First Solar field of panels

Workers install panels at a solar farm (First Solar)

First Solar shines after early GOP tax plan extends rollback of renewable benefits

Clean energy stocks rally after key incentives survive the latest draft — for now.

5/13/25 1:10PM

First Solar shares jumped 21% Tuesday, heading for their best day since 2024 after a draft GOP tax plan was less harsh on renewables incentives than expected.

To be fair, the proposal does strip major clean energy perks from the Biden-era Inflation Reduction Act, but stops short of an immediate full repeal. Instead, the 30% tax credits that have powered clean energy growth would start to phase out in 2029. Consumers will also lose access to the $7,500 EV tax credits by the end of 2026.

Still, the slower rollback is better-than-expected news for First Solar, the largest US solar panel maker. The company could also benefit from new restrictions on imports from so-called “foreign entities of concern,” likely aimed at its biggest rivals in China. The rally spread across the sector on Tuesday, with Sunrun up 16% while wind turbine maker Vestas Wind Systems jumped nearly 10%.

First Solar shares have now turned positive for the year.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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