Hedge funds are shorting stocks that Biden's IRA was meant to help

That’s in part due to consumers hesitating with investments as they react to the immediate impact of inflation and higher borrowing costs.

“Solar companies have been completely inflated by the IRA, and because there weren’t a lot of liquid, good companies, people poured money into them and the valuations became far too high,” Saleur said. In the U.K., “pretty much all new wind projects currently being built will be unprofitable without stupidly high power prices to compensate,” he said.

And on Aug. 30, Orsted A/S shares plunged the most on record after the renewable energy company warned of impairments of as much as US$2.3 billion to its U.S. portfolio because of supply-chain issues and soaring interest rates.

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