Solar Integrated Roofing Corp. (OTC: SIRC) Grows In Alternative Energy Solar And EV Charging As US Government’s Treasury And Energy Depts. Begin Taking Applications May 31 For $10 Billion In New Energy Tax Credits For So-lar and Wind Projects
Solar Integrated Roofing Corp. (OTC: SIRC) is growing in Alternative Energy Solar and EV Charging sectors as US government’s Treasury and Energy Depts. begin taking applications May 31 for the new $10 billion In Energy Tax Credits for Solar and Wind Projects. The tax credits are seen as incentives to encourage the country’s shift away from fossil fuels — some 30% investment tax credits are being targeted to low income communities. The May 31 applications are for the first $4 billion investment tax credits under the $10 billion ‘Advanced Energy Program,” The Wall Street Journal reports.
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), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), 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).
SIRC has signed a binding LOI to acquire AVCO Roofing, a roofing and solar solutions provider as it grows its national solar/roofing brand image.
Solar Integrated Roofing Corp. (OTC: SIRC) is thriving and expanding its national brand in solar and roofing as the US Government finds itself ‘overwhelmed’ by 8,100 Solar, Wind And Battery Projects seeking to connect to central electric grids while receiving government subsidies. The American Clean Power Association says large scale alternative energy projects fell by 16% in 2022, The New York Times reports. Meantime, Solar Integrated Roofing Corp. (OTC: SIRC) is flourishing in both solar and roofing installations.
All the while, the US government’s Treasury and Energy Departments are beginning to accept applications for solar and wind alternative energy projects — and dangling about $10 billion in new tax credits for winning developers to entice them to accelerate the Country’s move away from fossil fuels. The Lawrence Berkeley National Laboratory finds that 1,300 gigawatts of solar, storage and wind energy projects are stuck in central grid utility interconnection queues — and says most proposed projects will not be built.
Some of the new $10 billion 30% investment tax credits being offered by the federal government will be targeted to low-income communities. Applications will begin May 31 for the first $4 billion of solar and wind project tax credits within the $10 billion ‘’Advanced Energy Program.” Priorities on applications will be available to community-based organizations, areas of high poverty rates, energy projects on tribal lands and areas where low income people will benefit, the WSJ reports. These would be primarily ‘smaller’ solar and wind projects, the government said.
Initially, the first tranche or $1.6 billion in tax credits will be geared for places where coal mines were once located — or where coal-fired power plants have closed. This was part of the deal secured with Sen. Joe Manchin to obtain his voting support for President Biden’s Inflation Reduction Act. The tax credits will be capped and awarded through the application process.
Meantime, SIRC continues to expand in the Alternative Energy sector. Solar customers are now more eager to protect themselves from deliberate rolling blackouts in key markets. They seek to insulate themselves from those interruptions in their energy service. Instead, by buying rooftop solar systems for themselves — along with solar energy batteries — they can achieve that. This is their priority now, rather than solely seeking to sell the excess energy from their own solar electricity back to reluctant central grid utility companies.
Acquiring AVCO is the first SIRC step has taken since it received new funding. “The AVCO LOI represents the first in the list of strategically important LOI’s that SIRC has announced following our recent funding which will enable our next phase of growth,” said David Massey, SIRC CEO said. AVCO specializes in roof and solar repair and replacement services for residential and commercial buildings.
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.
Source: Stock Market Press
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