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One of the largest office buildings in the world is going solar, a move that could help provide a boost in interest in solar stocks.
What Happened: While clean energy continues to be a topic among politicians, investors and analysts, the sector saw declines over the past year with solar stocks getting hit hard.
Recent news involving the Pentagon, which is one of the world's largest office buildings, could put a spotlight on solar and cost savings.
The U.S. Department of Defense is set to install rooftop solar panels for the Pentagon in Washington, D.C., as part of a new clean energy plan from the Biden administration, as reported by Electrek.
The new plan hopes to "reestablish the federal government as a sustainability leader."
Along with the rooftop solar panels, the Pentagon is also installing solar thermal panels and a heat-recovery heat pump system.
According to the report, the new solar initiatives could help the Pentagon see an annual cost reduction of $1.36 million.
The Pentagon, which is more than 6.6 million square feet, will have 95% of space heating and hot water heating powered by solar initiatives.
"By rethinking how we generate, distribute, and use energy, DoD is making our installations more resilient, better securing our critical infrastructure, and saving money — a win for warfighters and taxpayers alike," Deputy Secretary of Defense Kathleen Hicks said.
Electrek notes that Jimmy Carter had solar water panels installed on the White House when he was President. Ronald Reagan later had them removed when he was president.
Related Link: A House Equipped With Tesla Solar Roof Earns $350 A Month For Owner
Why It's Important: The U.S. Department of Energy's Assisting Federal Facilities with Energy Conservation Technologies (AFFECT) program will see 31 federal facilities receive $104 million in grants for clean energy projects, including the Pentagon.
While no companies have been named to work with the Pentagon on the solar energy initiative at this time, the sector could see a lift from the attention and more federal government projects involving solar.
Here's a look at some of the top solar stocks and their one-year price change:
First Solar Inc (NASDAQ:FSLR): -13%
SunPower Corp (NASDAQ:SPWR): -82%
SolarEdge Technologies Inc (NASDAQ:SEDG): -76%
Sunrun Inc (NASDAQ:RUN): -50%
Enphase Energy Inc (NASDAQ:ENPH): -54%
Solar ETFs have also fallen sharply over the past year with the Invesco Solar ETF (NYSE:TAN) down 45% and the Global X Solar ETF (NASDAQ:RAYS) down 48%.
Known best for its electric vehicles, Tesla Inc (NASDAQ:TSLA) is also a leading solar company and could be one to watch with increased attention put on the sector. The company deployed 49 MW of solar in the third quarter.
Tesla is exploring ways to use its solar panels to help other countries and low-income housing. The company could look to take advantage of a surge in demand for solar initiatives from the U.S. government.
While the Biden administration and Tesla CEO Elon Musk haven't always been friendly, the company is still one to watch for increased solar deployment in the country.
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