Solar stocks down after US Senate budget bill proposal cuts solar incentives

U.S.-based solar companies are down premarket after a U.S. Senate panel proposed phasing out solar energy tax credits enshrined by the Biden-era in 2022 Inflation Reduction Act (IRA) by 2028

The draft bill envisages reducing incentives to 60% of its value in 2026 and ending it by 2028

First Solar FSLR.O and Array Technologies ARRY.O down 9.6% and 9.4%, respectively

Sunrun RUN.O slumps 27.4% and Shoals Technologies SHLS.O falls 7.3%

SolarEdge Technologies SEDG.O and Enphase Energy ENPH.O down 21.4% and 17.4%, respectively

Solar tracking equipment maker Nextracker NXT.O dips 7.8%