Tuesday, the U.S. Senate’s version of President Donald Trump’s funding bill maintained cuts to subsidies for renewable energy, which put pressure on solar stocks.
In the premarket, First Solar’s shares fell almost 12%, while Enphase Energy’s fell more than 17%. Both Sunrun and SolarEdge Technologies saw a 22% decline.
A clause in the bill’s Senate version calls for the complete phase-out of tax breaks for wind and solar energy by 2028.
It does, however, extend the incentives for geothermal, hydroelectric, and nuclear energy.
The Inflation Reduction Act of former President Joe Biden was based in large part on the renewable energy incentives.
Source (CNBC)
