Now That COVID Relief Bill Is Law, Homeowners Must Focus On "Begin Con-struction" IRS Rules To Qualify For Higher And Extended Federal Solar Tax Credits In 2001-2003; But Pressure Is Off Solar Customers Facing Supply Chain Delays

The COVID Relief Bill is now law -- extending higher 26% federal solar tax credits to 2023 -- so homeowners starting today (Wednesday, December 30, 2020) must renew their focus on qualifying for 'Begin Construction' IRS rules for tax credits through 2023. According to the National Law Review, the pressure is off solar customers who have been racing the clock in an international market of solar supply chain delays when the earlier deadline was the end of 2021. The two-year extension now is great news for solar manufacturers and installers such as 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. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPowerCorp. (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK) and Canadian Solar Inc. (NASDAQ: CSIQ).

Now That COVID Relief Bill Is Law, Homeowners Must Focus On "Begin Construction" IRS Rules To Qualify For Higher And Extended Federal Solar Tax Credits In 2001-2003; But Pressure Is Off Solar Customers Facing Supply Chain Delays

The National Law Review analysis of the federal solar tax credit extension finds that the solar investment tax credit (ITC) must be qualified for by homeowners in 2020, 2021 or 2022, according to 'begin construction" IRS regulations. If construction starts in 2023 the ITC drops back to 22%, rules say. The residential homeowner number drops to 0% if construction begins after 2023 and the project is placed into service after 2025.

Pressure Is Off Solar Customers

For solar system buyers pursuing the 26% solar credit initially ending earlier, in 2021, the pressure was on to get a solar installation in time. Buyers facing international solar supply chain delays can now breathe easier as the deadline is postponed to 2023. New customers still need to order solar now to ensure any future supply line delays will not impact their desire to earn the 26% investment tax credit. Now That COVID Relief Bill Is Law, Homeowners Must Focus On "Begin Construction" IRS Rules To Qualify For Higher And Extended Federal Solar Tax Credits In 2001-2003; But Pressure Is Off Solar Customers Facing Supply Chain Delays.

For the solar industry, the federal tax credit extension after President Trump signed the $900 billion Covid Relief Bill Sunday night, is seen as leading to more 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%.

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

Earlier, the solar tax credit 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. Now That COVID Relief Bill Is Law, Homeowners Must Focus On "Begin Construction" IRS Rules To Qualify For Higher And Extended Federal Solar Tax Credits In 2001-2003; But Pressure Is Off Solar Customers Facing Supply Chain Delays.

Even if President Trump follows through on his sending Congress a formal 'Rescission Request' to cut items In the Cover Relief Bill he signed, the federal solar tax credit extension at 26% through 2023 is seen as safe in the new law by industry insiders. Now That COVID Relief Bill Is Law, Homeowners Must Focus On "Begin Construction" IRS Rules To Qualify For Higher And Extended Federal Solar Tax Credits In 2001-2003; But Pressure Is Off Solar Customers Facing Supply Chain Delays.

Solar Credit Extension In Newly Signed COVID Relief Bill

The extension of the higher Federal Solar Tax Credit is seen as great news for SIRC, TSLA, SPWR and other solar companies. A tax credit makes solar installations even more popular because it already 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 the 26% federal tax credit, solar is even a greater and faster ROI investment.

Solar Tax Credit Will Mean More 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.

California's Clean Air Legislation Favors 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 is a trend that is here and with SIRC establishing a dedicated EV residential and commercial charging subsidiary, this 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 Services Now Include Solar, Battery Pickup, EV Charging, Roofing Installation, HVAC Work And Electrical Contracting

David Massey, Solar Integrated Roofing Corp. (OTC PINK: SIRC) CEO, 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 Massey projects that 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

Solar Integrated Roofing Corp.'s (OTC PINK: SIRC) Sales Projected To Reach $38.5 Million In FY 2022, $90 Million In FY 2023 At Substantial Positive Profit In Both Years; $0.25 Price Target Set For 3-6 Months: Goldman Small Cap Research.

Learn more about Solar Integrated Roofing Corp. (OTC PINK: SIRC) at its website.

Source: Stock Market Press

Join Stock Market Press' newsletter for the latest in IPO, market commentary and company profiles.

Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.

Contact:

Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock

Safe Harbor Statement:

Statements in this news release may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

See Stock Market Press disclaimer: http://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press

comtex tracking