Shares of US solar companies fell sharply after Senate Republicans released a bill that would end clean energy tax credits earlier than expected, dashing hopes that major cuts passed by the House wouldn’t stick.
Sunrun Inc., the largest US rooftop panel installer, plunged as much as 38%. SolarEdge Technologies Inc. fell 31%. Enphase Energy Incslid 21%.
The new version of the bill released by the Senate Finance Committe would end incentives for wind and solar in 2028. Tax breaks for other sources of power, such as nuclear, hydropower and geothermal, would be allowed to remain until being phased out in 2036, according to a summary of the legislation.
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