Jul 16, 2021 (Stock Market Press via COMTEX) -- The Department of Energy (DOE), in a move designed to speed solar installations, has approved the Solar Automated Permit Processing (Solar APP+) software platform. The APP+ streamlines the permit process, automating some approvals, cutting costs and time. The move is seen as accelerating rooftop solar installations. Some now take more than two weeks with permit fees accounting sometimes for more than a third of costs. The new platform can cut the time for some permits to zero, tests show, and possibly lower costs. It is an optional portal for local governments, designed to speed up solar rooftop installations -- which the DOE says needs a five-times speed up to reach Biden's goal of decarbonizing the U.S. by 2035, according to a report by Reuters. Solar Integrated Roofing Corp. (OTC PINK: SIRC) committed to Green Space, acquires EV Charging and solar energy company USA Solar Network, seen adding $50 million in annual incremental sales by FY2022.
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Department Of Energy (DOE) Approves Solar Automated Processing (Solar APP+) Software Platform, To Speed And Cut Costs For Rooftop Solar Installation Permits; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Committed To Green Space, Acquires USA Solar Network
The Solar APP+ software was tested in California and Arizona last year and in Tucson rooftop solar permitting time was reduced from some 20 days reviewing time to zero , the Reuters report said. It added that homeowners will be able to complete the permitting process online rather than in person. The entire process has streamlined the local petting process by standardizing requirements and approve permits automatically.
The Solar APP+ software is offered to local governments at no charge and the federal government is pushing its use to help the Biden administration achieve complete national decarbonization by 2035. The software remains an optional portal and was developed by the DOE's National Renewable Energy Laboratory. Department Of Energy (DOE) Approves Solar Automated Processing (Solar APP+) Software Platform, To Speed And Cut Costs For Rooftop Solar Installation Permits; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Committed To Green Space, Acquires USA Solar Network.
Becca Jones-Albertus, director of the DOE's solar energy technologies office, told Reuters , "Having streamlined processes and an automated processing platform that can make it faster, easier and cheaper for homeowners to go solar promises to really help expand the residential solar sector."
Jones-Albertus said that solar permitting has always been a "pain point" for solar companies, which typically take up to two weeks for some permits to be approved. Only complex or ineligible systems need to be re-routed for additional review, the DOE said. Department Of Energy (DOE) Approves Solar Automated Processing (Solar APP+) Software Platform, To Speed And Cut Costs For Rooftop Solar Installation Permits; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Committed To Green Space, Acquires USA Solar Network.
Meanwhile, the amount and type of Federal support for EV Charging Stations and Solar renewable energy is tied up in the final negotiations for President Biden's infrastructure plans. Democrats have agreed among themselves on a $3.5 trillion deal, but can't lose any party votes in the Senate and must protect their thin majority in the House. They hope to pass the package -- including what Biden terms "human" infrastructure, such as expanded Social Security, child care, free community college -- totaling $4.1 trillion before August recess.
Renewable green energy, such as solar and EV and EV Charging Stations, are priorities of the Biden Administration and Democrats. They agree on a $3.5 trillion new spending package — combined with the $600 billion already in the bipartisan spending program -- makes for a total of $4.1 trillion. Department Of Energy (DOE) Approves Solar Automated Processing (Solar APP+) Software Platform, To Speed And Cut Costs For Rooftop Solar Installation Permits; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Committed To Green Space, Acquires USA Solar Network.
Federal support particulars for green energy such as EV Charging Stations and solar may be hostage to further negotiations among Democrats because Sen. Joe Manchin is finding it too rich for his blood. Instead, he has proposed his own version of the infrastructure spending bill and progressive groups, such as 'Friends of the Earth', say in the Common Dreams site that his version calls for a 70-to-one ratio in favor of fossil fuels vs. renewable energy programs.
Solar Integrated Roofing Corp. (OTC PINK: SIRC), focused on green renewable energy such as solar and EV Charging Stations, reported June sales reached $10+ million, including some Future Home Power (FHP) volume generated prior to the Company's June 9 acquisition by SIRC, so some sales will be designated non-SIRC revenue. In total, FHP did $6+ million in June alone.
SIRC this week signed a purchase agreement to acquire USA Solar Network LLC, a solar energy and EV Charging infrastructure company, enabling to expand its sales by 50-100% growth or $50 million per year in incremental growth at 16% gross margins as early as FY 2022. Led by Pablo Diaz, CEO, USA Solar Network has scaled into 37 states and key markets such as Texas, Florida, Illinois, Arizona, Missouri and New Mexico. Massey praised accomplishments of Pablo, particularly completing more than 7,000 solar projects to date, he said, and generating over $40 million in revenue since 2018. SIRC believes the acquisition will enable it to achieve 50-100% incremental residential and commercial sales at 16% gross margins in FY 2022. Read more about USA Solar Networks here.
The transaction marks an important moment for SIRC -- in addition to the anticipated dramatic volume and footprint gains. David Massey, CEO of SIRC, said, "USA Solar Network has a footprint in exciting new markets that will continue to broaden our national reach -- the missing piece to the puzzle, allowing us to expand to new markets nationally with minimal cost using their existing network spanning solar and EV installation."
He added, "We believe this may be our last acquisition in the foreseeable future before focusing inwards on organic growth and reaching cash flow breakeven -- a monumental step for the company and its shareholders, which we believe will significantly reduce any dilution and grow the company to profitability."
Solar Integrated Roofing Corp. (OTC PINK: SIRC) reported sharply higher volume of 87% to $17.1 million for its FY 2021 ended February 28, 2021. That compares to $9.1 million the prior year. Gross profits increased by 144% for the 2021FY To $3.5 million -- representing 20% of total revenues -- compared to $2.4 million the prior year, or 26% of revenues in FY2020. SIRC continued its acquisition spree during the year and reaffirmed its guidance figure of at least $100 million in sales in the 12 months ended May 31, 2022. It also "expects" to reach profitability in FY 2022.
Massey said, "The acquisitions drove annual revenues to a record $17.1 million and set us on a course to achieve at least $100 million in the twelve months ended May 31, 2022. Our focus on rapidly growing, high margin acquisitions has significantly grown sales, allowed us to now capture the full lifecycle of our customers, and brought new synergies and efficiencies across the SIRC family of companies. Due to this, we expect to achieve profitability in FY 2022."
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/ .
Source: Stock Market Press