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 overnight as investors saw Donald Trump taking the lead in the U.S. presidential election.
Solar stocks are falling on concerns that a Trump victory could spell trouble for the Inflation Reduction Act, which fueled the U.S. clean energy boom by expanding tax credits for solar power.
NBC News projects Trump has a sizable lead in the Electoral College, effectively narrowing Vice President Kamala Harris’ path to victory.
benchmark Invesco Solar ETF Brokerage firm Robinhood fell 7% in overnight trading. solar panel manufacturer First Solar It plummeted 8% overnight. Residential Solar Inventory Shangrun and Sannova fell 6% and 2.6% respectively. Inverter manufacturer Favor plunged 5% and next tracker down nearly 5%.
Trump’s campaign platform called for the end of 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.
Trump leads the Electoral College and is expected to win the key swing state of North Carolina, according to NBC News. However, the future of the IRA depends not only on whether Trump wins the White House, but also on whether Republicans also gain control of Congress.
Kamala Harris’ campaign chairwoman Jen O’Malley Dillon told staffers in an email on Tuesday that the clearest path to victory for the vice president lies in so-called blue wall states such as Pennsylvania, Michigan and Wisconsin. .
