Wobbles ahead for rooftop solar stocks in 2022 but not a crash - WSJ
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Rooftop solar companies face a gloomy outlook entering the new year, after shares of Sunrun (NASDAQ:RUN) and Sunnova (NYSE:NOVA) have sunk ~20% since December 13 when California regulators proposed cutting subsidies, exacerbating already dim showings in 2021.

California accounts for about a third of all new residential solar installations in the U.S., and the state represents 40% of Sunrun's installed base and 25% of Sunnova's, according to RBC Capital.
Much of California's growth in rooftop solar has been aided by the state's net metering system that allows customers to sell the excess electricity they do not use back to the grid at the same retail rate they are charged for their home electricity.
The new rule would cut the rate solar customers get for selling their excess energy to $0.03-$0.04/KWh during most sunny hours of the day, down from $0.17-$0.44 previously, Bloomberg NEF solar analyst Pol Lezcano calculates.
But the news is not all bad, says WSJ Heard On The Street's Jinjoo Lee: The new rules create a price incentive for households to add storage to solar systems, which Lezcano estimates could cut the payback period for solar-plus-storage to six years by 2027 from eight years currently.
"For rooftop solar companies, generous incentives were the training wheels that had to come off at some point," Lee writes.
ETF: TAN

Other potentially relevant tickers include FSLR, SPWR, ENPH, SEDG, BE, NEE

Raymond James analyst Pavel Molchanov recently tapped Sunnova, Bloom Energy and Itron as the top ways to play green energy in 2022.