Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of ReneSola (NYSE:SOL) popped more than 10% Thursday, then settled to trade up around 4% as of this writing, after the company announced its solar modules had been certified by Solar Insurance & Finance, or Solarif.

So what: ReneSola said in a press release that the certification was "based on a positive audit of the Company involving relevant technical, financial, environmental, and labor considerations." This means ReneSola customers who insure their photovoltaic projects through Solarif will be eligible for additional coverage that extends the warranty to include inherent defects. That coverage can be extended up to 20 years and is now available for all ReneSola modules made in its China facility. Coverage for modules produced through the company's global network of facilities should also be available soon.

ReneSola also noted that this type of insurance coverage "not only facilitates the financing of a PV installation, [but] can also boost an installation's resale value."

Now what: Receiving Solarif's seal of approval is seen as a significant vote of confidence for ReneSola, and the certification could certainly bolster the company's revenue stream as it competes for position in an increasingly competitive solar market. With shares trading at a rock-bottom 0.15 times trailing 12-month sales and 5.6 times next year's estimated earnings, I still think ReneSola stock could handsomely reward patient investors going forward.