November 14, 2024

Solar stocks plummet, market is ‘wildly emotional’ about Trump

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Solar stocks have fallen since Donald Trump’s election, but Sunnova CEO John Berger says the market is misjudging the strength of the industry under the new administration.

November 14, 2024
Ryan Kennedy

Image: Dylan Calluy, Unsplash

From pv magazine USA

Solar stocks plunged in the trading day following Donald Trump’s re-election as US president.

The Invesco Solar ETF (TAN) fell 11%, while major US manufacturer First Solar dropped 12%. Inverter makers Enphase and SolarEdge each declined about 19%, residential solar installer Sunrun was down 26%, and competitor Sunnova fell more than 50%.

Utility-scale solar tracker manufacturer Nextracker fell about 6.5%, while its competitor, Array Technologies, dropped nearly 20%. The solar stock market has broadly continued to slide in the wake of the 2024 election result.

John Berger, chairman, president and chief executive officer of residential solar and battery energy storage provider Sunnova, joined CNBC for “Closing Bell Overtime” to discuss the market fallout, which he believes is divorced from reality.

“The market is out of control in the sense of wildly emotional, lot of speculation,” said Berger.

Sunnova went public under the first Trump administration and hit a share price all-time high of $54 a share during that administration. Since then, high interest rates and regulatory challenges have slowed growth, but the steady rise in electricity prices and increasing electricity demand keep the fundamentals of residential solar strong.

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