The solar power industry is experiencing a surge on Wall Street despite fears of a recession as some companies increase production, cut costs and vow to be competitive with conventional electricity in the next few years.

On Wednesday, Phoenix-based solar modules maker First Solar Inc. said its fourth-quarter earnings skyrocketed as the company boosted production.

It posted earnings of $62.9 million, or 77 cents per share, compared with $8 million, or 12 cents per share, in the year-ago quarter. Revenue almost quadrupled to $200.8 million, from $52.7 million in the 2006 period.

The results beat Wall Street's expectations and First Solar's shares jumped $52.90, or 30 percent, to $228.46 in Wednesday trading.

Other solar-power stocks followed its lead. Yingli Green Energy Holding Co. rose $3.44, or 17 percent, to $24.19; JA Solar Holdings Co. rose $2.93, or 17 percent, to $20.34; Canadian Solar Inc. rose $2.60, or 13 percent, to $22.80; and Evergreen Solar Inc. rose $1.23, or 12 percent, to $11.34.

"Our 2007 results increased our position as the low-cost leader in the industry and brought us closer to achieving price points that make solar electricity viable," without significant government subsidies, First Solar chief executive Mike Ahearn said in a conference call with analysts.

Solar power still amounts to less than 1 percent of the total generated electricity in the U.S. through October 2007, according to the Energy Information Administration. But analysts say to expect its share to rise as governments look to reduce their dependence on foreign energy while dealing with higher prices for traditional power sources.

Worldwide concern over global climate change also has fueled a tremendous amount of support for renewable energy sources like solar, said John Hardy, an analyst with American Technology Research.