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Solar Stocks Drop on U.S. Senate Proposal to Phase Out Tax Credits by 2028
- On Tuesday, solar energy stocks plunged sharply after a Senate committee released a draft bill proposing to phase out solar and wind tax credits by 2028.
- The draft stems from a Senate tax committee led by Republican Senator Mike Crapo, aiming to reduce the 48E Investment Tax Credit gradually from 2026 and cut subsidies seen as key pillars of the 2022 Inflation Reduction Act.
- The Senate bill maintains some credits for hydropower, nuclear, and geothermal energy until 2033 and includes restrictions on projects relying on China, which drew opposition from clean energy groups.
- Raymond James analyst Ed Mills said the Senate proposal remains a "material negative for renewable energy investment" but improves on the House bill; meanwhile, solar stocks like SolarEdge dropped as much as 42%.
- The bill's passage, targeted before July 4, implies a challenging outlook for solar and wind deployment and raises concerns about electric reliability and investment jeopardy raised by lawmakers and proponents.
17 Articles
17 Articles
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Residential Solar’s No Good, Very Bad Day
The residential solar rescue never happened. Shares in several residential solar companies plummeted Tuesday as the market reacted to the Senate Finance Committee’s reconciliation language, which maintains the House bill’s restriction on investment tax credits for residential solar installers and its scrapping of the tax credit for homeowners who buy their own systems.The Solar Energy Industries Association, a solar trade group, criticized the S…
On Monday night, solar energy companies in the United States suffered a noticeable drop in widespread trade.According to the original report, this collapse occurred after the Senate Finance Committee, controlled by the Republicans, revealed significant changes in President Donald Trump's tax and spending cuts bill.The initiative proposes the phasing out of fiscal credits for renewable energy such as solar and wind energy by 2028.Reactions of sol…
Solar stocks are plummeting as the Senate version of Trump's 'big beautiful bill' hits clean energy
Solar panels on a rooftop in California.Justin Sullivan/Getty ImagesSolar stocks tumbled on Tuesday, with Solar Edge and First Solar down sharply.The Senate version of the GOP budget bill keeps cuts to clean energy in place.The new government policy would phase out solar and wind energy tax credits.Solar energy stocks plunged for a second day on Tuesday, on news that the Senate version of the budget bill retains cuts to renewable energy tax cred…
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