Catenaa, Monday, June 30, 2025- US renewable energy stocks fell on Monday as President Trump’s spending bill now includes a tax on wind and solar projects using Chinese components.
Shares of NextEra Energy, the largest renewable developer in the US, fell over 4%. Solar stocks Array Technologies fell about 10%, Enphase fell by 4.4% and Nextracker fell by 7.3%.
The Senate is voting Monday on the legislation, which ends the two most important tax credits for solar and wind projects placed in service after 2027.
“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country,” Tesla CEO Elon Musk posted on X over the weekend. “Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.”
A note from Goldman Sachs said that previous versions of the bill were more flexible, allowing projects that began construction before 2027 to qualify for the investment and electricity production tax credits.
The Senate legislation also slaps a tax on solar and wind projects that enter service after 2027 if they use components made in China.
To be sure, the rooftop solar industry is viewed by Wall Street as a relative winner from the bill, with Sunrun shares up more than 7% and SolarEdge trading more than 3% higher on Monday.
The legislation seems to allow tax credits for leased rooftop systems to remain in place through the end of 2027, which was not the case in previous versions, according to Goldman Sachs.
