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 energy stocks dropped sharply on Tuesday as the market digested cuts to renewable power tax credits in the Senate's version of the budget bill.

Shares of US solar companies fell sharply after Senate Republicans released a bill that would end clean energy tax credits earlier than expected, dashing hopes that major cuts passed by the House wouldn’t stick.