Shares of solar companies, including SunPower Corp (NASDAQ:SPWR), are trading lower Tuesday following the California Public Utilities Commission's proposal to cut rooftop solar incentives.
The California Public Utilities Commission released a proposal Monday that would update the rules regarding how rooftop solar systems owners in California are compensated.
Under the proposal, California residents with new solar installations could see a discounted rate for power sold into the grid and a monthly utility charge to cover the cost of grid maintenance.
The proposal aims to encourage the solar industry to accelerate battery storage technology so excess power can be held in reserve instead of sold.
The California Public Utilities Commission is scheduled to vote on the proposal on Jan. 27.
See Also: 11 Industrials Stocks Moving In Tuesday's Intraday Session
SunPower is a solar technology and energy services provider that offers fully integrated solar, storage and home energy solutions to customers primarily in the United States and Canada.
SPWR Price Action: SunPower has traded as high as $57.51 and as low as $19.75 over a 52-week period.
The stock was down 11.80% at $20.95 at time of publication.
Photo: schropferoval from Pixabay.
