels. The system was so successful that within a short period, SolarCity became the largest residential solar installer in the United States. Of course, when you sign customers on without taking any money upfront, the cost of installation and materials falls on the company. SolarCity quickly racked up over $1.5 billion in debt. That’s when the Rive brothers’ famous cousin came to the rescue.
Who Acquired SolarCity?
Elon Musk’s company, Tesla, acquired SolarCity in 2016. SolarCity was integrated directly into the company and now operates under the Tesla Energy umbrella. This segment includes the Tesla Power Walls and battery energy storage products. Tesla acquired SolarCity for $2.6 billion in a controversial deal. Not only was SolarCity in financial trouble, but the relationship between the Rives and Musk did not sit well with some. Despite this, more than 85% of shareholders approved the deal, allowing it to pass. By June 2017, both Rive brothers had left SolarCity. Tesla would run into some similar issues to those of SolarCity, and by 2019, the company had seen a dramatic decline in sales. Unfortunately, this meant many SolarCity staff who came with the acquisition were released.
Can I Buy SolarCity Stock?
Not in 2024! Before Tesla acquired SolarCity in 2016, it was a publicly traded company. SolarCity traded under the ticker symbol SCTY on the NASDAQ exchange. When Tesla acquired the company, SolarCity’s stock stopped trading publicly, and shareholders were awarded Tesla stock in exchange. Considering how well Tesla stock has done since 2016, it was probably a decent tradeoff for SolarCity investors. So, to answer your question, no, you cannot invest in SolarCity stock anymore because the company no longer exists. The closest thing you can do is to invest in Tesla stock or other solar industry companies.Are you wondering which solar stocks you should consider in 2024? I’ve got you covered in the following section!
SolarCity Stock Competitors
Solar stocks have taken a hit over the past few years. Residential solar demand has fallen due to a struggling economy and higher interest rates. As interest rates come back down and the economy settles, we should see an increase in consumer demand. So, does that make solar stocks a good investment?I’m not sure if I’m ready to call them a great investment, but you’re certainly buying low in an industry with the potential for massive growth in the future. Here are my choices for the best solar stocks to buy as a SolarCity stock alternative.
1. First Solar (NASDAQ: FSLR)
First Solar is an American manufacturer of solar panels and other alternative energy infrastructure. The company also has an extensive program that helps to recycle and reuse end-of-life panels. It was founded in 1999 and is one of the largest pure solar companies in the world, with a market capitalization of more than $24 billion. First Solar has manufacturing facilities worldwide and serves customers on nearly every continent. The stock is a component of the S&P 500 index and part of many clean energy ETFs. Over the past five years, shares of First Solar have returned a market-beating 238%. Since First Solar went public in 2006, the stock has returned more than 750% to shareholders. If the solar industry rebounds over the next few years, First Solar will be one of the primary beneficiaries. It’s a good SolarCity stock alternative.
2. Enphase Energy (NASDAQ: ENPH)
Enphase is an American solar technology company that manufactures and sells solar micro-inverters. These devices convert DC energy from solar panels to grid-compatible AC power. Founded in 2006, Enphase already has a worldwide customer base, and its products sell in more than 140 countries. Enphase has also produced residential solar power systems that include software for users to control power usage throughout their homes. It is a revolutionary technology and one company that I have always had my eye on when the solar space has been hot. The company went public in March 2012 on the NASDAQ exchange. Over the past five years, shares of ENPH have returned 344.5% to shareholders, which easily beats the returns of the benchmark S&P 500 index. Those returns are impressive, especially considering that the stock has lost more than 11% over the past year of trading. Enphase is also a component of the S&P 500 and has a current market cap of over $15 billion. Therefore, consider this to SolarCity stock.
3. NextEra Energy (NYSE: NEE)
NextEra Energy is an American company focusing on fossil fuels and renewable energy sources. It is the largest energy company in the United States by market cap, with a current value of more than $164 billion. NextEnergy started in 1984 as the FPL Group in Juno Beach, Florida. The company serves customers in the United States and Canada and brought in more than $28 billion in annual revenue in 2023. NextEra focuses on producing and storing energy from natural gas, oil, solar, wind, and hydro sources. The stock has not produced the same high-growth gains as Enphase and First Solar. NextEra is an established, blue-chip energy company that is a component of the S&P 100, S&P 500, and the Dow Jones Utility Average (DJUA). Over the past five years, shares of NEE have returned a total of 45% to shareholders. Since its inception, NextEra stock has provided shareholders a total return of 3,189%. Shares of NEE pay a quarterly dividend to shareholders with a current yield of 2.58%. It is a certified Dividend Aristocrat and has raised its dividend for thirty consecutive years.
4. Brookfield Renewable Partners (NYSE: BEP)
Brookfield Renewable Partners is a limited partnership mainly owned by Brookfield Asset Management Company (NYSE: BAM). This partnership owns and operates renewable energy infrastructure such as hydroelectric plants, wind farms, and solar panel parks. At the end of 2023, Brookfield Renewable Partners owned over 6,800 renewable energy facilities across 20 countries. BEP’s stock has been fine but has only returned about 25% over the past five years. The company went public in 2011 due to a restructuring and merger of Brookfield’s renewable energy properties. As of September 2024, BEP is paying shareholders a generous dividend yield of 5.93% each quarter.
Is There a Solar ETF?
Yes! There are several solar ETFs that you can invest in from companies like iShares, Invesco, and Global X. The largest solar ETF is the Invesco Solar ETF (NYSE ARCA: TAN), which has more than $976 million in assets under management (AUM). This ETF holds Enphase, First Solar, and 37 other solar-based stocks from domestic and international markets. As of 2024, TAN ETF does not pay a dividend to shareholders.
Final Thoughts: SolarCity Stock
The solar industry has had a tough couple of years. Higher interest rates and inflation have reduced consumer demand for solar panels and residential power systems. There is no denying the benefit that solar power has for the world. It is a cheap and nearly endless power supply that can help replace our reliance on fossil fuels. SolarCity was a company that revolutionized the selling of residential solar systems. Elon Musk’s cousins started the company, later acquired by his company, Tesla. Tesla absorbed SolarCity and now makes up a major part of its Tesla Energy segment. After the acquisition, SolarCity ceased trading on the stock market, and its stock was de-listed. If you want to invest in SolarCity stock today, the closest you can do is buy shares of Tesla (NASDAQ: TSLA). If you enjoyed this article, check out our trading community at BullishBears.com!
Frequently Asked Questions
Is SolarCity Still a Public Company?
Tesla acquired SolarCity in November 2016, and at that time, it stopped trading on the stock market. Since Tesla absorbed the company, previous SolarCity shareholders provided Tesla stock as compensation for the buyout.
Does Elon Musk Still Own SolarCity?
Elon Musk never owned SolarCity when it was a publicly traded company. Today, you can say that Musk has owned SolarCity since Tesla acquired the company in 2016.
Why Did Tesla Acquire SolarCity?
Elon Musk has always been a fan of renewable energy and green power. He believed that acquiring SolarCity would help Tesla expand to become a clean energy company and not just an EV maker. Tesla Energy made over $6 billion in revenue in 2023.
Is Tesla Energy Successful?
Tesla Energy has become a successful part of the larger company, bringing in more than $6 billion in revenue in 2023. The division is growing rapidly, and much of it has to do with the technology acquired from SolarCity when it was acquired.
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