Bulletin
Investor Alert

New York Markets Open in:

Dec. 22, 2020, 7:32 a.m. EST

Solar Tax Credit Will Drive Solar Installations In Its Final Year Of 2021, But Congress Could Extend It As Far As 2028; Solar Integrated Roofing Corp. (otc pink:SIRC) Says Solar Will Grow Either Way As Fast Payback Savings Attract Homeowners

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    SunRun Inc. (RUN)
  • X
    Blink Charging Co. (BLNK)
  • X
    SolarEdge Technologies Inc. (SEDG)

or Cancel Already have a watchlist? Log In

Dec 22, 2020 (Stock Market Press via COMTEX) -- The last effective year of the Solar Tax Credit is currently 2021 and it's a given that the attractive 22% credit in 2021 will drive more solar installations in its final year. Congress is considering whether to extend the credit as far as 2028. But Solar Integrated Roofing Corp. (OTC PINK: SIRC) says solar will stay hot either way because its savings pay back occurs in four years and systems have a life span of 40 years.

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 -12.00% , Blink Charging Co. /zigman2/quotes/205311237/composite BLNK -10.17% , Tesla, Inc. (NASDAQ: TSLA), SolarEdge Technologies, Inc. /zigman2/quotes/207754270/composite SEDG -5.78% , First Solar, Inc. /zigman2/quotes/209356097/composite FSLR -5.18% , SunPowerCorp. (NASDAQ: SPWR), Gibraltar Industries, Inc. /zigman2/quotes/204241548/composite ROCK -0.64% and Canadian Solar Inc. (NASDAQ: CSIQ).

Solar Tax Credit Will Drive Solar Installations In Its Final Year Of 2021, But Congress Could Extend It As Far As 2028; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says Solar Will Grow Either Way As Fast Payback Savings Attract Homeowners

The solar tax credit enables homeowners in its final year, 2021, to realize a 22% credit on qualified solar installation costs against income. The credit is currently in the House Transportation and Infrastructure Committee as the 'Moving Forward Act' which, if passed, could extend the federal tax credit to January 2028. Solar tax credits would begin anew at 30% until December 31, 2025, then drop to 26% in 2026 and 22% in 2027 then expire in January 2028. Currently, the initial term solar tax credit drops to 22% in 2021 and expires in January 1, 2022 . Today, it drops from 26% this year. Commercial solar products continue to earn a 10% credit.

Solar Credit Extension Cut From Newly Passed COVID Relief Bill

The Senate has made clear that a renewed federal solar tax credit is not on the agenda for passage -- witness the fact that a solar credit extension was cut from the recently passed COVID relief bill. But Brian Milholland, president of Solar Integrated Roofing Corp. (OTC PINK: SIRC), said that solar installations would remain popular even without a solar tax credit beyond 2021. The reason: because it offers a healthy four year pay back on installation investment and the units themselves have a 40 year operational expectancy. So even without the credit, solar is still a great quick pay back investment while generating clean aIr for the environment.

Solar Tax Credit Will 'Ramp Up' Solar System Installations

Solar Integrated Roofing Corp. (OTC PINK: SIRC) The Solar Tax Credit extends into 2021 and helps homeowners defray immediate solar system installation costs. Whether or not it is extended beyond 2021, Milholland believes in 2021 it will "ramp up solar installations tremendously" as homeowners seek to take advantage of the tax break. In California, solar systems are mandatory this year in all new residences.

Even if the tax break is not in force beyond 2021, he said, a fast four-year payback through solar system installation savings is desirable to homeowners even in the scenario of a cash purchase. Considering that most solar systems have a 40-year life expectancy, Milholland said the cost-cutting benefits of solar also help create a clean environment. Those are important factors to homeowners. Solar Tax Credit Will Drive Solar Installations In Its Final Year Of 2021, But Congress Could Extend It As Far As 2028; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says Solar Will Grow Either Way As Short Payback Savings Attract Homeowners.

CommercialFleets Are Trending Towards EV

Milholland said that 2021 offers Solar Integrated Roofing Corp. (OTC PINK: SIRC) multiple growth opportunities in solar as well as in commercial EV charging stations. He asserted that commercial vehicle fleets are trending towards EV. That would mean a spike in volume for SIRC's new dedicated EV Charging Station Division. Solar Tax Credit Will Drive Solar Installations In Its Final Year Of 2021, But Congress Could Extend It As Far As 2028; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says Solar Will Grow Either Way As Short Payback Savings Attract Homeowners.

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

Solar Integrated Roofing Corp. (OTC PINK: SIRC) stands to benefit from clean air oriented legislation in California that calls for 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 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 Enters The All-Electric Clean Air Farming Equipment Global Market

Mulholland is excited about the entry of Solar Integrated Roofing Corp. (OTC PINK: SIRC) into the all-electric clean environment tractor farming market when it signed an agreement to provide solar panels and related equipment with electric tractor manufacturer and developer Solectrac, Inc. Solectrac, Inc., is an applicant of a $500 Million USTDA (United States Trade And Development Agency) grant. "We're looking to provide solar infrastructure for some of those sales in other countries. That really excites me," he said.

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." He also said he is seeking more Company aggressive growth going into the fourth quarter and beyond." Solar Tax Credit Will Drive Solar Installations In Its Final Year Of 2021, But Congress Could Extend It As Far As 2028; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says Solar Will Grow Either Way As Short Payback Savings Attract Homeowners.

SIRC Projects $40+ Million Sales In FY 2022

/zigman2/quotes/205021014/composite
US : U.S.: Nasdaq
$ 56.62
-7.72 -12.00%
Volume: 6.06M
March 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$13.03 billion
Rev. per Employee
$108,493
loading...
/zigman2/quotes/205311237/composite
US : U.S.: Nasdaq
$ 34.11
-3.86 -10.17%
Volume: 4.76M
March 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.58 billion
Rev. per Employee
$41,182
loading...
/zigman2/quotes/207754270/composite
US : U.S.: Nasdaq
$ 274.73
-16.86 -5.78%
Volume: 860,338
March 3, 2021 4:00p
P/E Ratio
103.24
Dividend Yield
N/A
Market Cap
$15.04 billion
Rev. per Employee
$459,758
loading...
/zigman2/quotes/209356097/composite
US : U.S.: Nasdaq
$ 78.88
-4.31 -5.18%
Volume: 2.35M
March 3, 2021 4:00p
P/E Ratio
21.13
Dividend Yield
N/A
Market Cap
$8.82 billion
Rev. per Employee
$531,634
loading...
/zigman2/quotes/204241548/composite
US : U.S.: Nasdaq
$ 83.56
-0.54 -0.64%
Volume: 302,324
March 3, 2021 4:00p
P/E Ratio
42.63
Dividend Yield
N/A
Market Cap
$2.74 billion
Rev. per Employee
$441,839
loading...
1 2
This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.