Higher And Longer Federal Tax Credits For Solar Were All The Rage At Start Of 2021, But Now States Like Missouri And Wyoming Are Seeking To Tax Residents And Businesses That Generate Solar Power; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Going National As Clean Energy Provider
Higher and longer federal tax credits were seen at the start of 2021 as a boon to solar installers and manufacturers — but now states like Missouri and Wyoming are seeking to tax residents and businesses that generate solar. The new solar taxes could disincentivize future solar customers. Solar Integrated Roofing Corp. (OTC PINK: SIRC) is committed to solar roofing and clean energy. It is going national by signing a binding Letter Of Intent (LOI) to acquire multi-state roofing and solar systems installer, Cornerstone Construction, based in South Carolina. SIRC has been on an acquisition spree, recently closing on its purchase of solar company Enerev LLC and signing a binding agreement to buy Pacific Lighting Management for its new EV Charging Station Solutions Division.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations 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), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK) and Canadian Solar Inc. (NASDAQ: CSIQ).
Higher And Longer Federal Tax Credits For Solar Were All The Rage At Start Of 2021, But Now States Like Missouri And Wyoming Seek To Tax Residents And Businesses That Generate Solar Power; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Going National As Clean Energy Provider
The Missouri state legislature and Wyoming legislature are proposing new taxes to businesses and residents that generate solar power — these could be seen as penalties levied against solar-generating utilities and individuals. Higher And Longer Federal Tax Credits For Solar Were All The Rage At Start Of 2021, But Now States Like Missouri And Wyoming Are Seeking To Tax Residents And Businesses That Generate Solar Power; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Going National As Clean Energy Provider
In Missouri, Bills HB539 and SB178 would impose new taxes said to cover expenses of solar generation connected to the power grid, according to site Solar Power World. Missouri’s electric cooperatives want to create a new rate class and fee just for solar customers, according to Mary Shields, executive director at the Missouri Solar Energy Industries Association (MOSEIA).
In Wyoming, proposed Bill 94 in the state legislature seeks a new tax on utility-scale solar power facilities. If approved, the tax would mirror one already in effect on wind energy facilities, site Rocket Miner reports. But this new tax would not be imposed on residential homeowners who have solar panels on their roofs. “The idea is not to tax rooftop solar. This is for commercial scale, one legislator said. A fiscal note reported that a generation tax on solar facilities could mean $190,000 in new annual revenues in fiscal years 2023 and 2024. But it would make Wyoming solar projects less competitive, renewal energy proponents say.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees A Solar And Clean Energy Future, So It Executed A Spree Of Clean Energy Acquisitions
SIRC just signed a binding letter of intent to purchase multi-state roofing and solar systems installer, Cornerstone Construction, based in South Carolina. Cornerstone Operates In N.C., S.C., Ar., Okla. And Ala. SIRC recently closed on its purchase of solar company Enerev LLC and signed a binding agreement to buy Pacific Lighting Management for its new EV Charging Station Solutions Division.
In signing the binding LOI to acquire Cornerstone Construction, David Massey, CEO of SIRC said, “This represents the first step in our company’s transition into a nationwide roofing and solar solutions provider. Throughout 2020, Cornerstone moved strategically into new markets…the Company completed over 1,000 installs of roofing and solar in 2020 generating over $15 million in sales with robust projected growth. Massey added, “This is an exciting presence that we believe will help grow our acquisition pipeline nationally, helping to create value for our shareholders.” To learn more, go to https://cornerstoneconstruction.org Higher And Longer Federal Tax Credits For Solar Were All The Rage At Start Of 2021, But Now States Like Missouri And Wyoming Are Seeking To Tax Residents And Businesses That Generate Solar Power; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Going National As Clean Energy Provider.
Cornerstone operates throughout the southeastern United States, SIRC said. Its services include inspections, installations, repairs and replacement services as well as gutters, windows, siding and decking. It also designs and installs traditional solar and solar single arrays that integrate seamlessly into new and existing roofing systems, SIRC said. Cornerstone’s founder and CEO is Hunter Ballew.
SIRC Targets End Of February For Closing Of Pacific Lighting Acquisition
When Massey recently announced the Company signed a binding LOI to acquire Pacific Lighting Management, Inc., for its new Dedicated EV Charging Station Solutions Division, SIRC said it is targeting the end of February for the close of the purchase for the company — which offers several long term (IDIQ-type) government contracts with the General Services Administration (GSA and GSA Fleet). Its customers also include federal, state and local governments, school districts, hospitals and large commercial clients, the Company said. It is a cash-flow positive buy, SIRC said. It is based in Southern California, in Santa Ana. Learn more about Pacific Lighting at http://www.pacltg.com/
SIRC Closes On Acquisition Of Solar Installer Enerev LLC
SIRC recently closed on its purchase of another established clean energy solar installer, Enerev LLC. To learn more, go to https://www.enerevsolar.com/getting-started. Higher And Longer Federal Tax Credits For Solar Were All The Rage At Start Of 2021, But Now States Like Missouri And Wyoming Are Seeking To Tax Residents And Businesses That Generate Solar Power; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Going National As Clean Energy Provider.
In addition to acquiring Enerev LLC and signing the binding letter of intent to buy Pacific Lighting for its new EV solutions division, SIRC entered a new alliance with San Diego builders to enter the new home business in that market. It also reached agreement with Solectrac, Inc., an all-electric tractor developer and manufacturer located in Northern California. That company is now 24% owned by Ideanomics (NASDAQ: IDEX). and Solectrac is an applicant for a $500 million USTDA grant.
Goldman Small Cap Research Sees SIRC Stock Rising With Acquisitions
Goldman Small Cap Research in a analysis report explained that SIRC’s stock still has a lot to gain in valuation metric. “Thus, we believe that these shares (SIRC) could trade north of $1.00 and beyond in 2021, especially as new companies are brought into the SIRC family,” it concluded. Goldman Small Cap Research in the January report tripled its price target for Solar Integrated Roofing Corp. (OTC PINK: SIRC) to $0.75 for the next three-six months. But SIRC’s stock has already eclipsed that — trading at yesterday’s close at $1.63, after a prior whirlwind week of volatile stock valuation.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says It Will Reach $40 Million In FY 2022
Goldman likes the SIRC M&A strategy, entry into adjacent sectors, past record performance and partnership/agreement with the EV developer of all-electric tractors, which is an applicant for a $500 million USTDA grant. Saying that SIRC is expanding volume both organically and with acquisition growth, it projects SIRC sales at $19.8 million for FY 2021 and $38.5 million In FY 2022.
SIRC itself forecasts a volume of $40 million for FY 2022 — slightly north of the $38.5 million projected for it that year by the new Goldman report. Massey, CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), projects that its fast-track growth will generate revenues of $20 million for the FY ending February 28, 2021, almost precisely the $19.8 million estimated by the initial report.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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