Solar stocks such as Sunrun (RUN), SolarEdge Technologies (SEDG) and First Solar (FSLR) plunged overnight after the newly released Senate budget bill would keep a full phase-out of solar and wind energy tax credits by 2028.
The GOP-led Senate Finance Committee late Monday unveiled changes to the Trump budget bill that passed the House, but left the wind-down of solar and wind incentives.
Sunrun stock dived 35.4% early Tuesday, with SolarEdge down 30.3%, Enphase Energy (ENPH) 19.9% and First Solar stock 16.3%. Array Technologies (ARRY) gave up 13.7%, Shoals Technologies (SHLS) 10.1% and Nextracker (NXT) 13.8%. Nextera Energy (NEE) lost 2.8%.