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Energy is a foundation for not just the economy but modern life. That makes it a great place to look for long-term investment ideas -- stocks you can reasonably buy and expect to hold indefinitely. However, some energy companies, like those that drill for oil and gas, can be volatile because they are affected by outside factors, like the price of oil.

Instead, investors should consider energy companies like Enbridge (NYSE: ENB) and NextEra Energy (NYSE: NEE) . These companies have diverse business models, including exposure to renewable energy, which could help fuel long-term growth. Both stocks offer a combination of dividends and share price potential while trading at attractive prices today.

The best part? They won't break the bank; you can buy a share of both for just over $100 right now. Here is what you need to know.

A triple-headed blue chip dividend stock

Enbridge is a Canadian energy company in Alberta's resource-rich Oil Sands region. The company generates roughly three-quarters of its profits from its midstream operations , which involve transporting oil and gas through a vast network of pipelines and storage facilities throughout North America. The pipeline business isn't as sensitive to commodity prices; instead, Enbridge generates revenue based on the volume of resources flowing through its pipes. Enbridge also operates North America's largest natural gas utility, which sells and distributes natural gas to residents and businesses. Finally, Enbridge has a growing renewable energy business, though it currently contributes a low-single-digit percentage of its profits.

The critical takeaway from Enbridge's business model is stability. Oil and gas constantly flow through Enbridge's pipes, and people use natural gas to heat their homes and water, cook food, or generate electricity, regardless of how the economy is doing. These stable revenue streams have helped Enbridge continue to pay shareholders a dividend and increase it for 28 consecutive years. Enbridge is also a high-yielding stock; the stock currently yields 6.9% but has averaged a yield of 5.6% over the past decade. The payout ratio is only 65% of Enbridge's distributable cash flow, so investors shouldn't consider the high yield a red flag. Enbridge's growth resembles more tortoise than hare, so its dividend primarily drives investment returns.

Enbridge is continually investing in big projects, which can skew earnings. Investors should treat Enbridge's distributable cash flow like earnings and value the stock that way. Shares trade at less than 12 times Enbridge's 2024 guided distributable cash flow per share. Management believes its cash flow will grow at a mid-single-digit annualized rate after 2026, which makes today's valuation a reasonable price tag, considering the high starting dividend yield. Investors should be able to hold and enjoy investment returns that average around 10% to 12% annually over time.

America's leading utility and renewable energy producer

Are you looking for more growth? Check out NextEra, which has grown to become one of the world's leading renewable energy producers. It's also America's largest electric utility, serving over 12 million people across 5.8 million accounts in Florida. NextEra Energy has been a market-beating stock over the long term because of a gradual shift from dirty energy sources like coal to solar and wind. At this point, NextEra is a massive company with a market cap nearing $160 billion.

Still, plenty of growth is yet to come over the next several decades. According to the U.S. Department of Energy, solar and wind power accounted for just 13% of domestic electricity generated in 2022, which will rise over the coming years. Additionally, America's broader electricity needs are growing, too. Research from Statista estimates that America's overall electricity needs will increase by 27% between now and 2050. Finally, NextEra should benefit from its Florida location. Government data indicates that Florida's already colossal population and economy are among the fastest-growing.

Investors enjoy a dividend that yields 2.6% today; management has raised it for 30 years and counting. These big-picture energy trends should continue fueling growth and investor returns. Analysts expect the company to grow earnings at an 8% annualized rate for the next three to five years, which is right on par with NextEra's earnings growth for the past 15 years. The growth won't knock your socks off, but its consistency can make you wealthy. The stock trades at a P/E ratio of 23, below its 10-year average of 28, making it worth scooping up and holding on to.

Before you buy stock in Enbridge, consider this: