Tariffs Will Be Imposed Again On Two-Sided Solar Panels Later This Month
The solar industry may have believed two-sided or bifacial solar panels would escape price-hiking tariffs, but they are reported to be reimposed again later this month when the Trump administration is expected to eliminate that tariff free loophole on October 28, according to an article by Bloomberg.
Tickers: Solar Integrated Roofing Corp. (OTC PINK: SIRC), SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ:CSIQ), SolarEdge Technologies (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), PepsiCo (NASDAQ: PEP)
New York, NY, October 7, 2019 — Stock Market Press is a leading financial news company that delivers up to date news. News on the wires today includes how the solar industry is being impacted by the series of annual declining tariff percentages, resulting in higher prices and slowing solar growth. If solar players were counting on the absence of tariffs on bifacial solar panels they will have a rude awakening later this month when tariffs are anticipated to be imposed again on the two-sided panels, a Bloomberg analysis reports. Utility scale large projects are hit hardest by tariffs, the cleantechnica.com site reports.
In other news we also talk about SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ: CSIQ), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), PepsiCo (NASDAQ: PEP),
Two-sided panels accounted for only 3% of the industry last year site Ajot reported, but solar players thought that their tariff exemption could be an important factor in a future solar market. Come October 28, the tariffs on bifacial panels will be imposed again, Bloomberg reports.
Tariffs on soar panels were 30% when first instituted in 2018 and have a schedule of dropping 5% annually. As cost hikes on the 80-90% of imported panels were seeing slowing solar installations, industry leaders thought that no tariffs on the two-sided panels represented a loophole that could spike installations again. But the Bloomberg report says tariffs instituted at the current 25% level will be imposed on the two-sided panels on October 28.
Although the two-sided panels only accounted for 3% of the industry last year, site Ajot reported that the exemption issued in mid-2019 could enable the solar industry to duck tariff restrictions. With that exemption loophole ended later this month, the solar industry is back to weathering the impact of the tariffs on imported panels. The solar industry thought the insulation from tariffs on bifacial solar panels could help drive the future energy renewables market. Turns out, they were wrong, according to the Bloomberg article.
China, South Korea and other countries that manufacture solar panels have experienced technological advances and falling costs despite the tariffs. The tariffs are on a schedule where the percentages drop 5% annual. They started at 30% in 2018, drop to 25% in 2019 and reach their lowest level of 15% in year four, said an analysis article by site energysage.com. The U.S. continues to import 80-90$ of the solar panels it uses despite the imposition of tariffs, the Solar Industry Association estimates.
Industry leaders, such as Solar Integrated Roofing Corp. (OTC PINK:SIRC), see the positive long term impact benefits of residential installations in cutting electrical costs to homeowners.
Massey’s goal is to make SIRC the largest solar/roofing company in Southern California.
Dave Massey, CEO of SIRC (OTC PINK: SIRC), initially overcame objections from homeowners regarding financing installation of green roofing projects by illustrating that low cost, low interest loans for the financing of solar roofing projects could be lower than the electric bill of the homeowner. Massey has forecast a three-fold jump in SIRC’s sales in 2020.
SIRC (OTC PINK: SIRC) has announced it has completed its audit and is beginning the process of up listing its shares to the OTCQX exchange to give its shareholders more value, Massey said.
SinglePoint (OTCQB: SING) subsidiary, Direct Solar of America, has signed a partnership agreement with My Home Group Real Estate, LLC, the fastest residential real estate brokerage in Arizona and second fastest in the country. The program calls for the education of agents on benefits and installation of solar. By collaborating together, the two companies will be able to provide service to homeowners in real estate transactions and solar services.
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO) expects occupancy by October 31 on its site in Aurora Polaris. It is the hub site for ACB’s industrial-scale production of high margin and value added products, such as edibles and vaping products. Warehouse racking was expected to arrive the first week of October. Staff arrival is anticipated as early as the first week in
November.
SolarEdge Technologies (NASDAQ: SEDG) stock closed at $85.50 Friday and has a 52-week trading range of $32.42/$91.45.
Canadian Solar Inc. (NASDAQ: CSIQ) shares hit a price of $18.68 at the close Friday. The stock has a 52 week trading range of $12.69/$25.89.
PepsiCo (NASDAQ: PEP) has reported third quarter revenues of $17.18 billion, beating Wall Street forecasts of $16.93 billion. Organic revenue rose 4.3%. As a result, PepsiCo stock jumped almost 3% in pre-market trading. Driving the gain for the quarter was the company’s overseas business and its Frito-Lay North America performance. Ramon Laguarta, CEO, said on an earnings conference call that the company would reach $2 billion in online sales this year as it benefits from consumers shifting to online purchasing.
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