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With analysts on both sides of the oil argument trying to convert energy bulls to their point of view, energy investors may feel a bit confused…

“Which should I believe? $30 oil or $80 oil?”

No, I have to say, I'm a staunch oil bull, and would love to tell you we're gonna hit $80 before we hit $30, but that defeats our purpose today, and only serves to perhaps confuse you more.

Instead, I'd like to turn you on to alternative investments for energy bulls.

I've long been a proponent of green energy and environmental technologies. I've been called a tree-hugging liberal, and told where I can put my green energy investments. For a while there, my philosophy was backed only by principle and long-sighted logic.

One day we will run out of oil and other fossil fuels, or at least run low enough for these conventional fuels to be too expensive to use.

But that's a concept that might not come to fruition until 50 or 100 years from now -- depending on whose theory you're reading. That hasn't stopped a new trend of clean technologies and renewable energies from forcing their way into energy's mainstream. In fact, renewable energy is quickly becoming one of the most lucrative sectors for venture capitalists.

In 2006, the Cleantech Venture Network saw a 45% increase in its cleantech investment category over 2005. Investments from North America and Europe totaled $3.6 billion.

But get this -- 72% of that was invested in energy-related technologies… double the amount invested in 2005.

I don't have to stand on just principle alone.

Renewable Energy Investing: Cash In with Clean Energy

This trend is sure to continue, particularly with a Democratic Congress and worldwide interest in global warming and climate change.

With states instituting carbon emission caps and legislating mandatory reductions in greenhouse gases (see California and Minnesota), businesses using clean technologies or renewable energy will certainly benefit. They may even get preferential treatment in the form of tax breaks or subsidies, or even grants.

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You can expect a range of companies to perform very well in the next five years. I recommended an industrial filter manufacturer, CECO International, Inc. (CECE:NASDAQ) in Material Profits in mid January. We exited the play in mid February with more than 22% gains.

Wind and solar companies will also become more mainstream. Several may even become buyout targets for conglomerates like General Electric (GE:NYSE) or Siemens AG (SI:NYSE).

Basketed investment vehicles, like the PowerShares Wilderhill Clean Energy ETF (PBW:AMEX) and the New Alternatives Fund (NALFX), are a great way to take advantage of the renewable energy investing trend without having to sift through tons of tiny companies to find that one gem.

Renewable Energy Investing: The Companies

But if you are looking for a couple good companies to keep an eye on, here are several:

Gamesa Corporación Tecnológica S.A. (GCTAF.PK)
Abengoa (ABG:MCE)
Evergreen Solar (ESLR:NASDAQ)

Watch for a pullback in Siemens AG. The stock is getting a bit toppy. I really like the company, though, and if it pulls back far enough, I may even recommend it. Perhaps at the $95-100 level?

That's still awfully expensive, but you could also take advantage of this company through buying options.

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Related Articles:
Vive la France: It's one of the biggest renewable energy acquisitions that I've ever seen.
35 Billion Gallons by 2017: G.W. seeks to lower our gasoline consumption by 20% in the next ten years.
Nuclear and RE Fusion: Don't already think nuclear power is a form of alternative energy?

Related Resources:
Renewable Energy: Minnesota increases renewable energy sources target. - Reuters
California Caps Greenhouse Gases: Legislature passes landmark bill to limit gases linked to global warming. - MSNBC
Chicago Climate Exchange: CCX is the world's first and North America's only voluntary, legally binding rules-based greenhouse gas emission reduction and trading system.