The shares of solar energy companies are rallying after Congressional leaders agreed to extend a key tax credit for the sector. In a note to investors today, research firm Roth Capital said the deal was "quite bullish for solar."

WHAT'S NEW: As part of a major budget deal, Congressional Republican leaders agreed to extend a 30% investment tax credit, or ITC, for utility, commercial and rooftop solar projects through 2019. The credit had been slated to fall to 10% in 2017. In return, Democrats agreed to Republicans' demands to eliminate a ban on crude oil exports from the U.S. that had been in place since 1975. Congress is slated to vote on the legislation later this week.

ANALYST REACTION: The extension of the ITC would probably have a positive impact on "nearly all solar stocks," according to Roth Capital analyst Philip Shen. However, he identified SolarCity (SCTY) , SunPower(SPWR) - Get Report , First Solar(FSLR) - Get Report , 8point3 Energy (CAFD) , Canadian Solar(CSIQ) - Get Report , Hannon Armstrong(HASI) - Get Report , SolarEdge(SEDG) - Get Report , and Enphase Energy(ENPH) - Get Report as the solar companies with the greatest likelihood of benefiting from the legislation. The analyst upgraded Chinese solar companies JA Solar (JASO) and ReneSola(SOL) - Get Report , as well as solar inverter maker Enphase, to Buy from Hold on the news.

WHAT'S NOTABLE: Companies that could benefit from the repeal of the oil export ban include oil majors BP(BP) - Get Report , Chevron(CVX) - Get Report , ConocoPhillips(COP) - Get Report , Exxon Mobil(XOM) - Get Report , Royal Dutch Shell (RDS.A) and Total(TOT) - Get Report . Smaller oil producers that have been pushing for such a repeal include Continental Resources(CLR) - Get Report , Pioneer Natural(PXD) - Get Report and ConocoPhillips(COP) - Get Report , according to Bloomberg.

PRICE ACTION: In early trading, Enphase soared 55% to $3.74, JA Solar advanced 5% to $9.65, ReneSola added 9% to $1.43, SolarCity jumped 27% to $50.93, SunPower rallied 17% to $28.58 and First Solar jumped 9% to $65.42.

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