President Biden Signs Historic Climate Legislation
August 17 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 (“IRA”), which was
signed into law yesterday by U.S. President Joe Biden.
“The Inflation Reduction Act is the largest
climate bill in U.S. history and provides substantial long-term
support to the solar and energy storage industry,” said CEO Myke
Clark. “For Solar Alliance and our customers, the new legislation
provides significant savings on solar systems through increased tax
credits that can reach as high as 60% of a project’s capital costs.
As a company that is 100% focused on the U.S. solar industry, Solar
Alliance is well positioned to continue our growth in the
commercial and utility solar sector.”
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. Specifically:
- The Investment Tax Credit (“ITC”) is extended to 2033 and
raised to 30% from the current 26%. The ITC is a dollar-for-dollar
credit against a company’s tax liability, reducing the cost of
solar systems.
- There are additional investment tax credits for U.S. content,
project location and low-income support that can increase the ITC
to 60% for eligible projects.
- Stand-alone energy storage also becomes eligible for this
credit.
- The ITC becomes available for costs of interconnection for
projects with a net output of lessthan 5 MW. The majority of Solar
Alliance’s solar system sales, and projects we own, are below this
threshold and will benefit from this inclusion.
- Project owners will 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 to own and operate, this provision could reduce
transaction costs and make the process of monetizing tax credits
much more streamlined.
“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.comInvestor
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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