First Solar Inc. (NASDAQ: FSLR)

First Solar is the largest US-based solar panel manufacturer and the only major panel maker using thin-film cadmium telluride (CdTe) technology instead of crystalline silicon. They're the biggest beneficiary of the Inflation Reduction Act's domestic manufacturing incentives. While Chinese competitors dominate silicon panels, First Solar has carved out a differentiated position.

Sell solar panels to utility-scale project developers. The IRA's manufacturing tax credits add roughly $0.17/watt to their margins — a massive subsidy that makes US manufacturing competitive. They also earn from module-level power electronics and project development services.

Founded in 1999 in Tempe, Arizona, First Solar went public in 2006 and became a Wall Street darling during the first solar boom. They nearly went bankrupt when Chinese silicon panels crashed prices in 2011-2012. The IRA in 2022 revived their fortunes, and they've announced multiple new US factories.