Some Solar Projects May Be ‘Frozen’ For as Long As 150 Days While Commerce Department Probes Tariffs On Asian Solar Panels And May Impose Retroactive New Penalties; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Would Not Be Impacted Because It Uses Solar Panels Sourced From US
The Commerce Department says its probe of solar panel tariffs from Asia may last as long as 150 days and result in the imposition of retroactive significant tariffs as it seeks to learn if solar panels were transshipped from China to other Southeast Asian countries to circumvent the original tariffs, according to The Wall Street Journal. Some experts say the probe could delay solar projects in the US for up to 150 days. Solar Integrated Roofing Corp. (OTC PINK: SIRC) would not be impacted because it uses US-sourced panels.
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Some Solar Projects May Be ‘Frozen’ For as Long As 150 Days While Commerce Department Probes Tariffs On Asian Solar Panels And May Impose Retroactive New Penalties; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Would Not Be Impacted Because It Uses Solar Panels Sourced From US
A new report yesterday from the US Commerce Department gave a 150 day timeline on the solar panel probe, mad at the request of a US-based California solar panel maker which believes some Chinese companies trans-shipped its panels to firms in other countries, such as Cambodia, Thailand, Malaysia and Vietnam, to circumvent the tariffs.
Craig Cornelius, chairman of the American Clean Power Association (ACPA), an alternative energy trade group, says, “Over the course of the department’s review, which could last up to 150 days, a huge fraction of planned solar projects in the US will be effectively frozen.
The Commerce Department probe involves tariffed solar panels actually being shipped from third-party countries. If the third-party countries are found to be guilty, the probe has the potential to freeze investment in the U.S. solar industry. Solar Integrated Roofing Corp. (OTC PINK: SIRC) is optimistic about its US-sourced Solar Panels not involved in the US probe.
Some Solar Projects May Be ‘Frozen’ For as Long As 150 Days While Commerce Department Probes Tariffs On Asian Solar Panels And May Impose Retroactive New Penalties; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Would Not Be Impacted Because It Uses Solar Panels Sourced From US
The Commerce Department will need to make a quick decision on formalizing the probe. It has long been rumored that South Asian — particularly China — had been re-routing solar panels sold to the U.S. to avoid the tariff penalties. Solar panels sold from the four countries in question probably did not originate from there, only sold through trans-shipment from the locations to avoid the Trump-era tariffs.
If a formalized probe found the four countries guilty, it could mean high retroactive tariffs of from 50-250%, according to the U.S. Solar Energy Industries Association (SEIA), a lobbying group.
Abigail Ross Harper, president of the SEIA, says, “This misstep will have a devastating impact on the US solar market at a time when solar prices are climbing, and project delays and cancellations are adding up.”
Some Solar Projects May Be ‘Frozen’ For as Long As 150 Days While Commerce Department Probes Tariffs On Asian Solar Panels And May Impose Retroactive New Penalties; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Would Not Be Impacted Because It Uses Solar Panels Sourced From US.
Commerce is responding to a petition from Auxin Solar, a small domestic solar panel manufacturer which filed a petition to the US Commerce Department of how Asian countries were circumventing the tariffs.
Meanwhile, the die has already been cast. Some 13% of solar scale capacity scheduled for 2022 completion has already been cancelled due to higher costs, disruption or policy uncertainty in Washington. Developers have already warned the Biden Administration that the Commerce Department decision could compound those challenges.
Meanwhile, SIRC’s family of companies has already pivoted to install in customer’s homes Enphase’s 3R rated IQ batteries designed to work with grid-tied solar panel systems. It offers customers reliable solar backup power and an all-in-one AC-coupled storage system that is smart, simple, and safe.
The IQ8 is Enphase’s smartest microinverter yet and changes the paradigm for solar technology, which otherwise requires a grid connection to operate.
SIRC announced that the Enphase Energy System can be controlled through a smart mobile app to determine how much power a customer is making, using and saving in real time. Customers also have access to the Enphase-exclusive Envoy Communications System and Enlighten website.
David Massey, founder and CEO of SIRC, says, “Enphase is a leader in home energy systems, and we are privileged to provide its energy solution to our over 250 sales teams spanning 40 states and our commercial development firms.
“I have used Enphase micro inverters since 2006 and have the utmost confidence in their products. Further integrating Enphase into our sales mix comes at an opportune moment as homeowners are increasingly interested in a backup battery system in a time of extreme weather and frequent power interruptions. This comprehensive supply solution is often significantly less expensive as compared to a consumer’s electric bill, while our attractive 0.99% project financing and 25-year warranty provides a highly compelling reason to evaluate the switch to solar.”
Some Solar Projects May Be ‘Frozen’ For as Long As 150 Days While Commerce Department Probes Tariffs On Asian Solar Panels And May Impose Retroactive New Penalties; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Would Not Be Impacted Because It Uses Solar Panels Sourced From US
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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