VANCOUVER and SAN DIEGO, Dec. 18, 2015 /CNW/ - Finavera Solar Energy Inc. ('Finavera Solar Energy', 'Finavera' or the 'Company') (TSX-V: FVR) is pleased to report the United States Congress has passed legislation that ensures tax incentives for the solar industry will continue until 2022. Under the legislation, the 30 percent Investment Tax Credit (ITC) for solar will be extended for another three years. It will then ramp down to 26% in 2020 and 22% in 2021 and then remain at 10 percent permanently beyond 2022.
"The extension of the solar ITC provides long term certainty for the U.S. solar industry in general, and for our San Diego-based subsidiary Solar Alliance of America in particular," said Finavera Solar Energy CEO Jason Bak. "Our customers in southern California have benefited from the ability to offset the purchase of a residential solar system with these tax incentives in the past and this extension will give new customers that same incentive. The Solar ITC extension passed today will have a positive impact on our bottom line and will drive an increase in revenues that will benefit shareholders. It also provides the ideal platform for us to aggressively move forward with our expansion plans for Solar Alliance," concluded Bak.
This was the final vote before the bill is signed by U.S. President Obama.
Chairman and CEO
About Finavera Solar Energy Inc. (www.finavera.com)
Finavera is focusing its renewable energy development efforts on residential and utility scale solar projects in America. Through its subsidiary, Solar Alliance of America, Finavera's mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers.
About Solar Alliance Of America Inc. (www.solarallianceofamerica.com)
Located in San Diego, California, Solar Alliance is a solar sales and marketing firm focused on residential solar installations. In 2013, Solar Alliance had $20.7 million in revenue and was ranked #49 on Inc. magazine's Top 500 list of America's Fastest Growing Private Companies, making it #2 in the San Diego Area and #9 on the list of Top 100 California companies. In 2012, Solar Alliance was rated #45 on the Top 500 list. From its inception in 2009, Solar Alliance has installed more than 2,000 residential solar systems in southern California.
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.
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SOURCE Finavera Solar Energy, Inc.
For further information: Finavera Solar Energy, Myke Clark, CMO, +1 (604) 288-9051, [email protected]