Image Source: UnsplashThe use of solar energy in power grids is still a strong component concerning the future of alternative energy. Although the concept of solar energy has been around for centuries, technological advancements to make this renewable energy form more affordable in mass production remain in its early stages.Naturally, a more stable inflationary environment is critical for solar industry stocks and many of these equities look poised for an extended rebound with potential rate cuts looming this year.Nextracker Inc. (NXT – Free Report)With it being noteworthy that the Zacks Solar Industry is currently in the top 28% of over 250 Zacks industries, Nextracker’s stock could certainly have more upside. Sporting a Zacks Rank #1 (Strong Buy), Nextracker’s integrated solar trackers and software solutions enable solar panels in utility-scale power plants to follow the sun’s movement to optimize production.Nextracker’s top and bottom line expansion is very intriguing with total sales projected to climb 28% in fiscal 2024 and jump another 17% in FY25 to $2.85 billion.Image Source: Zacks Investment ResearchMore impressive, annual earnings are expected to skyrocket to $2.65 per share this year versus $0.24 a share in 2023. Even better, FY25 EPS is forecasted to leap another 22%. Plus, earnings estimate revisions have risen sharply for both FY24 and FY25 over the last 60 days which attributes to Nextracker’s strong buy rating.Image Source: Zacks Investment ResearchFirst Solar (FSLR – Free Report)As the world’s largest provider of solar modules, First Solar’s stock has become more attractive and currently sports a Zacks Rank #2 (Buy).Trading 36% from its 52-week highs, First Solar’s stock currently trades at a very reasonable 10.8X forward earnings multiple with annual EPS projected to soar 75% in FY24 to $13.55 compared to $7.74 a share last year. Better still, FY25 EPS is forecasted to climb another 56% to $21.16 per share with First Solar’s increased profitability fueled by projections of high double-digit percentage growth on its top line as well. Image Source: Zacks Investment ResearchOther Solar Stocks to WatchTwo other solar industry stocks to watch are Canadian Solar (CSIQ – Free Report)  and Enphase Energy (ENPH – Free Report)  which both land a Zacks Rank #3 (Hold). Trading near its lows of just under $20 a share, Canadian Solar is a leading manufacturer of solar modules and battery energy storage solutions while Enphase Energy’s stock is 52% from its highs and is a prominent global provider of energy management technology for the solar industry.While there could still be better buying opportunities ahead, Canadian Solar and Enphase Energy are both profitable and expecting a significant rebound in their bottom lines in FY25.More By This Author:Bear of the Day: FMC3 Stocks To Buy For Decreased Volatility Battle Of The Super AI Chips: Time To Buy Nvidia Or AMD’s Stock?