Solar stocks shine as Biden waives solar import tariffs for two years
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Shares of solar equipment providers (NYSEARCA:TAN) rally in early trading on Monday, as the Biden administration officially declares a 24-month exemption from solar panel tariffs as well as other moves to spark U.S. solar panel production, authorizing use of the Defense Production Act to accelerate domestic production of clean energy technologies.
The White House said it aims to increase domestic solar manufacturing capacity to 22.5 GW by 2024, or triple the manufacturing capacity when President Biden took office.
Array Technologies (NASDAQ:ARRY) and Shoals Technologies (NASDAQ:SHLS), two companies with high exposure to the U.S. utility-scale solar market, +18.8% and +18.7% respectively.
Also: (FTCI) +20.5%, (DQ) +15.2%, (RUN) +11.7%, (NOVA) +11%, (CSIQ) +8.9%, (SPWR) +8.5%, (MAXN) +8.4%, (JKS) +7.8%, (ENPH) +7.4%, (AZRE) +6.5%, (SOL) +5.9%, (SEDG) +4.5%, (NEE) +2.9%.
Other alternative energy stocks also boast strong gains, including (FCEL) +10.1%, (BE) +7.7%, (PLUG) +6.5%, (BLDP) +6.5%, after the U.S. Energy Department said in a statement that fuel cells will be among the technologies included in the Defense Production Act order to boost domestic production of solar and other clean energy technologies.
However, First Solar (FSLR) -1.3%, saying Biden's move to freeze tariffs would grant "unfettered access to China's state-subsidized solar companies for the next two years."
The executive actions "give project developers and utilities more certainty to continue with projects that have been in development while also providing support and time for U.S. manufacturing capacity to increase," Susquehanna analyst Biju Perincheril said.
"The president's action is a much-needed reprieve from this industry-crushing probe," Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said. "During the two-year tariff suspension window, the U.S. solar industry can return to rapid deployment while the Defense Production Act helps grow American solar manufacturing."
Over the weekend, U.S. Commerce Secretary Gina Raimondo said the broad lifting of Trump-era duties on China is under consideration.