Shares of renewable energy companies are rising after a tax on solar and wind was removed from the Senate version of the One Big Beautiful Bill Act. The Senate narrowly passed the legislation Tuesday and will now be considered by the House of Representatives.

Solar and wind stocks soared Tuesday as President Donald Trump’s tax-and-spending bill narrowly passed the Senate, shortly after legislators stripped it of a last-minute excise tax on renewable energy projects.

As Senate Republicans debate President Donald Trump’s tax and spending bill, renewable energy companies are reeling at what looks like a worst-case scenario for the industry. The latest version of the Senate bill includes a new excise tax on wind and solar projects with certain Chinese components,