Democratic Gains Could Ease Solar Permitting
Utility-scale solar developers and procurement teams may see faster federal and state approvals if new policies take hold.
Updated on Nov. 5, 2026 in Utilities
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William Blair upgraded First Solar to outperform from market perform, citing expected policy support for solar after Democrats won both chambers of Congress in the 2026 midterm elections. Operators in utility-scale solar development and procurement should watch how the shift in federal and state control affects permitting and siting.
Why it matters
Democratic control at the local level is expected to unlock support for utility-scale solar procurement and siting, which could change project timelines and bookings for solar developers. The analyst view ties the upgrade to a policy shift rather than to a change in First Solar's own near-term results.
Analyst coverage of First Solar is split in favor of buying, with 29 of 41 analysts rating it buy or strong buy, while shares have fallen nearly 26% this year. Texas, which added roughly 11 gigawatts of solar in 2025, now totals about 52 gigawatts, a base that could power around 6 million homes.
The players
First Solar
A U.S. solar module manufacturer whose shares and analyst coverage are being tracked by investors following the upgrade.
William Blair
An investment bank whose analyst Jed Dorsheimer issued the upgrade of First Solar to outperform.
The details
William Blair analyst Jed Dorsheimer's upgrade rests on the view that Democratic gains at the state and local level will support utility-scale solar procurement and siting. The Bipartisan American Affordability and Jobs Act proposal calls for expedited federal permitting for solar projects, which would shorten the approval process developers face. Texas, the largest contributor to new U.S. solar capacity, is among the states where Democrats flipped governorships, though the extraction does not detail the specific mechanisms by which those changes would reach project pipelines.
Timeline
2025: Texas added roughly 11 gigawatts of solar capacity.
November 5, 2026: William Blair upgraded First Solar, the same day midterm results were reported.
Market Landscape
Texas's roughly 11 gigawatts of solar additions in 2025, bringing its total to about 52 gigawatts, set the scale against which the new state-level political shifts are being measured. The analyst upgrade positions First Solar as a potential beneficiary of policy support that could extend that buildout beyond Texas.
Developers and procurement teams in utility-scale solar should factor in possible changes to permitting timelines and state siting support as the political landscape shifts. Investors and suppliers tied to solar manufacturing should weigh analyst sentiment against First Solar's year-to-date share decline.
The takeaway
The upgrade is a policy-driven call rather than a result-driven one, so operators should track whether the Bipartisan American Affordability and Jobs Act advances and how quickly state-level support translates into bookings. Monitoring permitting changes in Texas and the newly Democratic states will show whether the policy tailwind is real.
Further reading
For more on how energy policy shifts reach operators, see the Utilities section.
Source note: This article includes information reported by CNBC.
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