TAN - Solar Energy Broke Records In 2023 Why Are Shares Tumbling? | Benzinga
Solar energy is poised for a record year in 2023, but stocks in the sector are broadly lower this year as interest rates were hiked to a 16-year peak.
Data from the Solar Energy Industries Association (SEIA) on Thursday reported the U.S. solar industry added 6.5 gigawatts of new generating capacity in the third quarter, a 35% year-on-year increase, putting the industry on target for a record 33 gigawatts of solar capacity in 2023.
Meanwhile, recent data from BloombergNEF, showed global renewable energy investment has already set a new record in 2023 in the form of record inflows in the first half of the calendar year, with investment up 22% at $358 billion.
So, why are solar stocks performing so badly? Among the largest developers, Enphase Energy (NASDAQ:ENPH) is down 59% this year, while SolarEdge Technologies (NASDAQ: