Fluence Energy stock (NASDAQ:FLNC) is up by 24% today. Shall you buy it?

Protection from extreme weather and loss of power Clean energy advocates have hailed the compromise on the budget reconciliation bill that U.S. Senate Democrats reached on Wednesday, even though it eliminated roughly $370 billion in provisions from earlier versions of the plan. $555 billion in tax benefits for wind, solar, batteries, and nuclear reactors were included in earlier drafts of the measure.

Fluence energy stock (NASDAQ:FLNC) heavily benefited from this today, gaining almost 24% at press time, less than a week ahead of its Q3 2022 earnings report scheduled for August 2nd, 2022. Other energy stocks are also on the rise today. Sunrun Inc. is trading at +25% and Sunnova Energy International Inc at +23%.

Schumer’s office claims Wednesday’s plan would reduce U.S. emissions by 40 percent by 2030. As climate and energy policy experts at UC Santa Barbara, Leah Stokes, pointed out, 2005 was the starting point for the decrease.

Those in favor of renewable energy said it would assist President Biden in his efforts to decarbonize the American economy by 2050. It’s revolutionary,” Stokes said. According to her, the law contains the most significant investment in environmental justice to date. It will stimulate the production of batteries, solar energy, and electric cars in the United States.

President Biden remains optimistic despite rising oil and gas costs, claiming that this law would “increase our energy security and solve the climate challenge.” Heather Zichal of American Clean Power claims that Congress is on the approach of approving “the biggest climate and clean energy investment in American history.”

The Democratic Party intends to get the law passed with a majority vote. It also needs Democratic support in the House. But, then, it just needs a simple majority to pass and Biden’s signature to become law.

The summary states that it comprises a “methane emissions reduction scheme” to decrease natural gas leaks during drilling. A methane levy to punish energy corporations for leakage was suggested by Democrats, although it was not apparent whether this proposal had been altered.

Conservative Democrat and swing vote Senator Joe Manchin, who has gotten more money from the oil and gas industry than any other legislator in recent years, sought to exclude corporations from the tax if they could not construct a pipeline to transport the gas to market.

Fluence Energy stock is losing 26.54% in the last six months, and -64.12% YTD.