Profiting From Subsidies While Proliferating Trump’s Protectionism - CleanTechnica

The article from CleanTechnica highlights the complex interplay between subsidies, corporate profits, and protectionist trade policies in the U.S. solar industry, focusing particularly on First Solar. In 2025, First Solar reported a net profit of $1.53 billion on $5.2 billion in net sales, but a significant portion of this revenue—$1.6 billion—came from transferable 45X tax credits, which are subsidies that can be sold to other companies. These credits, alongside other subsidies like the 48E tax credit for commercial solar installations, substantially bolster First Solar’s profitability. The article emphasizes that these tax credits are not mere tax cuts but substantial government subsidies that inflate reported sales and margins. First Solar has historically depended on various federal, state, and local subsidies, which continue to support its operations. Simultaneously, the article discusses the Trump administration’s protectionist measures targeting solar panel imports from countries like India, Indonesia, and Laos, imposing steep countervailing duties