First Solar Inc.*, a company in both Green Century°’s Balanced Fund and Equity Fund, is the largest U.S.-based commercial solar panel manufacturer, known for its domestic production, innovation, and leadership in clean energy.
Green Century keeps you out of the most environmentally harmful companies through our customized screens and while none of our mutual funds focus on clean energy, they do contain some stock that does, such as First Solar.
In 2009, the Tempe-based Arizona company became the first solar manufacturer in the world to break the cost barrier of $1 per watt, a major achievement toward making solar energy economically competitive with fossil fuels. Today, First Solar continues to lead the charge toward making solar the dominant energy source.
Solar energy is now among the cheapest and quickest scaling energy in the world. Even in historically fossil fuel-reliant states like Texas, now the second-largest producer of solar in the U.S., this energy source is threatening fossil fuels’ dominance. Global investments in clean energy are expected to reach $2.2 trillion in 2025, double that of fossil fuels, illustrating that investing in renewables over fossil fuels is becoming a strategic financial choice.
As solar power takes off globally, First Solar has positioned itself at the forefront of the industry’s growth. The company is the solar supplier for many global energy powerhouses, including NextEra Energy, one of the world’s largest producers of renewable power. A key factor in First Solar’s success is its use of thin-film cadmium telluride (CdTe) technology, an easily recyclable material that lowers manufacturing costs, boosts performance, and reduces the panels’ carbon footprint. This innovation has played a major role in setting First Solar apart as a leader in the clean energy transition.
The company’s commitment to sustainability extends beyond producing solar panels. Their operations are considered world-class, earning it the #14 spot on sustainable economy publication Corporate Knights’ list of the world’s most sustainable companies, and #1 in the U.S. In 2024, the desert-based company addressed water scarcity concerns and recycled the equivalent of nearly 250 Olympic-sized swimming pools of water. Further, the company prioritizes recyclability for its products, currently achieving a 95% recovery rate of materials from recycled panels, compared to the estimated national average of just 10%. First Solar controls nearly every part of production from start to finish. This allows supervision of manufacturing processes, bolsters the American economy, and eliminates the volatility that comes with basing manufacturing abroad. A First Solar report found that for every one person it directly employs, the company’s economic ripples help support more than seven additional jobs across the economy. By 2026, it’s expected to support over 30,000 U.S. jobs and generate $2.8 billion in labor income annually.