California’s Regulations That All New Houses Have Solar Begins In January 2020
The solar industry may be feeling the effects from the impact of tariffs on solar panels, but a bright spot is the implementation in January 2020 of California’s regulation that all new houses be equipped with solar systems. New York Times and Los Angeles Times articles said that California will be the first state in the nation to require all new homes to have solar.
Developers are thinking about how to adapt solar to their new homes while keeping the costs of projects affordable to buyers. The result will be a boon to solar in the state.
Tickers: Solar Integrated Roofing Corp. (OTC PINK: SIRC), SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ:CSIQ), SolarEdge Technologies (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), Walmart Inc. (NYSE: WMT).
New York, NY, October 8, 2019 — Stock Market Press is a leading financial news company that delivers up to date news. News on the wires today includes how California laws will require all new homes to have solar roofing beginning in January 2020. The industry estimates that in 2020 some 74,154 new homes will be built in California. If the same number of homes are built in the next three years, the state estimates solar usage will increase by 14%.
In other news we also talk about SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ: CSIQ), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), Walmart Inc. (NYSE: WMT).
Long term, California officials estimate, mandatory solar systems will benefit homeowners. But, short term, developers are worried that solar systems will add costs to new homes to buyers and hurt sales.
California builders estimate that the new solar requirements will contribute $25,000-$30,000 to the cost of a new home in 2020. But anticipated savings of $50,000-$60,000 in operating costs over the expected 25 years of the solar system would provide the homeowner long term savings. Also, economies of scale are anticipated to reduce the future cost of solar systems.
By making the solar installations mandatory, future homeowners cannot refuse the solar option. Solar panel makers and installers will reap the benefits of increased mandatory installations. Also incentivizing homeowners will be other energy efficient upgrade options which can reduce energy usage in new homes by up to 50%, California officials believe.
Dave Massey, CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), told host Donald Baillargeon on Money TV that the company expects to report fourth quarter revenues of “at least $6 million, which is more than we did all of last year.” He explained that the spiked revenues will result, in part, from a flurry of acquisitions by SIRC. He also said SIRC has completed its audit and has started the process of up listing.
“Our goal is to be a $40-$50 million company next year and will be up listed, there’s no reason that won’t happen,” he told Baillargeon. Massey has estimated that SIRC’s sales will triple in 2020 as a result of the takeovers.
Walmart (NYSE: WMT) plans to sue Tesla for its solar roof panels catching fire on the roofs on seven of its stores, an article in site SolarReviews reported. The story reported that Walmart had initially signed a contract with Tesla to ‘solarize’ its stores. Now, after the fires, Walmart is seeking to pull the plug on that agreement and be reimbursed for its damages. Walmart also wants all of the faulty panels removed.
SolarReview said that the Walmart solar fires resulted from insufficient installation, poor training and maintenance, not the panels themselves.
SinglePoint (OTCQB: SING) is very bullish about the performance of its subsidiary, Direct Solar of America. Greg Lambrecht, CEO, said on MoneyTV in an interview that its booming solar sales could reach $2 million per month in FY2020.
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO) stock hit $4.11 at the close Monday, then reached $4.15 in after hours trading. It had opened the trading session at $4.36.
SolarEdge Technologies (NASDAQ: SEDG) stock closed at $85.51 Monday and remained unchanged in after hours trading. It has a 52-week trading range of $32.42/$91.45.
Canadian Solar Inc. (NASDAQ: CSIQ) shares hit a price of $18.14 at the close Monday and remained the same in after hours trading. The stock has a 52 week trading range of $12.69/$25.89.
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