PRISM Solar Index Rises 9.8%, Boosted By California Subsidy Revisions – NOVA Leads the Pack
The PRISM Solar Index soared 9.8% for the day, the largest of all the PRISM Stock Indexes. The gains are largely due to a California home solar-subsidy revision that boosted industry stocks.
California has revised their plans by reducing a “connection fee” that was imposed on homeowners in the previous plans. Analysts are saying that dropping the fee is a victory for home solar companies.
“This has been an overhang for rooftop solar stocks that would be alleviated if passed similar to today’s proposal,” said Morningstar analyst Brett Castelli.
The PRISM Solar Index was led by Sunnova (NOVA) which rose almost 20% today.
Sunnova Energy International Inc. (NYSE: NOVA) is a leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.