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Analyst: Forget Oil Prices -- Go Solar

Corn ethanol is all the rage, but one analyst says solar energy has been wildly undervalued. Signal Hill's Michael Carboy joined "Squawk on the Street" to explain why sun power will be this decade's next big thing.

Carboy told CNBC's Erin Burnett that oil prices "do not drive the solar story." He maintains that if crude stays stable or even if it drops, the solar industry is likely to grow at a 40% compound average rate between now and 2010.

When CNBC's Mark Haines said "no one" has been able to produce a cost-effective solar photovoltaic cell, the analyst countered that factoring in federal and California state subsidies gives grid parity at peak pricing in the Golden State.

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  • Carl Quintanilla is an Emmy-winning reporter and co-anchor of CNBC's "Squawk on the Street," broadcast live from the NYSE.

  • Simon Hobbs co-anchors the 10 a.m. hour of CNBC's "Squawk on the Street" live from the New York Stock Exchange.

  • Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

  • “Squawk on the Street” Co-Anchor

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.