U.S. solar stocks slid in premarket trading on Tuesday after a Senate panel proposed phasing out solar and wind tax credits by 2028, part of changes to President Donald Trump's sweeping tax-and-spending bill.

Shares of solar-power companies were tumbling Tuesday after the release of U.S. Senate’s proposed a plan to phase out solar tax credits by 2028 as part of President Donald Trump’s sweeping tax and spending bill.

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,