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3 Clean Energy ETFs for 2023

When Warren Buffett talks, it’s time to listen. So with Berkshire investing in solar companies, it’s time to look at these clean energy ETFs.


In his latest annual letter to his Berkshire Hathaway shareholders, super investor Warren Buffett said, “Berkshire will always be building,” and that bodes well for some energy names as well as a few clean energy ETFs.

We know that’s true as since he bought Berkshire in 1965, he has assembled a diverse group of more than 70 companies in the Berkshire portfolio, as well as partial ownership in hundreds more.

Buffett built his reputation by buying companies that he believed were undervalued, in terms of today’s numbers. And with a 20% annual return over those 57 years—just like the old commercial said, “When E.F. Hutton talks, people listen,” I feel the same way about Buffett. When he buys into a new stock or sector, my ears are wide open.


So, when he mentioned that energy—that is, Berkshire Hathaway Energy (Energy)—in his annual report, I took note. He said Energy was Berkshire’s fourth “giant” investment engine, after its investments in Apple (AAPL), BNSF Railway, and National Indemnity, the company’s property and casualty insurance business, the latter two being private companies.

Buffett bought Energy in 2000, a time when it had little or no clean energy investments. That has changed dramatically, with Buffett saying the company’s income has grown by 30 times since its acquisition, mostly due to clean energy projects, primarily in wind and solar transmissions in the U.S.

As of the end of 2021, Energy had invested $6.7 billion in solar projects, two of which are among the largest projects in the U.S. In California, Energy’s Renewables segment plans to complete a demonstration project to produce battery-grade lithium carbonate planned to be online in spring 2023, with construction of the first commercial plant beginning as soon as 2024. And the company also has significant investments in wind and geothermal energy projects.

What caught my eye is Buffett’s investment in solar. In the past few years, solar stocks have mostly gone sideways, as you can see in the following chart of the MAC Global Solar Energy Index (SUNIDX), although they recently have picked up a little momentum.

CWD 2-3-23 solar-index.png

Supply chain disruptions have slowed the growth of renewable energy in the U.S. since COVID. And trade policy uncertainty and rising inflation have also hurt the industry. However, renewable experts are predicting that growth in 2023 will pick up, as a result of clean energy incentives and tax credits in the Inflation Reduction Act (IRA), as well as growing demand. Here’s the current forecast for the expansion of clean energy into 2050.

CWD 2-3-23 Renewable Energy Outlook.jpg


I like what Buffett is buying, but the price of Berkshire Hathaway stock—at $472,115.00 is outside my reach, so I decided to “go shopping” for some solar ideas.

As in any industry in which I feel like I know just enough to hurt myself, I tend to stay away from individual stocks—just too speculative for me.

That’s why I decided to take a look at the clean energy ETFs, as their diversification among companies will somewhat limit my risk.

I reviewed about 10 renewable energy ETFs, focusing primarily on solar, and came up with three that I think are worth considering.

3 Clean Energy ETFs Worth Considering

Price ($)
Expense Ratio (%)
Analyst Rating

Invesco Solar ETF (TAN)

Strong Buy

iShares Global Clean Energy ETF (ICLN)

Strong Buy

Invesco Global Clean Energy ETF (PBD)


Following are the top 10 holdings of each ETF:

Invesco Solar ETF (TAN)

NameSymbol% Assets
Enphase Energy IncENPH11.34%
SolarEdge Technologies IncSEDG10.01%
Sunrun IncRUN7.18%
Xinyi Solar Holdings Ltd9686.88%
First Solar IncFSLR6.21%
Daqo New Energy Corp ADRDQ3.53%
Shoals Technologies Group IncSHLS2.93%
GCL-Poly Energy Holdings Ltd38002.63%
Hanwha Solutions Corp009830.KS2.61%
Sunnova Energy International IncNOVA2.56%

iShares Global Clean Energy ETF (ICLN)

NameSymbol% Assets
Enphase Energy IncENPH11.20%
First Solar IncFSLR6.21%
SolarEdge Technologies IncSEDG6.07%
Vestas Wind Systems A/SVWS5.50%
Consolidated Edison IncED5.43%
Plug Power IncPLUG5.18%
NextEra Energy IncNEE4.29%
Xcel Energy IncXEL4.18%
Enel SpAENEL.MI4.02%
Iberdrola SAIBE.BC3.96%

Invesco Global Clean Energy ETF (PBD)

NameSymbol% Assets
Ganfeng Lithium Co Ltd17721.21%
Ecopro BM Co Ltd Ordinary Shares247540.KS1.15%
SK Ie Technology Co Ltd361610.KS1.15%
Solarpack Corp Tecnologica SASPK.BC1.11%
West Holdings Corp14071.07%
JinkoSolar Holding Co Ltd ADRJKS1.04%
RENOVA Inc95191.04%
Flat Glass Group Co Ltd Shs -H- Reg S68651.02%
Enphase Energy IncENPH0.99%
Nordex SENDX1.DE0.97%

As you can see, there are quite a few foreign stocks held in each of these ETFs, which tends to make them more speculative. So, please review each holding carefully to decide if any of these ETFs match your personal investing strategy and risk profile. And if so, may your investing days become increasingly sunny!


Nancy Zambell has spent 30 years educating and helping individual investors navigate the minefields of the financial industry. She has created and/or written numerous investment publications, including UnDiscovered Stocks, UnTapped Opportunities, and Nancy Zambell’s Buried Treasures under $10. Nancy has worked with for many years as an editor and interviewer for their on-site video studios.