I think it may take 3 months timeframe to eventually narrow down the spread. The supply/demand issue isn't something easy to tackle especially I think we aren't the minority bunch of people doing this. Therefore SPWRA will keep its discrepent lead for sometime. However you can argue SPWR should be more expensive than Chinese solars, but you can't find a single legitimate reason for SPWR(A) ahead of SPWRV. So eventually this spread should be narrowed down.
Energy bill is a wild card. With the conflict between senate and house, I am pessimistic on it. And SPWR historically had more exaggerated moves upon optimism/pessimism against U.S. energy bill than the rest Chinese solar stocks. I don't know how you shorted SPWR. I couldn't get shares to short. So instead I shorted their 85 or 90 calls. Shorting the calls has limited downside protection. If SPWR drops too much, I lost the hedge.