Solar stocks dazzled in 2020 and looked set to wrap up a year ravaged by the COVID-19 pandemic with triple-digit gains amid a shift in focus to 'clean energy' as the outbreak decimated the global oil industry.
Giving the rally a leg up was Joe Biden's victory in the November U.S. presidential election, along with the coronavirus aid and funding bill that extended solar tax credits by two years.The credits have helped reduce the cost of solar projects, and the extension pushed shares of solar equipment makers Enphase Energy Inc, ReneSola Ltd and Canadian Solar Inc, among others, to record or multi-year highs.
For an interactive graphic on solar stocks versus S&P 500 Energy index, click here https://tmsnrt.rs/2KTL87k.https://graphics.reuters.com/SOLAR-STOCKS/xlbvgmmyjvq/chart.png Top solar trade group Solar Energy Industries Association and energy research firm Wood Mackenzie forecast U.S. solar installations will surge 43per cent this year, just shy of a pre-pandemic forecast, highlighting the industry's quicker-than-expected recovery from a virus-related slowdown.https://graphics.reuters.com/SOLAR-STOCKS/rlgvdqgrrpo/chart.png