Solar stocks such as Sunrun, SolarEdge Technologies and First Solar plunged Tuesday after the newly released Senate budget bill would keep a full phaseout of solar and wind energy tax credits by 2028.
The GOP-led Senate Finance Committee late Monday unveiled its version of the Trump budget bill. Like the House-passed version, the draft Senate legislation would wind-down solar and wind incentives.
Sunrun stock crashed 40% Tuesday, with SolarEdge down 33.4%, Enphase Energy 24% and First Solar stock 17.9%. Array Technologies gave up 6.7%.
Coming well off lows, Shoals Technologies closed down 1.5% and Nextracker 1.6%. Nextera Energy lost 2.6%.
A decline in solar and wind projects could affect demand for battery storage. But Fluence Energy jumped 13.2%.
Tesla has a notable storage business under Tesla Energy, while the Senate bill would end the $7,500 tax credit for EVs 180 days after becoming law. That's vs. the House's end-of-2025 cutoff. Tesla stock fell 3.9% amid negative news regarding EV demand.
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