By Liz Moyer

Investing.com — Solar power company shares rose Monday as the Biden administration announced it would lift tariffs on components of solar panels imported from Southeast Asia.

SolarEdge Technologies Inc The shares of (NASDAQ) increased 3.5% Sunrun Inc (NASDAQ) rose by 7%; SunPower Corporation (NASDAQ) rose by 4% Enphase Energy Inc (NASDAQ:) increased 6%

Clean energy is promoted by the Trump administration. The Defense Production Act was used to promote domestic production. For 24 months, the Defense Production Act exempted components from solar panels manufactured in Vietnam, Cambodia Malaysia, Thailand, Thailand, and Vietnam. The tariffs were implemented by the Trump administration. They were extended in February. However, higher energy prices have been caused by Russia’s war against Ukraine. Joe Biden, President of the United States has worked to reduce energy prices and other household items. 

“Preventing disruptions to the electric power system, diversifying our energy sources and responding to the climate crisis have never been more urgent, and solar energy is an essential component of meeting those needs,” said Commerce Secretary Gina Raimondo.

For components made from Taiwan and China, the suspension of tariffs does not apply.

It has been mixed year in the solar sector. SolarEdge shares have risen 10% and 14% respectively this year, according to Enphase. Sunrun is down 16%, while SunPower is down 7.9%.