Climate Initiative Provides Significant Support for U.S. Solar Industry
July 29 2022 - 06:00AM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR, OTCQB: SAENF) is pleased to
provide an overview of proposed legislation in the United States
aimed at reducing greenhouse gas emissions by 40% below 2005 levels
by 2030 through a series of initiatives that would directly benefit
solar consumers.
“The proposed legislation includes several
initiatives that will provide long term stability and incentives to
the U.S. solar industry,” said CEO Myke Clark. “This includes an
increase and extension of the investment tax credit for solar and a
more flexible structure for companies like Solar Alliance to
monetize that tax credit. These two key proposals have the
potential to accelerate Solar Alliance’s growth, support our
ability to own and operate solar projects and contribute to the
strengthening of the economy through clean energy project
deployment.”
Investment Tax Credit Extension
The current Investment Tax Credit (“ITC”) is
a 26% tax credit for solar systems. The proposed
legislation increases that tax credit to 30% for projects completed
in 2022 and extends the ITC another ten years, providing a strong
long-term signal to the solar industry. According to the Solar
Energy Industries Association, the solar ITC has helped the
U.S. solar industry grow by more than 10,000% since it was
implemented in 2006, with an average annual growth of 50% over
the last decade alone.
Sale of Investment Tax Credits
Currently, the business that owns a solar
project claims the credit. A tax credit is a dollar-for-dollar
reduction in the income taxes that a person or company would
otherwise pay the federal government. But many developers don’t
have sufficient tax liability to take full advantage of the tax
credits themselves. In these cases, developers partner with a
third-party investor using tax equity financing. Utilizing
third-party tax equity can be an expensive process. Under the
proposed legislation, starting in 2023 companies would be allowed
to sell most energy-related tax credits to other companies without
having to resort to complicated tax equity structures. For the type
of projects Solar Alliance is developing this provision could
reduce transaction costs and make the process of monetizing tax
credits much more streamlined.
“The proposed legislation remains subject to
approval by Congress and President Biden, but this development
represents a significant step forward for the U.S. solar industry.
The provisions contained in the proposed legislation align
perfectly with our growth strategy and will help support jobs and
clean energy deployment in the U.S.,” concluded Clark.
Myke Clark, CEO
For more information: |
Solar Alliance Sales(865)
309-4674info@solaralliance.com Investor
RelationsMyke Clark,
CEO416-848-7744mclark@solaralliance.com |
About Solar Alliance Energy Inc.
(www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on
residential, commercial and industrial solar installations. The
Company operates in Tennessee, Kentucky, North/South Carolina and
Illinois and has an expanding pipeline of solar projects. Since it
was founded in 2003, the Company has developed $1 billion of
renewable energy projects that provide enough electricity to power
150,000 homes. Our passion is improving life through ingenuity,
simplicity and freedom of choice. Solar Alliance reduces or
eliminates customers' vulnerability to rising energy costs, offers
an environmentally friendly source of electricity generation, and
provides affordable, turnkey clean energy solutions.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute
Forward-looking statements. The words “would”, “will”, “expected”
and “estimated” or other similar words and phrases are intended to
identify forward-looking information. Forward-looking information
is subject to known and unknown risks, uncertainties and other
factors that may cause the Company’s actual results, level of
activity, performance or achievements to be materially different
than those expressed or implied by such forward-looking
information. Such factors include but are not limited to:
uncertainties related to the ability to raise sufficient capital,
changes in economic conditions or financial markets, litigation,
legislative or other judicial, regulatory and political competitive
developments and technological or operational difficulties.
Consequently, actual results may vary materially from those
described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
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