SunPower and SolarEdge Surge on Report Biden to Waive New Tariffs on Solar Panel Imports

Dow Jones2022-06-06

Shares of solar companies were rising Monday after a report said President Joe Biden won't impose any new tariffs on solar imports for two years.

SolarEdge $(SEDG)$ was up 4.4%, SunPower (SPWR) jumped 6.9%, SunRun $(RUN)$ was up 9% and Enphase Energy rose 5.12%.

Biden is expected to invoke the Defense Production Act to help U.S. manufacturers of solar panels. Administration officials told the Journal the White House will unveil plans to increase domestic solar manufacturing capacity to 22.5 gigawatts by 2024, or three times the manufacturing capacity when the president Biden took office.

Abigail Ross Hopper, president and chief executive of the Solar Energy Industries Association, told the Journal that the steps being taken by the White House "protect existing solar jobs, will lead to increased employment in the solar industry and foster a robust solar manufacturing base here at home."

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Comments

Dawang
2022-06-07
Dawang
Building self sufficiency in electricity!
fishfire
2022-06-06
fishfire
Nice one[Like]

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