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President Trump Says He Will Send Congress A Formal 'Rescission Request' To Cut Items In The Covid Relief Bill He Already Signed, But Solar Tax Credit Ex-tension At 26% Through 2023 In Bill Is Seen As Still Safe

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Dec 29, 2020 (Stock Market Press via COMTEX) -- President Trump wants 'wasteful items' in COVID Relief Bill he already signed to be cut under a formal 'Recession Request' he plans to send to Congress. But observers say the Solar Federal Credit Tax Extension in the signed COVID-19 Relief Bill is still safe from any cuts. That's in part because it passed both chambers of Congress with large bi-partisan support. The solar tax credit extension is great news for Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) And Other Solar Companies.

stockmarketpress.com features specialized coverage of related stocks in the solar, roofing and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. /zigman2/quotes/205021014/composite RUN -7.32% , Blink Charging Co. /zigman2/quotes/205311237/composite BLNK -9.76% , Tesla, Inc. (NASDAQ: TSLA), SolarEdge Technologies, Inc. /zigman2/quotes/207754270/composite SEDG -7.73% , First Solar, Inc. /zigman2/quotes/209356097/composite FSLR -7.53% , SunPowerCorp. (NASDAQ: SPWR), Gibraltar Industries, Inc. /zigman2/quotes/204241548/composite ROCK -7.61% and Canadian Solar Inc. (NASDAQ: CSIQ).

President Trump Says He Will Send Congress A Formal 'Rescission Request' To Cut Items In The Covid Relief Bill He Already Signed, But Solar Tax Credit Extension At 26% Through 2023 In Bill Is Seen As Still Safe

Congress is still working in the waning hours of 2020 on key Covid Relief Bill provisions including: a $2,000 direct stimulus payment to Americans; a review of Section 230 now giving internet platforms legal liability protections; and foreign aid monies, now approved. President Trump signed the $900 billion Covid Relief Bill Sunday night, which includes the Federal Solar Tax Extension at 26% through 2023, but sees some items in the bill as 'wasteful' he still wants cut. President Trump Says He Will Send Congress A Formal 'Rescission Request' To Cut Items In The Covid Relief Bill He Already Signed, But Solar Tax Credit Extension At 26% Through 2023 In Bill Is Seen As Still Safe.

Solar Tax Credit Extension Seen As A Boon To The Solar Industry

For Solar Integrated Roofing Corp. (OTC PINK: SIRC), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR) and others in the solar industry, the Solar Federal Tax Credit Extension is seen as leading to fast-growing expansion. Homeowners will be offered a higher solar tax credit for two additional years to 2023 at a higher tax credit percentage -- 26%. The Democratic-majority House yesterday (Monday, December 28, 2020) passed $2,000 stimulus payments for most Americans, but it remains unclear if the Republican-majority Senate will do the same this week. It now appears doubtful that they will, observers say.

Higher Federal Tax Credit At 26% And Two Years Longer

The solar tax credit currently for homeowners would have been in its final year in 2021 at only a 22% credit against income. Now after President Trump signed the $900 billion Covid Relief Bill into law, the Federal Tax Credit grows to 26% through 2023, instead. Commercial solar products continue to earn a 10% credit. President Trump Says He Will Send Congress A Formal 'Rescission Request' To Cut Items In The Covid Relief Bill He Already Signed, But Solar Tax Credit Extension At 26% Through 2023 In Bill Is Seen As Still Safe.

Solar Credit Extension In Newly Signed COVID Relief Bill

As proposed in the signed Relief Bill, the Federal Solar Tax Credit would rise immediately to 26% and be effective through 2023. It is great news for SIRC, TSLA, SPWR and other solar companies. Brian Milholland, president of Solar Integrated Roofing Corp. (OTC PINK: SIRC), said that solar installations will be popular because it offers a healthy four year pay back on installation investment and the solar units themselves have a 40 year operational expectancy. Now, with the extension of a 26% federal tax credit, solar is even a greater and quicker pay back investment.

Solar Tax Credit Will 'Ramp Up' Solar System Installations

Solar Integrated Roofing Corp. (OTC PINK: SIRC) and other solar companies will find that today's higher and longer Solar Tax Credit will help homeowners defray faster solar system installation costs. President Trump Says He Will Send Congress A Formal 'Rescission Request' To Cut Items In The Covid Relief Bill He Already Signed, But Solar Tax Credit Extension At 26% Through 2023 In Bill Is Seen As Still Safe.

California's Clean Air Legislation Tailwinds For Solar Power, Electric Vehicles

Not only is the extended Federal Tax Credit great news for the solar industry, but Solar Integrated Roofing Corp. (OTC PINK: SIRC) and other solar firms stand to benefit from clean air oriented legislation in California that mandates solar system installation in all new residences beginning this year and non-carbon emission new vehicles sold starting in 2035. That means solar and electric EV has legislative tailwinds in SIRC's favor. The trend is paying off for SIRC. The Company reported a record $5.3 million in preliminary unaudited sales for Q3 FY 2021. That represents a 130% volume jump compared to the same period the prior year.

SIRC Achieves $25 Million Run Rate As It Grows

David Massey said, "With services now spanning solar, battery backup, EV charging, roofing installation, HVAC work and electrical contracting, we are well positioned to tackle increasingly large opportunities."

SIRC's David Massey, CEO, projects that the Company's sales will reach a record breaking $40+ million in fiscal 2022 revenues, ending February 28, 2022. Solar Integrated Roofing Corp. (OTC PINK: SIRC) forecast that it would report record volume of $20 million for FY 2021, ended February 28, 202.

Goldman Small Cap Research Says SIRC Volume Will Hit $38.5 Million In FY 2022

/zigman2/quotes/205021014/composite
US : U.S.: Nasdaq
$ 57.98
-4.58 -7.32%
Volume: 5.26M
Feb. 25, 2021 4:00p
P/E Ratio
1,846
Dividend Yield
N/A
Market Cap
$12.36 billion
Rev. per Employee
$178,870
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/zigman2/quotes/205311237/composite
US : U.S.: Nasdaq
$ 38.39
-4.15 -9.76%
Volume: 5.16M
Feb. 25, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.77 billion
Rev. per Employee
$41,182
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/zigman2/quotes/207754270/composite
US : U.S.: Nasdaq
$ 284.33
-23.82 -7.73%
Volume: 902,240
Feb. 25, 2021 4:00p
P/E Ratio
106.85
Dividend Yield
N/A
Market Cap
$15.89 billion
Rev. per Employee
$459,758
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/zigman2/quotes/209356097/composite
US : U.S.: Nasdaq
$ 81.40
-6.63 -7.53%
Volume: 3.21M
Feb. 25, 2021 4:00p
P/E Ratio
38.98
Dividend Yield
N/A
Market Cap
$9.33 billion
Rev. per Employee
$464,090
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/zigman2/quotes/204241548/composite
US : U.S.: Nasdaq
$ 90.28
-7.44 -7.61%
Volume: 441,166
Feb. 25, 2021 4:00p
P/E Ratio
33.97
Dividend Yield
N/A
Market Cap
$3.18 billion
Rev. per Employee
$542,153
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