Investors have the potential to make fortunes in solar stocks as the world quickly moves towards alternative energy sources in the face of skyrocketing commodity prices. The solar industry has a number of strong reasons that could lead to explosive growth like concerns with global warming, reduced energy costs and a need to cut the dependence on foreign oil.

Legendary oil investor Boone Pickens is also behind the idea of solar energy as a viable alternative energy source. During an interview Monday on CNN Pickens said, "You have resource from Texas west to California. You've got solar. Those two resources have to be developed." His focus on the space is sure to draw additional investor attention to solar plays.

Due to the recent market selloff in China, some of the Chinese solar names are beginning to look very attractive from a valuation perspective. Opportunities for money making plays in solar stocks have never looked better.

Here are the names of 5 solar stocks you have to buy today that could make investors some big money:

First up is Trina Solar (TSL). Trina is a China-based manufacturer of standard solar modules and multicrystalline solar modules. The company recently raised its second-quarter 2008 revenue estimates by 18% and said it’s on track to meet or beat full-year revenues estimates of $770 million to $808 million. The company’s ability to raise revenue guidance demonstrates it has operational momentum and is executing on its business model. The stock trades at a forward P/E ratio of 6 and is well off its 52-week high of $68.26. The stock also has a high short interest of 22% and small float of only 21 million shares available for trading. If the company continues to perform a major short-squeeze could be in the cards.

Another strong name in the solar energy complex is "best of breed" U.S.-based First Solar (FSLR). The company designs and makes photovoltaic solar modules using a thin film semiconductor technology process based on CdTe, to produce solar thin-film cells. The stock trades at a very rich trailing P/E of 100, but Wall Street has awarded the company with a higher valuation due to its ability to crush earnings and revenues estimates. Collins Stewart analyst Daniel Ries recently upgraded the stock from hold to buy and raised his estimates for 2009 to $2.174 billion in sales and $7.24 a share in profit. Ries thinks the stock is heading to $320 a share. It’s worth noting that one of the largest hedge funds in the world, New York-based D.E. Shaw Group, holds a 1.8% stake in the stock. Fortune magazine described D.E. Shaw as the most intriguing and mysterious forces on Wall Street.

Next up is Canadian Solar (CSIQ), a vertically integrated solar company that’s incorporated in Canada but does all its manufacturing in China. The company recently raised its second-quarter revenue guidance due to higher sales expectations for its e-Module products. The solar firm also said it’s on track to meet or beat its full-year revenue guidance. The stock has been under selling pressure recently, following the announcement of a follow-on public offering of 3.5 million shares. The stock has a 33% short interest and a small float of shares available for trading at 14 million shares. This one is another strong candidate for a big short-squeeze.

Another strong candidate in the solar sector is China-based Yingli Green Energy (YGE). The company and its subsidiaries engage in the design, development, marketing, manufacturing, installation and sale of photovoltaic products. Piper Jaffray recently reiterated its buy rating on the stock and said that Yingli could raise its 2008 guidance when it reports second-quarter earnings. The company is expanding production capacity and has the lowest non-silicon processing cost. The stock trades at a forward P/E ratio of 1.27 and is down 59% year-to-date. The current short interest on the stock stands at 8.4%.

My final play on the solar complex is ReneSola (SOL), a China-based solar company that manufactures and sells solar wafers and related products. The company came public in the U.S. through a secondary offering back in January at $13 a share. The stock shot up following the IPO reaching a high of $29.48, but is now well off that level at around $16 a share. Piper Jaffray recently said they see upside to Wall Street consensus estimates on ReneSola for the second-quarter. The stock trades at a forward P/E ratio of 7 and the firm has $190 million net cash on the books.

A note from James Altucher:

Every weekend I send an email to Jim Cramer and several hedge fund managers about the most interesting portfolios posted on Stockpickr that week. Usually those portfolios not only list stocks according to a theme but also offer significant analysis as to why the stocks are cheap.

Here are some examples:

Stocks related to drilling the Marcellus Shale

MLPS with yields above 7%

Microcaps trading for less than tangible book

Stocks that do well after Hurricanes

Here's the challenge: Build a portfolio at Stockpickr.com with great analysis, and send me the link. Each great portfolio (with analysis) will get posted on TheStreet.com with your byline (as a "Stockpickr Guest Columnist") and will be included in my email I send to Jim and the other
hedge fund managers on my list.