And SolarCity is demonstrating that demand for solar panels is strong in the US. This could benefit other companies like First Solar ( FSLR ) too. In the second quarter of this year, utility-scale solar power demand rose 42% from the previous quarter, which is good news for stocks like First Solar.
SolarCity deployed 78 megawatts (MW) of capacity in its third quarter. This is well-above the previous guidance of 70MW – 77MW. Energy contracts were one-third higher compared to the previous quarter. And the firm has a healthy customer base of 82,235, with $1.737 billion in contracted payments remaining as of the end of September.
Bullishness for solar energy began in the summer and could continue. Short float for some solar stocks is high, ranging between 11% and 16.7%. As bears cover their short position, any more good news could potentially fuel shares higher. (Written by Chris Lau, a Kapitall Writer. All data sourced from Finviz.)