1、NORTH AMERICA|Clean EnergyEquity ResearchDecember 9,2025 JulienDumoulin-Smith*|Equity Analyst+1(281)774-2066|PaulZimbardo*|Equity Analyst+1(212)778-8497|DushyantAilani,CFA*|Equity Analyst1(212)778-8318|BrianRusso,CFA*|Equity Analyst+1(212)778-8559|IvanaErgovic*|Equity Analyst+1(212)284-2175|TannerJa

2、mes,CFA*|Equity Analyst+1(212)788-8667|HannahVelasquez*|Equity Associate+1(347)982-6038|AlexOvermeer*|Equity Associate(332)204-0182|QudratQureshi*|Equity Associate(646)530-5925|LukeFenker*|Equity Associate+1(713)308-4523|Just Keep Swimming:Solar Resilience,BESSStrength.25 Clean Conf.RecapMixed to po

3、sitive sentiment on the state of renewables post our 2025 CleanEnergy Conference,but still much improved vs.last years event.Concerns onIRA,FEOC and tariffs that weighed on most of 25 are largely behind us,whilepermitting and Section 232 headwinds persist.But rising demand for powercoupled with mult

4、i-year waits for new gas position solar/storage well.We hosted 20 cos at our annual conf,and while sentiment was mixed on NT implications of 25 policychanges,outlook was more optimistic on the resiliency of renewables through 28/29.Growth outlookin 26 is bifurcated for solar+storage,but LT runway re

5、mains compelling,with SHLS,ARRY,and ORAour top picks.Utility-scale solar is expected to benefit two-fold from the pull-forward of projects ahead of firm 30+ITCexpiration and the long-wait times for new gas.True after-math of 25D expiration remains unclear forresi solar,but ever-rising utility bills

6、only makes the value prop of resi more apparent.Storage is betterexposed to macro tailwinds despite FEOC,with cos leaning into BESS to preserve tax credits beyond 30.Affordability Concerns on Rise.Affordability was the key theme across conversations as industrystakeholders argued that pocketbook pai