Overview

• The Senate Finance Committee’s draft accelerates the phase-out of solar and wind incentives to 2028, replacing the Inflation Reduction Act’s later timeline.
• Home solar and battery owners would lose their 30 percent investment tax credit 180 days after enactment, with a $7,500 electric vehicle credit ending on the same schedule.
• Tax breaks for nuclear, hydropower and geothermal projects would be preserved until projects commencing by 2036, offering those sectors a longer runway.
• Solar industry shares plunged on the news, with Sunrun down as much as 27 percent, SolarEdge off 22 percent and Enphase sliding more than 17 percent in premarket trading.
• Senate Republicans aim to pass the reconciled tax and spending package before July 4, setting up a conference with the House to resolve remaining differences.