U.S. Senate Passes Historic Climate Initiative
August 08 2022 - 6:00AM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR, OTCQB: SAENF) is pleased to
provide an update on the Inflation Reduction Act, which was passed
by the U.S. Senate yesterday after a weekend of debate. The climate
initiative includes long-term solar and storage tax incentives,
investments in domestic solar manufacturing and other critical
provisions that will help decarbonize the electric grid with
significant clean energy deployment.
“The U.S. Senate has passed a transformative
piece of legislation that will provide climate benefits for
generations,” said CEO Myke Clark. “The legislation includes
several initiatives that will provide long term stability and
incentives to the U.S. solar industry. This includes an increase
to, 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.”
The current Investment Tax Credit (“ITC”) is
a 26 percent tax credit for solar systems. The
proposed legislation increases that tax credit to 30 percent 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% percent since it was implemented in 2006,
with an average annual growth of 50% over the last decade
alone. 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 Senate vote means the legislation now moves
to the House of Representatives for approval before being put in
front of President Biden for his signature.
“This climate initiative is aimed at reducing
greenhouse gas emissions by 40 percent below 2005 levels by 2030
through a series of initiatives that would directly benefit solar
consumers. This legislation aligns 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
commercial and industrial solar installations. The Company operates
in Tennessee, Kentucky, North/South Carolina and Illinois and has
an expanding pipeline of solar projects in the United States. 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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