10 Cheap Energy Stocks to Buy Now

4. First Solar, Inc. (NASDAQ:FSLR)

Forward P/E Ratio as of May 11: 9.01

Coming at number 4 on our list of Cheap Energy Stocks to Invest in is First Solar, Inc. (NASDAQ:FSLR), a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules. FSLR is unique among the ten largest solar manufacturers in the world for being the only US-based company and not manufacturing in China.

First Solar, Inc. (NASDAQ:FSLR) remains focused on manufacturing a proprietary, advanced thin-film module, which can perform better than competing silicon modules in less-than-ideal conditions, such as low light and hot weather. Its panels are also larger in size, reducing the cost per watt and making them ideal for utility-scale projects.

First Solar, Inc. (NASDAQ:FSLR) had a difficult Q1 2025 as its EPS of $1.95 missed expectations by a hefty $0.6. The company’s revenue of $844.57 million, though in-line with market estimates, was down sharply from $1.5 billion in Q4 2024, primarily due to ‘an anticipated seasonal reduction in the volume of modules sold.’ That said, FSLR maintains one of the strongest balance sheets in the solar industry, with $0.4 billion in net cash at the end of Q1. The company expects to close 2025 with $700 million – $1.2 billion in net cash, giving it flexibility to continue innovating its thin-film solar modules and expand its manufacturing capacity.

The share price of First Solar, Inc. (NASDAQ:FSLR) plunged recently after its CEO, Mark Widmar, stated that the scale and depth of President Donald Trump’s tariffs were unexpected and posed a ‘significant economic headwind’ to the company’s manufacturing facilities. As a result, the company has had to cut its FY 2025 earnings and revenue forecasts. FSLR has also now been downgraded by several analysts, since Wall Street previously viewed the solar energy firm as the best-positioned company in the industry to weather tariffs because it has invested in domestic manufacturing facilities.