U.S. solar stocks tumbled on Tuesday after a Senate panel proposed phasing out solar and wind tax credits by 2028, as part of changes to President Donald Trump's sweeping tax-and-spending bill. Solar inverter maker Enphase Energy and solar panel manufacturer First Solar slid 27.

Shares of solar-power companies were tumbling Tuesday after the U.S. Senate’s proposed a plan to phase out solar tax credits by 2028 as part of President Donald Trump’s so-called big, beautiful budget bill.

Solar stocks slid after Senate Republicans detailed revisions to the House's tax-and-spending bill that included fully phasing out wind- and solar-tax credits. The Senate's plan would see credits phased out from 2026,