Congress Passes Coronavirus Relief Bill And Extends Federal Solar Tax Credit At 26% To Homeowners To 2023, But President Trump Wants Amended Bill With Higher $2,000 Direct Payments To Americans; If Solar Extension Remains, It Is Great News For Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Other Solar Companies
Congress passed the Coronavirus Relief Bill yesterday, including an extension at 26% to 2023 of the Federal Solar Tax Credit. That’s great news for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) and other solar companies. But President Trump last night said he wants an amended bill which includes higher $2,000 direct stimulus payments to Americans. He also wants “wasteful and unnecessary items” removed. Earlier, Congress yesterday passed the Coronavirus Relief Bill and extended the Federal Solar Tax Credit two more years to 2023. It also raised the solar tax credit to homeowners to 26% from 22% through January 2023. If the larger and extended solar tax credit remains, it would be a boon to the solar industry and homeowners.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPowerCorp. (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK) and Canadian Solar Inc. (NASDAQ: CSIQ).
Congress Passes Coronavirus Relief Bill And Extends Federal Solar Tax Credit At 26% To Homeowners To 2023, But President Trump Wants Higher $2,000 Direct Payments To Americans; If Solar Extension Remains, It Is Great News For Solar Integrated Roofing Corp.(OTC PINK: SIRC) And Other Solar Companies
If Solar Tax Credits To 2023 Becomes Law, It Would Benefit Solar Companies
Congress yesterday passed a Covid Relief Bill which includes a higher and extended tax credit incentive at a 26% rate through 2023. If it remains in an amended bill President Trump asked for last night, it would benefit solar companies such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR), Sunrun, Inc. (NASDAQ: RUN), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), Gibraltar Industries, Inc. (NASDAQ: ROCK) and Canadian Solar Inc. (NASDAQ: CSIQ). Congress Passes Coronavirus Relief Bill And Extends Federal Solar Tax Credit At 26% To Homeowners To 2023, But President Trump Wants Amended Bill With Higher $2,000 Direct Payments To Americans; If Solar Extension Remains, It Is Great News For Solar Integrated Roofing Corp. And Other Solar Companies.
Congress Extends The Solar Federal Tax Credit To 2023 And Raises The Rate To 26%, But President Trump Wants Amended COVID Relief Bill With Higher Direct Stimulus Payments Of $2,000 To Americans
The $900 billion Covid Relief Bill passed by Congress offers an immediate solar tax credit extension at 26% from the current 22% to 2023. Currently, the solar tax extension was scheduled to end next year at a 22% rate. Last night, President Trump said he wanted a new amended bill which would raise direct stimulus payments to Americans at $2,000 apiece. Congress Passes Coronavirus Relief Bill And Extends Federal Solar Tax Credit At 26% To Homeowners To 2023, But President Trump Wants Amended Bill With Higher $2,000 Direct Payments To Americans; If Solar Extension Remains, It Is Great News For Solar Integrated Roofing Corp.(OTC PINK: SIRC) And Other Solar Companies
The Covid Relief Bill that Congress passed would also offer a 10% tax credit on commercial installations through 2024. It would also set federal tax credit limitations to January 2024 — meaning consumers could take the 26% solar Federal Tax Credit through January 2023. A tax credit is significantly more valuable than a tax deduction because it represents a full reduction of taxable income on a dollar-for-dollar basis. A deduction is taken against revenue.
Solar Tax Credit Extension In Newly Passed COVID Relief Bill, But President Trump Last Night Said He Wants Amended Bill With $2,000 Direct Stimulus Payments To Americans
Brian Milholland, president of Solar Integrated Roofing Corp. (OTC PINK: SIRC), said that solar installations already offer a healthy four year pay back on installation investment and the units themselves have a 40 year operational expectancy. That quick pay back investment could even be potentially faster now if the heightened 26% solar federal tax credit extension for homeowners is in the final law. Those financial incentives coupled with generating clean aIr for the environment could ramp up solar incentives for the entire industry if it remains in the final law signed by President Trump. In California, SIRC’s home base, state legislation mandates solar systems this year and beyond in all new residences.
California’s Clean Air Legislation Offers Tailwinds Mandating Solar Power This Year, Emission-Free Electric Vehicles By 2035
Solar Integrated Roofing Corp. (OTC PINK: SIRC) stands to benefit from clean air oriented state legislation in California that calls for solar system installation in all new residences beginning this year and non-carbon emission in all new vehicles sold starting in 2035. That means solar and electric EV has tailwinds in SIRC’s favor. The trend is paying off for SIRC. The Company reported a record $5.3 million in preliminary unaudited sales for Q3 FY 2021. That represents a 130% volume jump compared to the same period the prior year.
SIRC Projects $40+ Million Sales In FY 2022
SIRC projects that its sales will reach a record breaking $40+ million in fiscal 2022 revenues, ending February 28, 2022. Solar Integrated Roofing Corp. (OTC PINK: SIRC) forecast that it would report record volume of $20 million for FY 2021, ended February 28, 202. Congress Passes Coronavirus Relief Bill And Extends Federal Solar Tax Credit At 26% To Homeowners To 2023, But President Trump Wants Amended Bill With Higher $2,000 Direct Payments To Americans; If Solar Extension Remains It Is Great News For Solar Integrated Roofing Corp.(OTC PINK: SIRC) And Other Solar Companies.
SIRC Sees More Aggressive Growth Going Into The Fourth Quarter
David Massey, SIRC CEO, recently said, “With services now spanning solar, battery backup, EV charging, roofing installation, HVAC work and electrical contracting, we are well positioned to tackle increasingly large opportunities.” He also said he is seeking more Company aggressive growth going into the fourth quarter and beyond.”
Goldman Small Cap Research Says SIRC Volume Will Hit $38.5 Million In FY 2022
Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Sales Projected To Reach $38.5 Million In FY 2022, $90 Million In FY 2023 At Substantial Positive Profit In Both Years; $0.25 Price Target Set For 3-6 Months: Goldman Small Cap Research.
Learn more about Solar Integrated Roofing Corp. (OTC PINK: SIRC) at its website.
Source: Stock Market Press
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