The residential solar sector looks to fight for its survival, as the Senate didn't significantly water down Trump's tax bill.

U.S. solar stocks slid in premarket trading on Tuesday after a Senate panel proposed phasing out solar and wind tax credits by 2028, part of changes to President Donald Trump's sweeping tax-and-spending bill.

Solar stocks are tumbling after the Senate maintained the full removal of clean-energy tax credits in the budget bill, even as it reportedly extended the time frame for the phaseout beyond the Republicans’ proposals.