Which Solar Stock Has Dominated in 2026: SolarEdge, Enphase Energy, or First Solar?

In 2026, SolarEdge, Enphase Energy and First Solar have moved in sharply different directions, defying the idea that size and profitability would dominate the solar rankings. Through Friday’s close, SolarEdge (NASDAQ: SEDG) ended at $34.20, up 19% year to date, while Enphase (NASDAQ: ENPH) finished at $36.37, up 13%. First Solar (NASDAQ: FSLR), the largest and most profitable of the three, closed at $204.45, down 22%. The Invesco Solar ETF (NYSEARCA: TAN) was down 2%, while the SPDR S&P 500 ETF Trust (NYSEARCA: SPY) was up 13%. The main drag came from policy shifts: the expiration of the Section 25D residential clean energy credit pressured U.S. buying and installer cash flows, contributing to softer domestic sell-through even as European demand rose. Enphase reported Q2 U.S. sell-through down 34% year over year, and residential permits were 30% below the prior year in June.