Investors hoping to ride the climate change bandwagon have had a roller coaster ride over the past two years. Greentech stocks soared with the oil spike in 2007 and 2008, then crashed with stock market and commodity price declines in 2009. Since then, some of the most obvious stock plays have strongly rebounded. Many solar stocks have posted high double-digit gains since rebounding off year-to-date lows in March 2009.

The leading solar panel manufacturer, FirstSolar (NASDAQ: FSLR) has appreciated by 45% from lows of near $100 to a closing price of $154 on October 14. "I wouldn't be stepping into buying these stocks right now," says Pacific Crest senior analyst Mark Bachman, who covers solar stocks. Still, he rates FirstSolar as a market perform and considers it the best solar stock at present on his coverage list.

"A smart grid is one of the holy grails of 'green' technology, enabling utilities to deliver resources when and where they're needed and reduce resources when they're not," says Brendan Coffey.

In The Cabot Green Investor, he explains, "There are larger companies in the smart metering arena, but Echelon (NASDAQ: ELON) has posted some significant wins in the marketplace recently and appears primed to generate more."

"Right now, grids are set up to provide as much power as needed at peak times, all the time. Studies show that when customers are part of a smart grid, and have more information to reduce energy usage, demand is slashed by up to 50%, particularly in areas where rates are discounted depending on the time of day.

"If there was ever a stock we can hold for a few years, natural gas company Chesapeake Energy (NYSE: CHK) is it," says Ian Wyatt. Here's the latest from his Top Stock Insights.

"Chesapeake Energy is the largest independent natural gas company and most active driller of wells in the US. Its operating activities include the onshore exploration and production of natural gas.

"The Obama administration is keen on achieving energy independence for the US. Natural gas is a good option for energy, since it is inexpensive, clean and domestic. I believe the administration will continue to push natural gas as an alternative to oil, and create incentives for the industry.

General Electric Company (NYSE GE) plans to ramp up its solar power division. GE already has a foot in the market, but up to this point it has produced only $200 million in sales.

GE made a minor acquisition in the solar field with the purchase of Astropower, and it acquired a stake in PrimeStar Solar. Now GE is taking a long-term view of the energy market and sees it as a multi-billion dollar industry. Jeff Immelt, GE's chief executive officer, told the Financial Times that energy was "clearly one of the big industrial businesses filled with what I would call seismic change, whether it's clean energy or scarcity of resources."

"Itron (NASDAQ: ITRI), which is involved in the build-out of smart grids -- has been our radar screen for awhile," says growth stock expert Toby Smith.

In his ChangeWave Investing, he suggests, "As the top supplier of smart meters and meter infrastructure for the electricity industry, Itron is by far the best-positioned company for the smart grid build-out."

"The build-out of smart grids employs technologies that deployed across an energy grid which allow greater efficiency and flexibility during energy distribution and transmission.

"The cool thing about smart grids is that they are capable of isolating and better managing power outages and disruptions, integrating local power generating equipment, and avoiding electricity congestion or bottlenecks.

The U.S.'s country & western culture has a saying that goes, 'I was country, before country was cool.'

Well, billionaire oilman T. Boone Pickens was "bullish on oil, before being an oil bull was cool." And, despite the bursting of the leverage-influenced oil bubble, during which oil plunged from $147 to below $40 in less than a year, Boone-Pickens is still bullish on oil, long-term.

"The solar sector has been notably weak, including First Solar (NASDAQ: FSLR)," says Stephen Leeb. Despite the setback, the editor of The Complete Investor rates the stock a high risk buy.

"First Solar is one of the few whose earnings outperformed consensus estimates: its fourth-quarter results reported yesterday after the market's close were nearly 25% better than estimates.

"First Solar made $1.61 per share this past quarter; Wall Street was expecting $1.30 per share. Revenues were also ahead of estimates, although the company reduced 2009 revenue estimates by about 10%, citing short-term credit concerns for customers.

"American Superconductor (NASDAQ: AMSC) should benefit from an update of the nation's power grid," says Jim Powell.

Here, the editor of Global Changes & Opportunities Report reviews this leading manufacturer of more efficient high temperature superconductor-based wires and cables.

"I've been writing about infrastructure stocks ever since it became apparent that big federal spending programs were on the way. I believe American Superconductor will perform very well. In fact, its price has already started to rise.

"American Superconductor is not yet profitable. However, the company is well past the development stage. AMSC makes high temperature superconductor (HTS) wires and cables that carry as much as 150 times the current as conventional products of the same weight and diameter.

"President Obama has stated that he's been studying Roosevelt's first 100 days and the way out of the current economic mess will look a lot like the New Deal," says David Fessler.

The advisory panelist for The Oxford Club explains, "Seventy-five years after Roosevelt's inauguration, I think we will soon see President Obama get the ball rolling on his version of the New Deal, focused on two very specific areas: energy and infrastructure." Here, he looks at stocks poised to benefit.

"Saving energy will be one of his first initiatives. It's what will give us the quickest bang for our buck. Better insulation in homes, programmable thermostats, fluorescent bulbs, more fuel-efficient cars, energy management systems for use in larger-scale commercial buildings and beefed-up public transportation are just a few of the ways to save energy.

"The government will likely offer attractive tax incentives to rally support. So who stands to prosper from such initiatives?

"Big blue-chip companies, like Owens Corning (NYSE: OC), maker of insulated glass and building insulation; General Electric (NYSE: GE), manufacturer of wind turbines, energy control and infrastructure products; and Johnson Controls Inc. (NYSE: JCI), maker of energy management systems (for buildings and vehicles) and hybrid vehicle batteries.

Shares of First Solar (NASDAQ: FSLR) have been pummeled this week, as analysts, starting with Citigroup (NYSE: C), downgrade the stock.

Previously, the stock had enjoyed high ratings, generally in the Buy or Accumulate range. With Citi leading the way, other analysts have followed suit with rating reductions.

Citi cited concerns regarding the amount of solar panel inventory waiting to be absorbed, along with worries about future demand.

By some estimates, only 10% of the solar panels in inventory at the end of the year will be taken up by the anticipated increased demand generated from the adoption of the Obama energy proposals. An additional 20% reduction of inventories is projected to result in 2010.

The market is not distinguishing among the companies in the solar panel manufacturing business. Regardless of the strength of an individual manufacturer, all are being treated with the same lack of enthusiasm by analysts and investors. A closer look at First Solar suggests that this should not be the case.

First Solar is a leading designer and manufacturer of solar modules using thin-film semiconductor technology, which converts sunlight to electricity. Based in Phoenix, Ariz., First Solar has long-term supply contracts with 12 European project developers and systems integrators.

The solar module industry has come into recent criticism for its impact on the environment. Concerns are being raised that the eventual disposal of solar panels will result in the emission of large amounts of greenhouse gasses as the semiconductors disintegrate.

First Solar, however, has established a model for extended producer responsibility, which creates an obligation of the producer to have policies and practice to ensure that the company takes responsibility for environmental consequences from cradle to grave. The company provides the purchaser of its products with a guarantee to take back all its panels at the end of their useful life.

First Solar has received acclaim for building concern for environmental impact into all phases of the manufacturing and recycling of its products.

FSLR stock is trading around $142 per share. Shares had rallied last week to $165 per share on the heels of President-elect Obama's energy proposals. The stock had increased in price by 76% from its 52-week low, and was approaching its 12-month target price of $167.70.

The sell-off of FSLR has been greatly overdone. The company's balance sheet is strong, with a long-term debt-to-equity ratio of 0.10 and a current ratio of 3.23. The 21.84% on equity should also be of comfort to investors.

An additional plus for FSLR is the likelihood of a push to solar energy as part of the job stimulus program of the new administration.

Louis Navellier's PortfolioGrader Pro, which rates Wall Street stocks, rates FSLR a B or Buy.

Jamie Dlugosch is a contributor to NavellierGrowth.com.

One of Obama's top priorities is making our nation energy independent with alternative energy. A barrel of oil trades in the $60s and has been coming down for awhile. But over time, energy will probably rise. If our country can build energy independence, it creates jobs, helps our national security and stops the dramatic wealth transfer to potential enemies of our country.

If Obama does what he promises, there will be more investments in the alternative energy field. Instead of trying to pick the best stocks and learn all about these companies, you can own one stock, an ETF (exchange traded fund) that is a basket of the top companies in this sector.

The Market Vectors Global Alternative Energy ETF (NYSE: GEX) is a low cost way to play alternative energy. GEX is built around an index developed by Ardour Global which includes companies that generate power through eco friendly and non-traditional sources. It started the year at $60.45 and has corrected down to $23.27 today.

"Our hope is that the new administration decides to fund 'the future'," says Sean Broderick. In Money and Markets he looks to some favored exchange traded funds offering long-term investors exposure to alternative energy, wind power, electric cars and the rebuilding of our nation's infrastructure.

"We need an efficient power grid that can carry renewable energy -- solar from the Mojave Desert and wind from the Great Plains -- to the population centers of the U.S. Too bad our power grid is 100 years old and falling apart at the seams. And demand is growing every year.

"In addition, we need more railroads for an energy independent America. Building those lines is a good bottom-up way to boost the economy. And we need an electric car program.

"I'm talking about developing mass-market battery-powered cars (hybrid or plug-in) that achieve at least 100 mpg of gasoline on new fleets by the year 2015.

"These three programs have one thing in common: Good American jobs that can't be shipped overseas. If you want to jump-start the economy, that's a 1-2-3 that might work.

Over 32 years, the portfolio in The Oberweis Report has returned an average gain of 21.2% a year vs. 7.9% for the S&P 500. Here, money manager and newsletter advisor Jim Oberweis, Jr. looks at Suntech Power Holdings Ltd. (NYSE: STP).

"Long-term results notwithstanding, 2008 has been humbling, to say the least. No other year in our history has been as challenging.

"But in our experience, the most favorable buying opportunities tend to fall after a period in which the market has not performed well.

"Although year-by-year results can be volatile, disciplined investors who remain fully invested in a portfolio of high-growth equities selected using our methodology have historically achieved an exceptional average rate of return over long periods of time.

"Suntech Power Holdings Co., Ltd is one of the leading solar energy companies in the world as measured by production output of photovoltaic, or PV, cells, with leading positions in key solar markets such as Germany and Spain.

This post is part of a series in which TheStockAdvisors.com asked financial experts to name their top stock pick if McCain or if Obama wins the election.

"An Obama presidency would likely mean more to the alternative energy industry than any other factor to date; to benefit from an Obama victory, we would buy Market Vectors Global Alternative Energy (NYSE: GEX)," says Paul Tracy, editor of The Street Authority Market Advisor.

"Obama's 'New Energy for America' plan will aim to put 1 million plug-in hybrid cars on the roads by 2015, reduce greenhouse gas emissions by 80% by 2050 and ensure 25% of our electricity comes from renewable sources by 2025.

"Obviously, to enact such a bold plan would take a massive investment and mean billions for companies involved in the still-fledgling alternative energy field.

"And while investors can certainly pick and choose between individual companies with exposure to the sector, several ETFs have popped up that offer broad exposure to the industry. In particular, I like Market Vectors Global Alternative Energy.

"With this ETF, shareholders have a healthy stake in hydroelectric power generators, solar cells, as well as some exposure to gasoline alternatives such as ethanol and fuel cells.

"GEX shies away from micro-cap companies with unproven business models and loads up on larger, more-established players -- more than half of its assets are invested in companies with market caps of $6 billion or greater.

This post is part of a series in which TheStockAdvisors.com asked financial experts to name their top stock pick if McCain or if Obama wins the election.

"John McCain has said that nuclear power must be part of a plan to address climate change and reduce our dependence on foreign oil; to benefit from this plan, buy Shaw Group (NYSE: SGR), which constructs and maintains nuclear power plants," says Paul Tracy in his Street Authority Market Advisor.

"Today, nearly half of U.S. electricity is created via conventional coal-fired plants. This made sense for us for decades -- coal is so cheap and plentiful here that the United States is often referred to as the Saudi Arabia of coal.

"However, in the past few years, the tide of public sentiment has shifted against the energy source. Primarily this is due to the emissions created by burning coal for electricity.

"In addition to the well known release of carbon dioxide, coal emissions also contain traces of mercury. On top of that, the rise of China and other emerging markets has led to higher costs for coal.

"So with a public that is increasingly interested in alternative sources of electricity and a president who is committed to increasing nuclear power usage, the companies that build and maintain nuclear plants sit in the perfect position to benefit.

"In particular, I think Louisiana-based Shaw Group is a stock to watch. SGR's largest end market is the construction and maintenance of power plants, including both plants fired by fossil fuels and nuclear facilities.

"The company also owns a 20% stake in Westinghouse Electric, one of the world's leading designers and builders of nuclear power plants.