Solar Firms Petition U.S. Government For Four Year Extension Of 18% Solar Tariffs On Imports As Congress Wrestles With $1.2 Trillion Infrastructure Bill Which Includes Solar Initiative Funding; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Growing National Footprint In Solar Sector

In a landmark move, Auxin Solar of San Jose, California, has filed a petition to extend the 18% tariff on solar imports four more years. The petition — filed with the U.S. International Trade Commission (ITC) — is seeking to prevent the tariffs from expiring next year. Instead, it seeks to extend them for four more years, offering ‘safeguard relief’ and ensuring “American renewable energy independence.” It adds that the petition is about “national security” and the “green energy independence” of the American domestic solar industry. It would impact tariffs applied to foreign made photovoltaic cells and modules. The petition was filed alongside the original petitioner, Suniva, Inc.of Norcross, Ga. Solar Integrated Roofing Corp. (OTC PINK: SIRC) is growing a  national footprint in the solar sector, but David Massey, SIRC CEO, told shareholders his company uses principally domestic-made solar materials — not foreign.

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), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).

Solar Firms Petition U.S. Government For Four Year Extension Of 18% Solar Tariffs On Imports As Congress Wrestles With $1.2 Trillion Infrastructure Bill Which Includes Solar Initiative Funding; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Growing National Footprint In Solar Sector

At the same time the petition was filed to extend the solar tariffs another four years, Majority Leader (D-NY) Sen. Schumer is attempting to engineer a final vote before August 9 — the day when the Senate will start its summer recess — on President Biden’s $1.2 trillion infrastructure bill. That law includes Federal tax credits, grants and other financial support programs for solar and EV Charging Stations.

Senators are offering amendments to the $1.2 trillion package this week and the plan is critical to funding for green renewable energy — solar, EV Charging Stations and wind. To companies like Solar Integrated Roofing Corp. (OTC PINK: SIRC), which are heavily committed to both sectors, the outcome is vital. SIRC has already applied to the government for EV Charging Station support grants. Solar Firms Petition U.S. Government For Four Year Extension Of 18% Solar Tariffs On Imports As Congress Wrestles With $1.2 Trillion Infrastructure Bill Which Includes Solar Initiative Funding; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Growing National Footprint In Solar Sector.

The $1.2 trillion infrastructure program is only step one — with step two, the package will total more than $4 trillion in infrastructure spending. Actually, The Wall Street Journal reports that the figure is really $5+ trillion because, hidden in the bill, are ‘temporary’ infrastructure provisions not counted in the total. In time, those ‘temporary’ provisions will become ‘permanent,’ the Journal says.

The tariff extension petition to the U.S. ITC is only a partial move. The ITC can recommend a tariff extension, but only Biden can actually do it. The result is a dilemma for the White House. President Trump put the 18% tariffs in place and, since he did so, the domestic solar industry has tripled. Solar Firms Petition U.S. Government For Four Year Extension Of 18% Solar Tariffs On Imports As Congress Wrestles With $1.2 Trillion Infrastructure Bill Which Includes Solar Initiative Funding; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Growing National Footprint In Solar Sector.

For solar tax credits and EV Charging Station build out grants, the infrastructure program is vital. To firms like Solar Integrated Roofing Corp. (OTC PINK: SIRC), the infrastructure program is key to future renewable green support spending — such as federal tax credits for solar installations, rebates for purchases of new EV electric cars and outright grants for build out more EV electric charging station installations. The $1.2 trillion bill that is pending a vote by the Senate, would be combined with a House Bill which would total a $4.1 trillion infrastructure package. Some publications say it would actually spend a combined $5+ trillion on infrastructure of many kinds.

Without an extension, the current 18% tariffs would expire on February 6, 2022. The ITC will report its recommendation to Biden by December 8, 2021. If the tariffs are not extended, these petitioning companies say, they would suffer serious harm from imports in terms on pricing.

In the green renewable energy space, Solar Integrated Roofing Corp. (OTC PINK: SIRC) has been active in growing its footprint. Recently, SIRC acquired USA Solar Network and now says its FY 2022 sales volume is on track to reach $150 million. Solar Firms Petition U.S. Government For Four Year Extension Of 18% Solar Tariffs On Imports As Congress Wrestles With $1.2 Trillion Infrastructure Bill Which Includes Solar Initiative Funding; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Growing National Footprint In Solar Sector.

USA Solar Network  LLC, is a solar energy and EV Charging infrastructure company. SIRC says it will enable it to expand sales by 50-100% growth or $50 million per year in incremental growth at 16% gross margins as early as FY 2022. Led by Pablo Diaz, CEO, USA Solar Network has scaled into 38 states and key markets such as Texas, Florida, Illinois, Arizona, Missouri and New Mexico.

Massey praised the accomplishments of Pablo, particularly completing more than 7,000 solar projects to date, he said, and generating over $40 million in revenue since 2018. Read more about USA Solar Networks here.

SIRC also announced its plans to acquire Approved Home Pros, a multi-platform media production company with a proprietary referral service ‘Pro Finder’ tool offering consumers access to contractors who have passed a screening, vetting and referral service test. This transaction is anticipated to give SIRC an additional $11 million in annualized sales. It will offer leads to the SIRC family of companies while also offering the company enhanced branding and exposure to consumers. It is also part of SIRC’s strategy of increasing its internally-generated or organic growth.

David Massey, CEO of SIRC, told shareholders in his first live Q&A session that the company is now tracking towards a $150 million volume in FY 2022. His vision for later performance is for the company to be doing $250 million annually with a $25 million gross profit.

The transaction to buy USA Solar Network marks an important moment for SIRC — in addition to the anticipated dramatic volume and footprint gains. David Massey, CEO of SIRC, said, “USA Solar Network has a footprint in exciting new markets that will continue to broaden our national reach — the missing piece to the puzzle, allowing us to expand to new markets nationally with minimal cost using their existing network spanning solar and EV installation.”

Massey added, “The acquisitions drove annual revenues to a record $17.1 million and set us on a course to achieve at least $100 million in the twelve months ended May 31, 2022. Our focus on rapidly growing, high margin acquisitions has significantly grown sales, allowed us to now capture the full lifecycle of our customers, and brought new synergies and efficiencies across the SIRC family of companies. Due to this, we expect to achieve profitability in FY 2022.”

With its newest acquisitions, Massey said SIRC is now on track to generate $150 million in revenue in FY 2022. Massey added, “We are realizing both acquisitive and organic growth on all fronts while minimizing dilution.”

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

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