It’s time for investors to load up on shares of First Solar , as the company benefits from the latest climate bill out of Washington, Goldman Sachs said. Analyst Brian Lee double-upgraded shares of the solar stock to buy from sell, saying in a note to clients Wednesday that he believes the company is a near-term beneficiary of the bill’s solar panel manufacturing credits. “On the demand front, we see FSLR as one of the best levered to US demand tailwinds within our solar panel supplier coverage as the US accounts for roughly 80% of the company’s revenue,” he wrote. The climate bill — formally known as the Inflation Reduction Act — offers rebates and tax credits to consumers for climate-focused products such as electric vehicles and solar panel roof installations, while aiming to incentivize the manufacturing of clean energy products at home . Following the bill’s passage, First Solar said last month it would invest up to $1 billion to build a new solar panel manufacturing facility in the U.S. And the markets have liked the sector. Since the passage of the bill, shares of solar companies within Goldman’s coverage have soared between 30% and 40% and First Solar is no outlier. “While we note that our upgrade is not early (e.g. the stock is up 64% since IRA legislation was announced), we believe there is still modest upside to what has quickly become a domestic solar manufacturing champion across our coverage,” Lee said. He also expects further upside in 2023 and 2024 as more individuals revise estimates going forward. Shares of First Solar have rallied nearly 55% this year but could gain another roughly 28% from Wednesday’s close, based on the bank’s fresh $172 price target. Along with First Solar, Lee upgraded Maxeon Solar Technologies to buy, while downgrading shares of Shoals Technologies Group and Canadian Solar . — CNBC’s Michael Bloom contributed reporting