Updated from July 23, 1:01 p.m. EDT

Investors have the potential to make fortunes in solar stocks as the world quickly moves towards alternative energy sources in the face of skyrocketing commodity prices. The solar industry has a number of strong factors moving its way that could lead to explosive growth, such as concerns about global warming, a pressing need to reduce energy costs and the need to cut dependence on foreign oil.

Legendary oil investor Boone Pickens is also behind the idea of solar energy as a viable alternative energy source. During an interview Monday on CNN, Pickens said, "You have resources from Texas west to California. You've got solar. Those two resources have to be developed." His focus on the space is sure to draw additional investor attention to solar plays.

Due to the recent market selloff in China, some of the Chinese solar names are beginning to look very attractive from a valuation perspective. Opportunities for money-making plays in solar stocks have never looked better.

For the rest of the article, including a detailed analysis of five solar stocks that could make investors a lot of money, please click here.

A note from James Altucher:

Every weekend I send an email to Jim Cramer and several hedge fund managers about the most interesting portfolios posted on Stockpickr that week. Usually those portfolios not only list stocks according to atheme but also offer significant analysis as to why the stocks are cheap.

Here are some examples:

Here's the challenge: Build a portfolio at Stockpickr.com with greatanalysis, and send me the link. Each great portfolio (with analysis)will get posted on TheStreet.com with your byline (as a "StockpickrGuest Columnist") and will be included in my email I send to Jim and the otherhedge fund managers on my list.

Stockpickr is a wholly owned subsidiary of TheStreet.com.