President Trump Signs COVID-19 Relief Bill Containing Solar Tax Extension At 26% To 2023, But He Still Wants Higher $2,000 Checks For Americans; Great News for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) And Other Solar Companies

Posted December 28, 2020

In NASDAQ: BLNK, NASDAQ: CSIQ, NASDAQ: FSLR, NASDAQ: ROCK, NASDAQ: RUN, NASDAQ: SEDG, NASDAQ: SPWR, NASDAQ: TSLA, OTC PINK: SIRC

President Trump signs the $900 billion Covid Relief Bill last night, which includes the Federal Solar Tax Extension at 26% through 2023. That’s great news for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) and others in the solar industry. Homeowners will be offered a higher solar tax credit for two additional years. Today (Monday, December 28, 2020) Congress takes up legislation for an additional relief payment raising the original $600 up to President Trump’s request for $2,000 apiece.

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).

President Trump Signs COVID-19 Relief Bill Containing Solar Tax Extension At 26% To 2023, But He Still Wants Higher $2,000 Checks For Americans; Great News for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) And Other Solar Companies

Higher and longer solar tax credits will be a boon to solar installers and provide homeowners an attractive incentive through 2003 at a 26% federal tax credit to order solar equipment — such as roofs and rechargeable batteries — now. Solar companies such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) and others would benefit. President Trump Signs COVID-19 Relief Bill Containing Solar Tax Extension At 26% To 2023, But He Still Wants Higher $2,000 Checks For Americans; Great News for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) And Other Solar Companies.

Higher Federal Tax Credit At 26% And Two Years Longer

The solar tax credit currently for homeowners would have been in its final year in 2021 at only a 22% credit against income. Now after President Trump signed the bill into law, the Federal Tax Credit grows to 26% through 2023, instead. Commercial solar products continue to earn a 10% credit. President Trump Signs COVID-19 Relief Bill Containing Solar Tax Extension At 26% To 2023, But He Still Wants Higher $2,000 Checks For Americans; Great News for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) And Other Solar Companies.

Solar Credit Extension In Newly Signed COVID Relief Bill

As proposed in the signed Relief Bill, the Federal Solar Tax Credit would rise immediately to 26% and be effective through 2023. It is great news for SIRC, TSLA, SPWR and other solar companies. Brian Milholland, president of Solar Integrated Roofing Corp. (OTC PINK: SIRC), said that solar installations will be popular because it offers a healthy four year pay back on installation investment and the units themselves have a 40 year operational expectancy. Now, with the extension of a 26% federal tax credit, solar is even a greater and quicker pay back investment.

Solar Tax Credit Will ‘Ramp Up’ Solar System Installations

Solar Integrated Roofing Corp. (OTC PINK: SIRC) and other solar companies will find today’s higher and longer Solar Tax Credit will help homeowners defray faster solar system installation costs. President Trump Signs COVID-19 Relief Bill Containing Solar Tax Extension At 26% To 2023, But He Still Wants Higher $2,000 Checks For Americans; Great News for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) And Other Solar Companies.

California’s Clean Air Legislation Tailwinds For Solar Power, Electric Vehicles

Not only is the extended Federal Tax Credit great news for the solar industry, but Solar Integrated Roofing Corp. (OTC PINK: SIRC) and other solar firms stand to benefit from clean air oriented legislation in California that calls for solar system installation in all new residences beginning this year and non-carbon emission new vehicles sold starting in 2035. That means solar and electric EV has legislative 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 Achieves $25 Million Run Rate As It Grows

David Massey 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.”

SIRC Projects $40+ Million Sales In FY 2022. SIRC has achieved a $25 million run rate as it grows.

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.

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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Bina Murarka

Bina Murarka is a India-based technology reporter for Stock Market Press. A freelance writer who covered tech for various mainstream and financial websites, she writes about everything from small-cap telecommunications companies to the digital economy's impact on financial markets. She graduated from Calcutta University.