Copper Mountain Solar in El Dorado Valley, Thursday, Sept. 5, 2024, in Boulder City, Nevada. (Bizuayehu Tesfaye/Las Vegas Review-Journal/Tribune News Service via Getty Images)
Bizuayahu Tesfaye | Tribune News Service | Getty Images
Solar stocks sold off Wednesday Donald Trump wins White House for second time Republicans win control of the Senate.
Solar stocks are falling on concerns that a second Trump term would spell trouble for the Inflation Cut Act, which fueled the U.S. clean energy boom by expanding tax credits for solar power.
NBC News predicts Trump to have sizable lead in Electoral College Winning the Presidency Early Wednesday.
benchmark Invesco Solar ETF fell more than 12% in early trading, while iShares Global Clean Energy ETF down nearly 8%.
solar panel manufacturer First Solar Corporation down about 12%. Residential Solar Inventory Shangrun and Sannova Drops of nearly 25% and 40% respectively.
Inverter manufacturer Favor and solar edge fell by approximately 14% and approximately 17% respectively. sun tracker manufacturers Next tracker and in large quantities Declines of approximately 10% and 18% respectively.
Trump’s campaign platform called for an end to the IRA, which he called a “socialist Green New Deal.” The IRA is one of President Joe Biden’s signature achievements. The law passed in 2022 on a party-line vote without any Republican support.
However, the future of the IRA depends not only on whether Trump wins the White House, but also on whether the Republicans can also secure unified control of Congress. It’s unclear whether Republicans can gain a majority in the House of Representatives.
