Solar Stocks Warm Up After Senate Backs Tax Credit Plan
Solar stocks are off to a rousing start this morning after the U.S. Senate last night voted 93-2 to back a tax-extender package that includes an eight-year extension of solar investment tax credits. The measure now moves to the House.
While quick House approval would be nice, it might not play out that way. Citigroup analyst Timothy Arcuri notes in a research piece this morning that approval in the House could drag into November, in part because the solar tax credit extension is longer than the bill’s one-year extension for wind-related credits and two years for other renewable energy sources. “We don’t think that distinction was broadly expected,” he writes.