Sunnova Energy International Inc. (NOVA), a leading provider of residential solar energy systems, saw its stock soar by 10.53% on November 6th, likely driven by market expectations following the projected victory of former President Donald Trump in the 2024 presidential election.
According to reports from CNN, Trump's victory sparked speculation that his administration would be less supportive of renewable energy policies and incentives compared to the Biden administration. Specifically, market analysts widely anticipate that a Trump presidency could 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.
While Sunnova's stock surged in after-hours trading following Trump's projected win, reflecting potential benefits from a policy shift, its competitor Sunrun (RUN) experienced a sharp drop of nearly 30% during the regular trading session. This contrasting market reaction highlights the potential headwinds a Trump presidency could bring to the renewable energy sector.
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