Why Shares of Sunrun Rose Today
Shares of the residential solar provider Sunrun (NASDAQ: RUN) rose 10.5% today, as investors appeared bullish on several solar stocks and how they might benefit from recently passed legislation.
Congress recently passed President Joe Biden's Inflation Reduction Act bill, which will raise $737 billion of revenue, invest $437 billion, and cut the U.S. deficit by roughly $300 billion. Of the amount invested, roughly $369 billion is slated to go toward energy, security, and climate change initiatives.
Not only is the Inflation Reduction Act the largest amount ever allocated by the U.S. government to combat climate change, but it's going to encourage consumers to fight climate change through initiatives like installing solar panels on their rooftops. The bill is expected to offer a 30% tax credit on several different types of solar installation.
Source Fool.com
