Insiders Say ‘First Chunk’ Of Renamed BBB Bill Will Focus On Green Energy Segment, Vital Because It Has Extra Tax Credits For Electric Vehicles; Solar Inte-grated Roofing Corp. (OTC PINK: SIRC) And Other EV Charging Station Installers Would Benefit From Passage
Washington insiders say the ‘first chunk’ of the reassembled Build Back Better (BBB) Bill from President Biden would focus on green energy — popular among both political parties with a good chance to pass. It is important because it contains extra tax credits to buyers of electric vehicles — and that means a need for EV Charging Station installers, like SIRC’s PLEMCo., subsidiary, to build a network of EV Charging Stations.
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Insiders Say ‘First Chunk’ Of Renamed BBB Bill Will Focus On Green Energy Segment, Vital Because It Has Extra Tax Credits For Electric Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Other EV Charging Station Installers Would Benefit From Passage
President Biden acknowledged in his press conference last week that he cannot get Congress to pass in whole his BBB Bill. As a result, he and House Leader Nancy Pelosi say now they will ‘rename’ BBB and try to pass it in pieces or ‘chunks.’
The Bill is critical to SIRC and other EV Charging Station installers because it also contains extended tax credits for EV buyers. Supporting a all new EV vehicle sales would be a nationwide network of EV Charging Stations. If all works out and this first chunk is passed into law, the future opportunity for SIRC;s PLEMCo., would be dramatically increased.
On the positive side, some Republicans as well as Democrat Joe Manchin have gone on record saying they like the segment of the bill which addresses the environment. That could be good news for alternative green energy incentives.
Analysts are concerned that all EV sales in the U.S. — including hybrids — total only 656,866 in 2021. That represents just 4.4% of total domestic OEM new car/truck sales last year. This sector, experts say, need a government boost to help boost share and meet 2030 and 2050 goals.
The U.S. is lagging other countries, such as China, and Europe, in offering subsidies to propel EV vehicle sales. As a result, the U.S. is far behind in market penetration now of EVs into the general car/truck population. Insiders Say ‘First Chunk’ Of Renamed BBB Bill Will Focus On Green Energy Segment, Vital Because It Has Extra Tax Credits For Electric Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Other EV Charging Station Installers Would Benefit From Passage.
Making matters worse, the Biden administration is fixated on union payback for election support. As a result, the incentives it proposes to offer OEM Ev car/truck companies is limited to American only union shops. That excludes Canada and Mexico and — most important — ignores electric vehicle leader and non-union Tesla (NASDAQ: TSLA).
No one seems to heed TSLA’s founder and CEO, Elon Musk, when he complains about the conditions of the U.S. government subsidies to the EV industry.
In Germany, 25% of all new car sales are electric. In China, it is some 14%.
The U.S. is far behind those two. Some of this reflects concern over environmental and geo-economic concerns.
Solar installers like SIRC see the tax credits as vital to selling solar to consumers and business prospects. The tax credits serve as a valuable issue in SIRC and others being able to ‘close’ installation sales.
The Administration BBB has already passed the Democratic-majority House.
Now solar installers are intrigued and wondering in which segment the green energy funding will be included.— such as solar.
Other sections of the BBB are seen as too costly and not vital to BBB’s passage.
For solar advocates, such as SIRC, if the segment including EV tax credits was included first, this would be a great and important development. Insiders Say ‘First Chunk’ Of Renamed BBB Bill Will Focus On Green Energy Segment, Vital Because It Has Extra Tax Credits For Electric Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Other EV Charging Station Installers Would Benefit From Passage.
More and longer federal tax credits would help solar installers, such as SIRC, close more solar system sales this year. The timing would also be helpful because it would drive pressure for potential buyers to commit now.
The BBB bill is geared more to ‘social’ infrastructure and includes solar tax credits. Biden’s Infrastructure bill is now law — with its built-in support for EVs.
SIRC is an applicant for some $80 million in EV Charging Station grants to build and install more units.
The Congressional Budget Office (CBO) in its analysis believes that the original BBB would add some $400 billion to the federal budget deficit. A study by the Wharton School says BBB will cost even more to the U.S. taxpayer — north of $3 billion. That appears dead in the water and unacceptable.
Solar installers, such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), are awaiting final approval of the new piecemeal bill because It could drive perks for electric car/truck buyers. An extension of federal tax credits could mean more purchases.
Insiders Say ‘First Chunk’ Of Renamed BBB Bill Will Focus On Green Energy Segment, Vital Because It Has Extra Tax Credits For Electric Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Other EV Charging Station Installers Would Benefit From Passage.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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