Enphase (ENPH) Grows 11% as Senate Reviews Clean Energy Incentives

We recently published These 10 Stocks are Stealing the Spotlight. Enphase Energy, Inc. (NASDAQ:ENPH) is one of the stocks that soared higher on Tuesday.

Enphase Energy, Inc. (NASDAQ:ENPH) ended two days of losses on Tuesday, jumping 11.05 percent to close at $38.38 apiece as investors sentiment was buoyed by the proposed review of the residential solar energy incentive of the One Big, Beautiful Bill Act.

On Tuesday, Senator Kevin Cramer said that senators included discussions about rooftop solar in a bid to improve rules for future clean energy tax credits.

A solar panel array stretched across a large open field, its glimmering panels reflecting the sun.

Following Cramer’s comments, Enphase Energy, Inc.’s (NASDAQ:ENPH) stock prices jumped alongside its solar peers.

Both House and Senate versions of the bill sought to eliminate 30 percent tax credits for homeowners with rooftop panels, as well as a separate subsidy for companies that lease residential systems. Since then, the share prices of solar companies have been heavily battered.

The draft bill also seeks to secure historic tax cuts, deficit reduction, and border security, among others. However, it would also result in millions of Americans stripped of existing benefits, including healthcare and solar tax credits, impacting investor sentiment in solar companies.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.