Solar stocks slip as conservatives fight to end IRA tax credits sooner

Shares of several solar energy companies are slipping on Monday after conservative Republican lawmakers said they had secured a commitment from leadership to end key clean-energy tax credits earlier than planned as part of a deal aimed at allowing President Donald Trump’s tax and spending package to advance. South Carolina Representative Ralph Norman said House leadership had agreed to a proposal to end Inflation Reduction Act tax credits earlier than Republicans’ original proposal, though Norman didn’t provide a new timeframe. In a post to X, Norman stated: “After last night’s budget vote, we made some progress. Yes, we’re moving up Medicaid work requirements. Yes, we’re putting an end to the Green New Scam subsidies. There are several bites at the apple, but more to be done. We have worked tirelessly to ensure President Trump’s America First agenda is maximized in this bill. The US credit rating being downgraded is evidence of how our fiscal house is out of order. The American people deserve better, and it’s high time our colleagues step up, get serious, and deliver the bold reforms this country needs.” Sunrun (RUN) fell as much as 8% Monday, while Enphase Energy (ENPH) was down as much as 5% and First Solar (FSLR) declined nearly 7%. Other publicly traded companies in the space include Array Technologies (ARRY), Canadian Solar (CSIQ), Emeren (SOL), FTC Solar (FTCI), JinkoSolar (JKS), Maxeon Solar (MAXN), Shoals Technologies (SHLS), SolarEdge (SEDG) and SunPower (SPWR).