Investing.com — Shares of major solar energy companies surged Tuesday after a key Republican senator indicated lawmakers are discussing changes to provisions that would end tax credits for rooftop solar panels in President Donald Trump’s spending bill.
Sunrun (NASDAQ:RUN) stock jumped 16.5%, SolarEdge Technologies (NASDAQ:SEDG) soared 16%, Enphase Energy (NASDAQ:ENPH) rose 8%, and First Solar (NASDAQ:FSLR) gained 5% following comments from Senator Kevin Cramer suggesting potential amendments to solar tax credit provisions.
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“There is a little bit of work being done on rooftop solar,” the North Dakota Republican told reporters. Cramer indicated that clean energy credits being discussed by Republicans on the Senate tax writing committee “might be a little more generous then the House” but emphasized he didn’t know specific details about how provisions for rooftop panels would change.
The draft version of the Senate bill released last week would terminate a key tax credit for rooftop solar panels 180 days after the legislation becomes law. This proposed early termination had initially sparked concern throughout the solar industry.
The tax credits have been crucial for the growth of residential solar installations across the United States, making solar energy more financially accessible to homeowners while supporting thousands of jobs in the solar sector.
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