SOURCE: Solar Integrated Roofing Company Corp.

July 28, 2016 09:00 ET

Solar Integrated Roofing Corp. Executive David Massey Says Declining Solar Costs Mean Loss of State Tax Breaks Have Minimal Effect on Residential Systems

Business Development Manager Eric Enriques Predicts 100% Revenue Growth at Jure Acquisition

SAN MARCOS, CA--(Marketwired - Jul 28, 2016) - Solar Integrated Roofing Corp. (OTC PINK: SIRC), a California-based integrated solar and roofing installation company, today announced that its CEO, David Massey, stated that the declining costs of installing a solar energy system on a residential roof mean that the loss of any tax breaks from the various states now considering ending them would have minimal effect on sales.

Mr. Massey told Donald Baillargeon of MoneyTV, "California has already stopped any state incentives for the residential side, the federal tax credit has been extended to 2022. Over the last 30 years, the cost of electricity has gone up 7% year over year, if that continues with the cost of electricity going up, I am confident that the cost of solar will keep going down as it has in the past. I think the value will still be there."

Mr. Massey, in response to a question about the shift from homeowners leasing to owning their solar systems, stated, "I think we're a trend setter. We've never really leased solar systems... We find that the purchase is a much better deal for the homeowners." He explained that originally leasing helped hide the high cost of the system. However, SIRC can finance the purchase of a solar system with a 12-year, low-interest loan, and the payments are usually less than for a lease. By owning a solar system rather than leasing it, a homeowner gets the federal tax credit plus any state incentives, as well as depreciation. SIRC systems also come with a 25-year warranty, which makes them almost risk-free.

In the same interview, Business Development Manager Eric Enriques discussed SIRC's recent acquisition of Jure Roofing, a 75-year-old, family-owned roofing company in Southern California. He noted that some of the customers of Jure have had two or three roofs put on their homes by the company. In addition to roofs, Jure offers support services like inspections and gutter cleaning. He stated, "Now, to be able to offer solar, that opens up a whole entire wave of energy." He predicted that Jure would see revenues rise from $1 million a year now to $2 million next year and $4 million the year after that, a significant amount of that growth coming from the added solar product line.

To watch the interview on MoneyTV. visit: https://vimeo.com/172029099

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corporation (SIRC) is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally. For more information, please visit www.solarintegratedroofingcorp.com

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Contact Information

  • Contact:
    Solar Integrated Roofing Corporation
    (760) 916-7444

    Investor Relations
    Michael J. Porter
    Porter, LeVay & Rose, Inc.
    (212) 564-4700
    mike@plrinvest.com