Newscasts - Solar stocks plummet after Trump's tax bill advances in US House
22/05/2025 18:07
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_fgcddujp&referenceId=tag:reuters.com,2025:newsml_RW630022052025RP1_930&pageId=Newscasts Source: 'Reuters - Business videos' Description: Shares of U.S. solar companies fell sharply in premarket trading on Thursday after the House of Representatives advanced President Donald Trump's sweeping tax and spending bill, which may end numerous green-energy subsidies that have supported the renewable energy sector. Lisa Bernhard has more. Short Link: https://refini.tv/43bEjUD Video Transcript: Shares of US solar companies plunged Thursday after the House of Representatives advanced President Donald Trump's tax and spending bill, which could end many subsidies that have supported the renewable energy sector. Sunrun led the market rout, with shares falling nearly 41% in early morning trade. SolarEdge Technologies, Enphase Energy, and Complete Solaria all fell by double-digit percentages. Trump's budget package, which he calls "one big beautiful bill," would repeal grants intended to reduce air pollution and greenhouse gas emissions or purchase electric heavy-duty vehicles. The bill would remove the 30% federal tax credit for taxpayers who install solar rooftop systems, posing a significant challenge to the industry. A Raymond James analyst told Reuters that although green-energy firms were already anticipating the gradual phase-out of wind and solar tax credits, the new version of the bill accelerates this timeline. Stakeholders now turn their attention to the Senate, where the bill is headed next, hoping it will reverse many of the clean-energy budget cuts and incentives.