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Solar Shares Tumble After California Proposes Incentive Cuts

  • California may reduce subsidies, add fee for rooftop power
  • U.S. solar market already on track to slide 15% in 2022
Contractors move a SunRun solar panel up a ladder to the roof of a new home in Sacramento, California.
Photographer: David Paul Morris/Bloomberg
Updated on

U.S. solar stocks led by Sunrun Inc. tumbled after California proposed new rules for rooftop power systems that threaten to slow installations.

Sunrun, the nation’s biggest solar rooftop installer, plunged as much as 18% in New York trading on Tuesday, its biggest intraday drop since March 2020. Sunnnova Energy International Inc. fell up to 14% and SunPower Corp. slid as much as 10% the day after California regulators proposed sharply lowering subsidies and adding new fees for home solar users.