(Reuters) Shares of US Solar companies rose on Monday by double digits on reports that President Joe Biden will suspend tariffs on solar panels from four countries.
Shares of Sunrun rose at least 13%, while Array Technologies was up around 20%. Enphase Energy pumped almost 9%, while SolarEdge Technology surged at least 5%.
Reports indicated that Biden would declare a 24-month tariff exemption of solar panels. The administration will then use the Defense Production Act to promote domestic production.
JPMorgan analyst Mark Strouse says that if the reports are confirmed, it will send positive signals for the utility-scale solar market. The sector has been hit with uncertainty since the US Department of Commerce launched an investigation in late March.
The tariffs, put in place by the Trump administration, have been a source of criticism recently, especially after the war in Ukraine sparked a rise in energy prices.
ENPH is currently up +6.45%, RUN is up +9.56%, SPWR is up +5.01%.
