Solar Stocks Slide as Trump's Tax Bill Advances in US House
Shares in U.S. solar energy groups fall premarket. Sunrun fell 17%; Canadian Solar fell 7%; NEXTracker fell 6%; SolarEdge fell 5%; Array Technologies and First Solar fell 4%; Enphase Energy fell 3%; Daqo New fell 2%.
U.S. President Donald Trump's sweeping tax bill, that would end many green-energy subsidies, advanced toward Thursday vote for passage in the U.S. House of Representatives.
Last week, companies that put solar panels on U.S. homes said the Republican budget bill would deal a massive blow to the industry by eliminating a generous subsidy for homeowners that had buttressed the industry's growth.
The bill would scrap a 30% federal credit for taxpayers who put up rooftop systems, stifling an industry that has grown ten-fold over the last decade and which now employs more than 100,000 workers, industry players said.
Inveso solar ETF dips 5.2% after climbing ~60% over the past 12 months.
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