As consumers cheer cheaper oil prices, the perceived need for so-called alternative energy has become less urgent and so has the desire to own those stocks. “People are going to run from solar.” observes Jon Najarian, co-founder, of OptionMonster and Yahoo Finance Contributor.

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Some investors already have. Shares of First Solar (FSLR) are down more than 18% this year and SunPower (SPWR) nearly 15%. SolarCity (SCTY) shares have faired better, falling just 5%. This month the company secured $400 million in financing from Bank of America (BAC) to fund residential projects. Elon Musk, best known as Tesla’s (TSLA) CEO, is also chairman of SolarCity.

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As oil becomes more affordable, Najarian thinks the solar industry may be facing fewer government subsides. “There is a direct correlation with crude, I believe, and that kind of energy. Without government subsidies increasing a lot of those companies are going to be in trouble.”

Last week oil prices rebounded with WTI Crude rising to $59.10 a barrel on Friday helping the S&P 500 Index (^GSPC) return to near all-time highs.

Related: Oil's dead cat bounce: Dan Dicker

Najarian says solar stocks would need bigger rebound in crude to recover and even then that might not be enough. ”If the bounce back comes and its more than just holding it in a range of $65-$70 [a barrel] which I think is what many of us might say is a projectable range for the next six months, then I think they don’t die but they are still not going do very well.”

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