Shares of solar companies, including First Solar, Inc. (FSLR), SolarEdge Technologies, Inc. (SEDG), and Sunrun Inc. (RUN), plummeted on Tuesday morning after a U.S. Senate panel proposed a complete phase-out of solar and wind energy tax credits by 2028.
The Senate's version of the bill includes a provision to fully phase out tax incentives for solar and wind power by 2028. However, it retains longer-term incentives for nuclear, hydropower, and geothermal energy. These renewable energy incentives were central to former President Joe Biden's Inflation Reduction Act.
FSLR is currently trading at $141.61, down $33.64 or 19.19%, on the Nasdaq. RUN has dropped $3.94, or 40.87%, to $5.70. Meanwhile, SEDG is trading at $15.36, down $8.62 or 35.95%.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.