Solar stocks slid after Senate Republicans detailed revisions to the House’s tax-and-spending bill that included fully phasing out wind- and solar-tax credits. The Senate’s plan would see credits phased out from 2026, and ended by 2028.
Shares of SunRun, which provides solar and battery-storage systems mostly for homes, slumped nearly 40% in afternoon trading.
Battery provider SolarEdge Technologies dropped 34%.
Shares of Enphase Energy, First Solar and Array Technologies fell between 5% and 23%.
The Senate’s plan creates a longer runway to phase out credits, allowing wind and solar projects to begin construction in 2027 and still qualify. Other technologies such as geothermal, nuclear and hydropower energy may get credits if they begin as late as 2035.
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