Donald Trump's decisive victory in the U.S. presidential election has spooked clean energy investors that the Inflation Reduction Act could be on the chopping block. Solar stocks sold off steeply Wednesday in response. Whether the IRA faces a serious threat will depend on whether Republicans secure both houses of Congress. The GOP has won the Senate, but it is still unclear which party will gain a majority in the House of Representatives.
The three stocks that have the most exposure to the IRA are Array Technologies , First Solar and SolarEdge , according to a Wednesday note from Goldman Sachs. Array is forecast to receive $80 million in domestic manufacturing tax credits in 2026 or about 35% of the company's estimated non-GAAP earnings per share, according to Goldman. The company, which makes devices that allow solar panels to track, was down nearly 20% Wednesday.
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