Shares of US solar companies fell sharply after Senate Republicans released a bill that would end clean energy tax credits earlier than expected, dashing hopes that major cuts passed by the House wouldn’t stick.

U.S. solar stocks tumbled on Tuesday after a Senate panel proposed phasing out solar and wind tax credits by 2028, as part of changes to President Donald Trump's sweeping tax-and-spending bill. Solar inverter maker Enphase Energy and solar panel manufacturer First Solar slid 27.

Solar stocks slid after Senate Republicans detailed revisions to the House's tax-and-spending bill that included fully phasing out wind- and solar-tax credits. The Senate's plan would see credits phased out from 2026,