Shares of Sunnova Energy International Inc. (NOVA), a leading residential solar energy provider, experienced a volatile trading session on Election Day, ultimately soaring 8.19% as former President Donald Trump secured a projected victory in the 2024 presidential race.
The rally in Sunnova's stock price was driven by market speculation that a Trump administration would be less supportive of renewable energy policies and incentives compared to the Biden administration's push for clean energy initiatives and investments. According to CNN, investors widely anticipate a Trump victory to result in the repeal of tax credits and other incentives for solar and renewable energy companies that were previously promoted under the Inflation Reduction Act.
However, the market reaction was not uniformly positive for solar stocks. While Sunnova surged in after-hours trading following Trump's projected win, shares of its competitor Sunrun (RUN) dropped by nearly 30% during the regular trading session, reflecting the potential headwinds a Trump presidency could bring to the renewable energy sector.
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