(Bloomberg) -- The US election victory for Donald Trump likely won’t impede the growth for the country’s rooftop solar and battery systems, according to the head of the nation’s biggest home solar company.
A full repeal of President Joe Biden’s signature climate legislation, the Inflation Reduction Act, including tax credits for solar systems is “highly unlikely,” Sunrun Inc. Chief Executive Officer Mary Powell said in an interview with Bloomberg News.
“Americans want and need affordable and reliable energy, and the Inflation Reduction Act is actually bolstering the economies of a lot of states across the nation, including very many states that are Republican-leaning,” Powell said.
The lion’s share of the spending from the IRA has gone to red and swing states, where many Republican leaders have said they will defend the projects. A repeal of the IRA would require the backing of Congress.
Sunrun’s shares fell nearly 30% on Wednesday amid investor concerns after Trump’s election win. Powell said that rooftop solar has received bipartisan support through different administrations, and the company itself is in a “very strong position,” becoming a market leader in home battery storage.
The company reported a loss per share for the third quarter of 37 cents, compared with an estimate of a loss of 10 cents. Sunrun reiterated its cash generation guidance of $350 million to $600 million in 2025.
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