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.

Senate Republicans released a bill that would end tax credits for wind and solar earlier than for other sources, and make only modest changes to most other incentives, dashing hopes of those seeking relief from major cuts passed by the House.