Solar stocks plummet as Senate version of Trump's tax bill cuts renewable energy incentives

Group 1 - Solar stocks faced significant pressure as the U.S. Senate's spending bill proposed cuts to renewable energy incentives, leading to sharp declines in share prices for major companies [1][2] - Enphase Energy shares fell over 17% in premarket trading, while First Solar dropped about 12%. Sunrun experienced a decline of more than 27%, and SolarEdge Technologies saw a 22% decrease [1] - The Senate bill includes a provision to fully phase out solar and wind power tax incentives by 2028, while maintaining incentives for nuclear, hydropower, and geothermal energy for a longer period [2] Group 2 - The House-passed version of the bill was viewed as a worst-case scenario for the majority of the Inflation Reduction Act's tax incentives, while the Senate proposal, although still negative for renewable energy, is seen as an improvement [3] - Despite the Senate's proposal being less severe than the House version, wind and solar eligibility still face significant pressure [3]