Overview

• The Senate Finance Committee’s proposal would end tax credits for wind and solar in 2028 while phasing out incentives for nuclear, hydropower and geothermal in 2036.
• Shares of solar companies plunged in after-hours trading after the bill’s text was released, with Sunrun down 27%, SolarEdge off 22% and Enphase slipping 16%.
• The legislation would eliminate the $7,500 electric vehicle purchase credit 180 days after enactment and reduce a $3-per-kilogram hydrogen production incentive.
• Jason Grumet, CEO of the American Clean Power Association, said accelerated cuts risk driving technology innovation and good-paying jobs overseas.
• Unlike the House version, the Senate plan keeps unlimited transferability of tax credits for project sponsors to sell to third parties.