Solar stocks stumbled late last week after Sen. Joe Manchin said he would not support increased spending to address climate change.
The Senate’s most conservative Democrat told Democratic leadership on Thursday that he would not support any new spending on clean energy as part of an economic package in Congress.
An extension of the Investment Tax Credit, which has been key to solar industry development, was included in the bill.
Solar Stocks July 2022. (NBC)
NBC News reported that Invesco Solar ETF, which tracks stocks in the industry, fell more than 7% at one point.
The drop recovered, but the fund closed the week down more than 10%, with stocks like Sunrun, Sunnova, First Solar and Maxeon Solar all falling more than 10%.
“We know from polling that solar and clean energy are not partisan issues. Many of the clean energy policies in the reconciliation package have had Republican support,” said Abigail Ross Hopper, President and CEO of the Solar Energy Industries Association (SEIA).
“While we are deeply disappointed, we ask that members of Congress stay at the table for as long as it takes, by whatever political machinations necessary, to get clean energy policy over the finish line,” she added.
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