Solar stocks sink as Manchin kills spending bill poised to boost renewable energy sector

• Solar stocks fell on news that Sen. Joe Manchin won't support the Biden administration's Build Back Better Act.
• SunRun, SunPower, First Solar, and SolarEdge all plummeted in Monday trading.
• The proposed bill would have included $550 billion dedicated to climate-related initiatives.

US solar stocks plummeted after Democratic Senator Joe Manchin rejected the Biden administration's Build Back Better Act — a $1.75 trillion plan that includes broad clean energy initiatives.

The country's largest residential solar installer, $4, fell as much as 12% before recovering some of its losses. Competitor $4 dropped nearly 10%, while $4 and $4 each slipped more than 8%.

The bill includes tax credits for various renewable energy resources, as well as tax credits for power plants that employ carbon-capture technologies, energy storage and other clean-energy projects. In total, the proposed bill would have included $550 billion dedicated to climate-related initiatives.

"If I can't go home and explain it to the people of West Virginia I can't vote for it," Manchin said in a "Fox News Sunday" interview. "I've tried everything humanly possible, I can't get there. This is a no."

$4 startled policymakers, and White House press secretary Jen Psaki called it "$4."

His decision $4 in its current iteration. All 50 Republican Senators also rejected the bill, meaning all 50 on the Democratic side had to back it.