SOURCE: Solar Integrated Roofing Company Corp

January 25, 2016 09:00 ET

Solar Integrated Roofing Corp. Solar Companies Get Boosts From Tax Credit Extension

SAN MARCOS, CA--(Marketwired - Jan 25, 2016) - Solar Integrated Roofing Corp. (OTC PINK: SIRC) management is focused on the growth of the company after congressional vote to extend the lucrative federal subsidies for renewable energy.

The legislation allows solar power companies to keep claiming federal tax credits at 30% of the price of a solar array. The credits, which apply to home solar kits as well as big commercial installations, will be good through 2019. After that the credit will begin to drop, declining to 10% in 2022, where it will remain.

The credits go to homeowners who buy solar arrays. If they lease solar equipment from providers like Solar Integrated Roofing Corp., the tax credits go to those that finance home installation projects, which are often banks such as Goldman Sachs Group, Inc. and J.P. Morgan Chase & Co. That is also true for big industrial projects.

Green industry leaders hailed the move and news of the renewed subsidies rallied shares in wind and solar companies.

U.S. home solar adoption has soared in recent years, thanks to heavy government underwriting and falling prices for solar equipment. So far this year nearly 1,500 megawatts of solar panels have been installed on 214,000 homes across the country, according to the Solar Energy Industries Association and GTM Research.

Extending the tax credits would likely boost the amount of solar panels installed over the next five years by more than half, to 72,000 megawatts, GTM analysts predicted. That is enough power to serve nearly 12 million homes, according to SEIA.

For more information, please visit www.solarintegratedroofingcorp.com

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.

Contact Information: Solar Integrated Roofing Corp. (760) 916-7444

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