Severe plunge in solar shares: U.S. Senate plans to cut tax benefits

On Monday evening, a political announcement hit the solar industry like a thunderclap: shares of leading U.S. solar companies plummeted double digits in after-hours trading. The reason for this is a revised bill from the Republican-dominated Finance Committee in the U.S. Senate, which proposes to phase out existing tax benefits for solar and wind energy completely by 2028. Sunrun was particularly hard hit with a loss of 27.9%, followed by Solaredge at –21.6% and Enphase at –15.9%. First Solar with special position, but also in the red Even...