Copper Mountain Solar in El Dorado Valley, pictured Thursday, Sept. 5, 2024, in Boulder, Nevada. (Bizwayhu Tesfaye/Las Vegas Review-Journal/Tribune News Service via Getty Images)
Bizwayhu Tesfaye | Tribune News Service | Getty Images
Solar stocks sold off on Wednesday after Donald Trump made a second trip to the White House and Republicans won control of the Senate.
Solar stocks fell on concerns that a second Trump term would spell trouble for the inflation-reducing law, which fueled the clean energy boom in the United States through tax breaks for expanding solar energy.
NBC News predicted that Trump had a significant lead in the Electoral College to win the presidency early Wednesday morning.
Standard Invesco Solar ETF It fell more than 7% in morning trading.
Solar panel manufacturer First solar It fell about 15%. Residential solar stocks Sunrun and Sonova They decreased by about 18% and more than 27%, respectively.
Inverter manufacturers stage SolarEdge shares fell by 16% and about 14%, respectively. Sun tracker manufacturers Next tracker and Array were down about 13% and more than 17%, respectively.
Trump's campaign platform calls for an end to the IRA, which he refers to as the “Socialist Green New Deal.” The IRA is one of President Joe Biden's signature accomplishments. The law passed on a party-line vote in 2022 without any Republican support.
However, the future of the IRA will depend not only on Trump winning the White House, but on whether Republicans will also secure unified control of Congress. It is still unclear whether the Republican Party will have a majority in the House of Representatives.
