As Senator Manchin declares he won’t back a climate bill, solar stocks decline

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Last Updated on July 16, 2022 by Bitfinsider

Sen. Joe Manchin stated he won’t support more expenditure to combat climate change, according to NBC News, citing a Democrat briefed on the discussions. This caused solar stocks to drop on Friday.

The industry-tracking Invesco Solar ETF dropped by more than 7% at one point. Later in the day, some of the losses were recouped, and the fund ended Friday’s session approximately 2% lower. The fund has lost more than 10% of its value this week. Sunrun, Sunnova, First Solar, and Maxeon Solar all experienced drops of over ten percent.

This year, the industry has faced a number of challenges, such as uncertain policies, clogged supply chains, and rising raw material prices.

More lately, the group has suffered as investors have moved away from market segments that are focused on growth as they evaluate the effects of rising interest rates.

In the original Build Back Better Act, introduced by President Joe Biden and approved by the House last November, more than $500 billion, including $320 billion in clean energy tax credits, were set aside for climate-related spending. Sen. Manchin’s objection prevented the measure from being approved by the Senate.

The measure included a provision to extend the Investment Tax Credit, which has been essential to the growth of the sector. Before ending in 2024, the incentive for residential solar systems will decrease from 26% this year to 22% the following year. The commercial systems tax credit will stabilize at a 10 percent rate that year.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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