On tonight's Mad Money, Jim Cramer noted Borg Warner Inc. (NYSE: BWA) as a company that can actually win on the "green movement." This is an auto parts and power trains applications company, certainly not something that would normally be thought of as a "green investment." But the company is working on developing more environmentally friendly products, and currently has a $1.7 billion backlog and the orders are still accelerating. Before you follow Cramer blindly, you should know that this may be true that the company has "lower emission" parts than others, but it looks like he is out picking the auto parts players that are still standing and close to highs more than a true "green investment" pick.

Once again, there are safer ways (safe being relative to diversification only) to play alternative energy ("alt-en"). A few names I have looked at for exposure to alternative energy and that I feel better about are actually what I call the "alt-en" ETFs, and these may offer you a safer mix of companies since some of the holdings are diversified and have many different operations. The PowerShares WilderHill Clean Energy ETF (AMEX: PBW), PowerShares Cleantech ETF (AMEX: PZD), and PowerShares WilderHill Progressive Energy Portfolio (AMEX: PUW) will all give some alternative-energy sector exposure that won't as easily rip apart your wallet if you make the wrong pick. ETFs will not give you the upside potential of a single speculative play, but if you've been doing this long enough, you already know how painful picking the wrong name in the right sector can be. Alt-en ETFs give you exposure to the sector without the company-specific risk.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.