Stock Track | Enphase Energy Shares Plunge on Trump Win, Fears of Solar Policy Reversal

Stock Track11-07

Shares of solar technology company Enphase Energy Inc. (ENPH) plummeted by over 20% on Monday, November 6th, as investors reacted to the projected victory of former President Donald Trump in the 2024 U.S. presidential election.

Trump's victory has raised concerns among investors about the potential reversal of policies supporting the growth of renewable energy sources, including solar power. During his previous term, Trump rolled back several environmental regulations and denied the role of human activity in climate change, favoring the use of fossil fuels over clean energy alternatives.

In his 2024 campaign, Trump vowed to repeal the Inflation Reduction Act (IRA), which provided tax credits and incentives crucial for the solar industry's expansion under the Biden administration. With Republicans now controlling both chambers of Congress, the future of the IRA hangs in the balance, casting uncertainty over the prospects of companies like Enphase Energy that rely heavily on government incentives for growth.

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