Washington cuts power to solar energy
A bill introduced by Republicans in the Senate provides for an accelerated end to tax credits for wind and solar power by 2028, compared with 2036 for other sources such as nuclear, hydroelectric, and geothermal power. As such sector are suffering a real setback: Sunrun is down 27%, SolarEdge is down 21%, Enphase is down 17%, and First Solar is down 11%.
Washington is reviewing its priorities, and solar energy is the big loser. No more subsidies for people who install panels on their roofs, no more incentives for companies that lease them, and a climate of uncertainty for developers.
The Senate version of the bill also removes the $7,500 credit for the purchase of electric vehicles. The same logic applies to hydrogen: the $3 per kilogram incentive has been removed from the bill, despite intense lobbying by the sector. The political momentum is clear: renewable energy is no longer a priority.
In this context, one of the biggest lenders in the residential solar sector, Solar Mosaic, has already filed for bankruptcy — and others could follow. The Senate wants to pass the bill before July 4.
