The bill would be the largest climate spending package in U.S. history.
A strong start to earnings season also lifted the group. Sunnova shares jumped on Wednesday evening after the company topped revenue expectations during the second quarter.
Enphase meantime surged nearly 18% on Wednesday, making it the top-performing S&P 500 component. The company postedThe announcement Wednesday evening from lawmakers comes after Sen. Manchin said earlier this month that he would oppose the climate spending in the reconciliation package, which sentThe solar industry — and renewable energy companies broadly — have faced a number of hurdles in recent months, including policy uncertainty.
The bill, which the full Senate will consider next week, includes a 10-year extension of clean energy tax incentives. The Investment Tax Credit, which has been key to the industry's growth and has typically garnered bipartisan support, was last extended in 2020. It was set to decrease at the end of this year.
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