Tesla (NASDAQ:TSLA) has been some of the standard shares for the previous few years now. The corporate, based by Elon Musk, is revolutionary and has created a tonne of pleasure each from buyers and shoppers.

It’s been constantly rising its manufacturing, output, and gross sales, which is more and more producing investor curiosity. Simply this previous 12 months, it was even added to the S&P 500 index.

The corporate has undoubtedly been top-of-the-line performers over the previous few years. Nowadays, although, it’s gotten fairly costly, so buyers ought to take into account wanting elsewhere for progress.

One of many greatest causes Tesla has been so successful is as a result of buyers see the potential for electrical automobiles. The inexperienced power revolution is forcing each trade to adapt, and buyers see potential with electrical automobiles.

The automotive trade is notoriously aggressive, although. Ultimately, when most or all vehicles being produced are electrical, Tesla may face stiff competitors.

That’s why, fairly than Tesla, I feel buyers ought to look elsewhere. The identical underlying inexperienced revolution that’s inflicting a lot pleasure with electrical automobiles can be making a tonne of potential in different industries.

Corporations are more and more being judged on their Environmental, Social, and Company Governance scores. Moreover, authorities rules aimed toward defending the setting proceed to be instituted, reminiscent of carbon taxes. That is giving loads of inexperienced power shares main progress potential for many years to come back.

So, fairly than spend money on Tesla at this inflated valuation, listed below are two Canadian shares to purchase as an alternative.

A prime Canadian progress inventory to purchase as an alternative of Tesla

The primary inventory to think about is Xebec Adsorption (TSX:XBC). Xebec is among the highest-potential inexperienced power shares in Canada. Plus, the inventory has pulled again not too long ago, providing buyers a major low cost and making it much more engaging than Tesla as we speak.

The corporate builds gear for industrial corporations that helps rework naturally occurring gasses into hydrogen or renewable pure gasoline. Lately, it’s been making a tonne of acquisitions, particularly within the hydrogen house.

And on prime of all these acquisitions, it’s additionally introduced thrilling gross sales and partnerships for the longer term. One among its most enjoyable alternatives is a hydrogen order and collaboration with an American gasoline cell firm that may in the end energy gasoline cell electrical automobiles for Toyota.

This is only one instance, although. Xebec’s know-how will quickly be seen throughout varied industries, which is why the inventory has a lot potential.

A big-cap renewable power inventory

Relatively than Tesla, buyers also needs to take into account a extra conventional inexperienced power inventory reminiscent of Brookfield Renewable Companions (TSX:BEP.UN)(NYSE:BEP).

Brookfield is the most important renewable power inventory in Canada. It has an enormous world portfolio of high-quality belongings which are properly diversified.

Its vital dimension is a large benefit, giving Brookfield the potential to make main offers different, smaller corporations wouldn’t be capable of make.

It most not too long ago acquired a wind farm in Oregon with roughly 845 megawatts of producing capability. BEP plans to make massive investments within the wind farm and thinks it will possibly improve output by 25%, all with none interruptions. A majority of these value-added investments that Brookfield makes are what permits the corporate to see such robust long-term efficiency.

It’s constantly recycling money and searching for out acquisitions the place it will possibly add worth. That’s why this spectacular inventory is up greater than 50% within the final 12 months and over 200% within the final three years.

Backside line

Tesla has been some of the standard shares for buyers due to the long-term potential buyers see with electrical automobiles. This is identical potential different renewable power companies provide, although.

So, with Tesla value nearly $1 trillion in Canadian {dollars}, buyers ought to look elsewhere for progress. That’s why I’d overlook about investing in Tesla and take into account these two Canadian shares as an alternative.

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