© Reuters.
By Liz Moyer
Investing.com — Shares of solar power companies rose on Monday after the Biden administration said it would suspend tariffs on solar panel components imported from parts of Southeast Asia.
SolarEdge Technologies Inc (NASDAQ:) shares rose 3.5%, while Sunrun Inc (NASDAQ:) rose 7%, SunPower Corporation (NASDAQ:) rose 4%, and Enphase Energy Inc (NASDAQ:) rose 6%.
The administration, which is promoting clean energy, said it will use the Defense Production Act to boost domestic production and exempt the components that make up solar panels from Cambodia, Malaysia, Thailand and Vietnam for 24 months. The tariffs were imposed during the Trump administration and extended in February, though Russia’s war on Ukraine has pressured energy prices higher. President Joe Biden has been working on ways to cut prices for energy and other household goods.
“Preventing disruptions to the electric power system, diversifying our energy sources and responding to the climate crisis have never been more urgent, and solar energy is an essential component of meeting those needs,” said Commerce Secretary Gina Raimondo.
The suspension of tariffs doesn’t apply to components from China and Taiwan.
The solar sector has been a mixed bag this year. SolarEdge and Enphase shares are up 10% and 14%, respectively, so far this year. Sunrun and SunPower are down 16% and 7.9% at the same time.
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