As a StockHouse.com article states, "Solar Energy stock[s] [are] in a
sweet spot" thanks to high oil prices and people finding other means of
transport, and ENER is among one of the big gains (see my post on
Canadian Solar as well). Although solar companies are in a good spot right now (as stated in an article on StockHouse.com) thanks to high oil prices, ENER's rise seems purely inflationary now and not so much because the company's value is increasing. This is because analysts have placed a "hold" rating on ENER and net income sits at a small $7 million (considering the $81 share price which has increased by a factor of 4 in the last 12 months). My final verdict is that it will have peaked soon before the market sees that it is over priced (especially when the oil bubble bursts and oil prices back down), however it might be a good short term investment for a couple weeks. If you want to learn more about ENER, I would recommend checking out this StockHouse article.
http://www.stockhouse.com/Columnists/2008/June/24/Solar-energy-stock-is-in-the-sweet-spot