Shares of companies related to solar and wind projects are trading higher Thursday after the U.S. Senate passed the “One Big Beautiful Bill.”
What To Know: According to Reuters, the bill would give wind and solar developers an additional year to start construction and still qualify for federal tax credits, extending the window to take advantage of clean energy incentives. It also updates the Inflation Reduction Act's criteria by requiring projects to begin construction by 2026 instead of being fully operational by then.
In addition, the Senate eliminated a proposed excise tax that would have penalized wind and solar projects not meeting strict domestic content and labor requirements. That decision followed bipartisan pushback from senators including Joni Ernst, Chuck Grassley, and Lisa Murkowski, who argued the tax would raise costs for developers.
Wind and solar stocks may be moving higher as investors respond positively to the tax credit extension and the removal of potential financial hurdles. Some of the stocks moving higher include Array Technologies, Inc. (NASDAQ:ARRY), SolarEdge Technologies, Inc. (NASDAQ:SEDG) and First Solar, Inc. (NASDAQ:FSLR)
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Price Action: At the time of publication, First Solar stock is trading 8.43% higher at $184.90, SolarEdge stock is trading 12.9% higher at $26.66 and Array stock is moving 10.4% higher at $7.67 according to data from Benzinga Pro.
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