U.S. Congress Legislators Seek More Federal Tax Credits For Integrated Solar Roofs As California Regulators Approve Solar Mandates For New Commercial Buildings, High Rise Residential Dwellings; Solar Integrated Roofing Corp. (OTC PINK: SIRC Sees Positive Future In Solar Sector

Solar is on the move. As legislators in the House and Senate seek more federal tax cuts for comprehensive integrated solar roofs in the proposed (RAISE) The Roof Act, California regulators have unanimously approved new mandates for solar roofing of all new commercial buildings and high rise, multi-family residential dwellings. Both actions are designed to incentivize and provide growth of solar through tax credits and mandates. The moves would be a boon for solar installation companies, like Solar Integrated Roofing Corp. (OTC PINK: SIRC).

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).

U.S. Congress Legislators Seek More Federal Tax Credits For Integrated Solar Roofs As California Regulators Approve Solar Mandates For New Commercial Buildings, High Rise Residential Dwellings; Solar Integrated Roofing Corp. (OTC PINK: SIRC  Sees Positive Future In Solar Sector

In Congress, Democrats Georgia Senator Jon Ossoff and New Jersey Congresswoman Mikie Sherrill introduced a bill called the RAISE The Roof Act, which would expand federal tax credits to the entire integrated solar roof.. It would serve to apply the federal tax credits to entire solar roof — the current 26% credit only covers the solar roof tiles — the bill would expand to cover the entire roof. The result intended is to boost solar installation sales.

This is an issue creating hesitancy to consumers on solar installation packages. The bill is scheduled to be rolled into the total infrastructure reconciliation spending bill which Congress is currently debating. The solar tax credit is now scheduled to be phased out by 2024. President Biden has pushed for a 10 year extension of the tax credit. U.S. Congress Legislators Seek More Federal Tax Credits For Integrated Solar Roofs As California Regulators Approve Solar Mandates For New Commercial Buildings, High Rise Residential Dwellings; Solar Integrated Roofing Corp. (OTC PINK: SIRC  Sees Positive Future In Solar Sector.

Yesterday, the California Energy Commission (CEC) approved by a 5-0 vote new mandates requiring solar power and battery storage for all new commercial buildings. For residential, the mandates would be required on multi-family high rises. Now it advances to California’s Building Standards Commission — which has never rejected a CEC approved matter before — which can now include the new solar mandates in a revised state building code to be effective in December. A total new energy plan would be effective in January 2023 and offer more incentives to encourage battery additions to existing solar systems in single-family homes.

All of this comes as  two solar installation companies — Auxin Solar of San Jose, California and Sunni, Inc.of Norcross, Ga. — have petitioned the U.S. International Trade Commission (ITC) to extend the 18% tariff on solar imports for  four more years. The petition 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.

All of these activities underscore the importance of solar in California and nationally as Biden seeks to support with trillions of dollars renewable green energy and EV vehicles with his multi-trillion dollar infrastructure series of bills. Infrastructure bills currently before Congress includes Federal tax credits, grants and other financial support programs for solar and EV Charging Stations.

Companies like Solar Integrated Roofing Corp. (OTC PINK: SIRC), which are heavily committed to solar and EV, have much to gain with their successful passage. SIRC has already applied to the government for EV Charging Station support grants. U.S. Congress Legislators Seek More Federal Tax Credits For Integrated Solar Roofs As California Regulators Approve Solar Mandates For New Commercial Buildings, High Rise Residential Dwellings; Solar Integrated Roofing Corp. (OTC PINK: SIRC  Sees Positive Future In Solar Sector.

As SIRC expands its national footprint in solar and EV charging stations, these state and federal moves will help make it easier to complete more solar installations and — with the help of federal grants — support a growing population  of EV electric cars. Up through last, year, EVs accounted for only 2% of all U.S. car sales. In recent months, that percentage has jumped to 3%. Anticipated federal rebates this Fall on EV car sales and outright grants for more fast-charging EV units is expected to create an environment for even greater EV sales.

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. President Trump put the 18% tariffs in place to protect the domestic solar industry and, since he did so, the domestic solar industry has tripled. U.S. Congress Legislators Seek More Federal Tax Credits For Integrated Solar Roofs As California Regulators Approve Solar Mandates For New Commercial Buildings, High Rise Residential Dwellings; Solar Integrated Roofing Corp. (OTC PINK: SIRC  Sees Positive Future In Solar Sector.

The $1.2 trillion bill which has just been approved by the Senate, would be combined with an already-approved House Bill to create a total $4.1 trillion infrastructure package law. Some publications, such as The Wall Street Journal,  say it would actually call for spending a combined $5+ trillion when all is considered.

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. David Massey, Chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), said his firm uses predominantly domestic-made solar materials of a higher quality.

David Massey, chairman and CEO of SIRC, added that with its growth in multiple green renewable energy sectors, annual revenues achieved a record $17.1 million in the previous fiscal year.  Massey said in a “New To The Street” TV interview, SIRC is now on track to beat $100+ million in revenue in the current FY 2022 and then record $200 million in volume in FY 2023.

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

Source: Stock Market Press

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