Let’s take a look at clean energy stocks First Solar and Enphase Energy, as well as the alternative energy stock Plug Power, that are slated for an upswing thanks to a proposed Senate energy and climate-spending package worth $369 billion.
Last week, solar stocks and green energy stocks saw euphoric gains after U.S. Democratic Senator Joe Manchin and Senate Democratic leader Chuck Schumer struck a deal and proposed the aforementioned package.
The newly proposed Inflation Reduction Act (IRA) will raise $739 billion, out of which $369 billion will be exclusively allocated to climate and energy programs. The bill is also aimed at bringing down healthcare costs as well as reducing inflation and the federal deficit through a 15% corporate minimum tax.
With an aim to make the U.S. more energy independent and boost domestic production of green energy, the climate package…