Solar Stocks: 'Thanks Obama'
President Obama announced on Monday new actions to bring renewable energy and energy efficiency to households across the United States.
In a press release, the White House discussed the "responsible" steps it will take to address climate change, promote clean energy and energy efficiency, drive innovation, and ensure a cleaner, more stable environment.
The initiatives include:
- $1 billion in additional loan guarantee for energy projects.
- Making Property-Assessed Clean Energy (PACE) financing available for single-family housing easier to invest in.
- Launching new programs to provide home owners with new tools to measure and improve the energy efficiency of their homes.
- Creating a DOD Privatized Housing Solar Challenge.
- A $24 million commitment for 11 projects in seven states to double the amount of energy existing solar panels can produce.
- Approving a transmission line to support a 485-megawatt photovoltaic facility.
- Creating an Interagency Task Force to Promote a Clean Energy Future for All Americans.
The White House continued that its initiatives are expected to reduce emissions by 26-28 percent below 2005 levels in 2025 while also doubling energy productivity by 2030.
Solar Stocks Moving Higher
Solar related stocks were trading higher on Tuesday following the White House's release and also benefited from a market-wide rally.
- Shares of Canadian Solar Inc. (NASDAQ: CSIQ) were trading higher by 9.21 percent at $17.78 shortly before noon.
- Shares of First Solar, Inc. (NASDAQ: FSLR) were trading higher by 5.43 percent at $45.98 shortly before noon.
- Shares of JinkoSolar Holding Co., Ltd. (NYSE: JKS) were trading higher by 19.69 percent at $19.02 shortly before noon.
- Shares of Trina Solar Limited (ADR) (NYSE: TSL) were trading higher by 15.48 percent at $8.95 shortly before noon.
- Shares of SunPower Corporation (NASDAQ: SPWR) were trading higher by 5.58 percent at $23.55 shortly before noon.
- Shares of SolarCity Corp (NASDAQ: SCTY) were trading higher by 4.33 percent at $45.77 shortly before noon.
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