Shares of JinkoSolar, a leading solar energy company, soared 5.54% on September 18, 2024, after the U.S. Federal Reserve cut interest rates by a substantial half percentage point.

The rate cut by the Fed was a boon for solar companies as it makes solar projects more affordable and increases demand for solar energy. Solar projects are capital-intensive, and higher interest rates raise the costs, making it an expensive investment for homeowners.

Along with JinkoSolar, other solar companies like Enphase Energy, Sunnova Energy, First Solar, and Sunrun also saw significant gains, with their stocks rising between 3.5% and 4.8% on the back of the Fed's rate cut decision.