Despite Goldman Sachs' label as a "conviction buy," solar panel maker SolarCity remains a hard stock to value, but the company could prove valuable for select consumers, CNBC's Jim Cramer said Monday.
The upgrade to "conviction buy" from Goldman left Cramer "flabbergasted," he said.
"At the same time, it is really hard to figure out what [SolarCity] is worth," Cramer said on "Squawk on the Street." "But Goldman has said don't worry about it. It is a terrific economic leverage play. I'm kind of flabbergasted."
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Cramer summed up the Goldman call as, "Don't worry, be happy, buy SolarCity." The company installs rooftop solar panels on homes and businesses, in addition to other services. Some states offer tax incentives for individuals and businesses that use solar energy.
"If you want to go the rooftop way and you can get your electric into the grid, this is a remarkable company," Cramer said. "And I know people who have used it and love it."
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SolarCity shares opened nearly 12 percent higher Monday on news of the upgrade, and its stock has increased more than 350 percent in the past year. Cramer said the hype surrounding the company, where headline-friendly Tesla CEO Elon Musk serves as chairman, may cause a backlash among critics of pro-solar energy laws.
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"A lot of people are going to criticize this, saying this is just another opportunity to take capitalize on [laws that are] pro-solar," Cramer said. "But boy, the government should have done this instead of Solyndra."
—By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street."