Solar Stocks Soar After Manchin, Schumer Agree on Spending Bill
2022.07.28 19:06
Solar Stocks Soar After Manchin, Schumer Agree Spending Bill
By Sam Boughedda
Solar stocks were on the rise in early Thursday trading after Sen. Joe Manchin said he had reached a deal with Senate Democratic leader Chuck Schumer on a bill to raise corporate taxes, lower national debt, invest in energy technologies, and lower prescription drug costs.
In another boost for solar-related stocks, Sunnova Energy posted better-than-expected second-quarter revenue. As a result, Sunnova Energy’s (NYSE:NOVA) stock rose over 30% in the early part of the session, while others such as First Solar Inc (NASDAQ:FSLR) +15%, SunPower (NASDAQ:SPWR) +12%, Sunrun (NASDAQ:RUN) +23%, and Enphase Energy (NASDAQ:ENPH) +6%, also made gains.
In a statement on the bill, Schumer and Manchin said it includes $430 billion in new spending on energy, electric vehicle credits, and health insurance.
While the bill is smaller than the initial multitrillion-dollar bill Democrats had pictured last year, it still represents a substantial advance for Biden’s policy agenda.
Manchin and Schumer stated the bill will reduce the nation’s deficit by roughly $300 billion, decrease carbon emissions by approximately 40% by 2030, and permit the government’s Medicare health plan to negotiate prescription drug prices.
