• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Senators voted along party lines: all 50 Senate Democrats voted for the legislation while all 50 Republicans voted against it. Vice President Kamala Harris provided the tie-breaking vote.

This marks a big step forward for President Joe Biden’s environmental agenda.

Next, the bill will head to the house.

“The House will return and move swiftly to send this bill to the President’s desk — proudly building a healthier, cleaner, fairer future for all Americans,” said House Speaker Nancy Pelosi.

Not smooth sailing, but could be a winning investment theme

Renewable energy stocks have garnered a lot of attention lately, but performance has been unstable.

In a 50-50 Senate with a united Republican opposition, the bill needed every Democratic Senator’s support to move forward.

So when reports came out on July 15 that Senator Joe Manchin would not be supporting his party’s economic package that includes new spending on climate measures, clean energy stocks – and particularly solar stocks – took a big hit: First Solar plunged 8.1%, Sunrun dropped 6.4%, Sunnova Energy International fell 5.0%, while SunPower was down 3.4%.

But in a surprising reversal, Manchin later announced that he reached an agreement with Senate Majority Leader Chuck Schumer to vote on the climate spending package.

Manchin’s reversal sent solar stocks soaring, with First Solar, Sunrun, Sunnova Energy International and Sunpower all jumping over 10% on the news.

Although 2022 has been rather rough for stocks, these recent developments have brought many clean energy plays back from the dead.

Remember, you don’t need to pick individual winners and losers to get a piece of the action – ETFs can provide convenient and broad exposure. For instance, the Invesco Solar ETF is up 8% year to date and the SPDR S&P Kensho Clean Power ETF is up 4.9% during the same period – in stark contrast with the S&P 500’s double-digit loss in 2022.

Sponsored

Follow these steps if you want to retire early

Secure your financial future with a tailored plan to maximize investments, navigate taxes, and retire comfortably.

Advisor is an online platform that can match you with a network of vetted fiduciary advisors who are evaluated based on their credentials, education, experience, and pricing. The best part? - there is no fee to find an advisor.

Jing Pan Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.