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Federal Probe Into Solar Tariffs Could Wind Up Costing Industry Billions In Project Delays Of Up To 18 Months And Endangering Transition To Cleaner Energy Sources, Trade Group Says; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Rooftop Installations

The petition filed by a small solar panel manufacturer in California — Auxin Solar, Inc. — has resulted in a federal probe of how foreign Asian countries sought to evade the US tariffs. The result is a Commerce Department probe that could delay by 18 months solar projects, threaten the timely transition from fossil fuels to solar energy and ultimately cost up to billions of dollars on delayed or cancelled work. All this from a company with 10 employees hand making solar panels domestically. Despite all this, Solar Integrated Roofing Corp. (OTC PINK: SIRC) remains bullish on its core business of solar system rooftop Installations. Last week, some 22 US Senators asked President Biden for a fast decision to close the case.

stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunburn, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).

Federal Probe Into Solar Tariffs Could Wind Up Costing Industry Billions In Project Delays Of Up To 18 Months And Endangering Transition To Cleaner Energy Sources, Trade Group Says; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Rooftop Installations

Politicians, industry solar panel manufacturers and trade groups see billions of dollars being lost. The Commerce Department is not due to make even preliminary recommendations on the tariffs until late August. Meanwhile, Mamun Rashid, CEO of Auxin Solar — the original petitioner in the case– reports his company has been a victim of harassment. This includes hacking of his corporate servers, hassles endured by his employees and other aggressive behavior against his company.

Last week, some 22 US Senators wrote a letter to Biden saying that the federal probe is now causing ‘massive disruption’ in the solar industry and asking for a speedy decision.

Rashid says, “The last thing I would want to do is take an action that hurts. But are we going to look the other way on not abiding by U.S. law,” he told The Wall Street Journal.

Auxin is a privately held US company, a rare domestic manufacturer of solar panels. Media have described his company as having only 10 employees who manufacture solar panels partly by hand.

Countries being investigated include China, Malaysia, Thailand and Vietnam. Issues involve transshipping China-built solar panels through other countries to avoid tariff charges.

These countries may have conspired to circumvent the tariffs by re-routing the panels, avoiding the penalties. The Biden Administration’s decision on President Trump’s solar panels was split right down the middle. It didn’t decide to keep or cancel the four-year-old tariffs. Rather, it decided to extend the tariffs another four years — but let double the number of panels from abroad (primarily China-made) enter without any levies. To many solar installers, the decision was received well — but US solar-makers are unhappy this domestic industry was not protected.

The probe is now creating 18 months or longer delays in major solar projects. The solar industry wants Commerce to expedite its decision making.

Solar industry advocacy groups, like Solar Energy Industries Association (SEIA), say, “Tariffs only stand in the way of by slowing growth of deployment and undermining efforts of to replace fossil fuels with cleaner renewable energy,” The Wall Street Journal reports.

Meanwhile, US makers of solar panels are petitioning to extend the tariffs another four years. They are hoping the federal U.S. government will continue to protect them. Federal Probe Into Solar Tariffs Could Wind Up Costing Industry Billions In Project Delays Of Up To 18 Months And Endangering Transition To Cleaner Energy Sources, Trade Group Says; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Rooftop Installations.

So, the Biden Administration really made a split decision — extending them for four more years, while letting double the number of solar panels from abroad enter the U.S. with no levies of any kind.

David Massey, chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), has said repeatedly in interviews and Q&A sessions that SIRC tries to use US-made solar panels whenever possible — with quality a key issue in making that selection.

The US International Trade Commission (ITC) recommended that the tariffs be continued past their February 6, 2022 expiration date. In essence, the ITC expressed interest in protecting the domestic solar panel manufacturing industry.

President Biden bypassed the ITC recommendation, and made a balanced final decision. Domestic solar-making companies like Auxin Solar, Inc., of San Jose, California, says, “Gutting the safeguard this way makes it almost impossible to believe that we will ever produce solar cells, solar wafers, or polysilicon for solar production in this country ever again,” according to Company president Mamun Rashid.

Last week, some 22 US Senators wrote a letter to Biden saying that the federal probe is now causing ‘massive disruption’ in the solar industry and asking for a speedy decision.

President Trump first imposed the tariffs in January 2018. Solar lobby group SEIA would have preferred al solar tariffs were lifted entirely, but Abigail Ross Hopper, Association president, appears happy with the decision, calling it a ‘balanced decision.’

About two-thirds of the solar modules that go on rooftop installations originate in China. Another 15% are made by other countries in Southeast Asia. Federal Probe Into Solar Tariffs Could Wind Up Costing Industry Billions In Project Delays Of Up To 18 Months And Endangering Transition To Cleaner Energy Sources, Trade Group Says; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Rooftop Installations.

The domestic U.S. solar-manufacturing industry is still trying to get on its feet following after the impact of supply chain issues and competitive pricing issues with China.

The US Energy Department estimates that 40% of all US electricity could be generated by solar by 2030. The result could also be 1.5 million jobs. So the stakes in meeting the deadline are high.

Solar installers like SIRC want to see the solar industry grew nationally. SIRC is building a nationwide brand and growing in size

In the legal case, Solar Energy Industries Association vs. U.S., the SEIA argued that the tariffs were “an unlawful attempt to harshen tariffs.” Trump was trying to protect American solar makers from foreign competition. The Biden Administration, rarely in agreement with a Trump policy, agreed with the tariffs.

Federal Probe Into Solar Tariffs Could Wind Up Costing Industry Billions In Project Delays Of Up To 18 Months And Endangering Transition To Cleaner Energy Sources, Trade Group Says; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Rooftop Installations

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

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