However, falling energy prices diminish the economic competitiveness of solar panels as an alternative energy source.
The Guggenheim Solar ETF (NYSEArca: TAN) fell 5.0% Friday, following OPEC’s decision.
“We believe that part of the solar sell-off may be driven by the fall in oil prices,” Canaccord Genuity analyst Josh Baribeau said, Investor Business Daily reports. “We have never liked the psychological correlation between solar stocks and oil, but it exists to some degree.”
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Max Chen contributed to this article.