Oct 14 2008
Advanced Roofing expects to grow the solar segment of its roofing business to match, in dollars earned, its roofing business. That scenario is even more likely after President Bush signed the Emergency Economic Stabilization Act of 2008 last Friday.
The "bailout bill" not only forged a structure for dealing with the credit crunch and mortgage crisis, but extended the Investment Tax Credit for residential and commercial solar systems. Rob Kornahrens, CEO of Advanced Roofing headquartered in Fort Lauderdale, said the extensions set a solid foundation for solar energy businesses to not only get started, but establish themselves in the marketplace.
"In 2005 the incentives were set for only two years," explained Kornahrens. "Then they were extended for another year. That's not enough to build a business, especially a new business with new and expensive technologies. Extending the ITC for 8 years was the right thing to do," he said.
The ITC provides for a 30 percent tax credit on the purchase of solar energy systems for commercial and residential property. The incentive, set to expire on December 31, is now in effect through 2016.
"Europe has been using incentives for alternative energy investment for 10 years and today those countries have a large portfolio of products that are installed and working and new things that are in development," Kornahrens said. "These extensions will jumpstart the solar energy field in the U.S., creating jobs and in the long run, moving us to be more energy independent," he added.
The ITC provisions also eliminated the $2,000 cap on the residential tax break. "Now," Kornahrens said, "homeowners will enjoy the full benefit of the 30 percent tax credit, allowing them to purchase a system that will meet their energy demands and reduce their monthly bill," he explained.
Advanced Roofing installs the GE Brilliance(R) residential solar system. ARI is also known for its FlexLight(R) building-integrated photovoltaic laminate for commercial applications -- thin as a legal pad, FlexLight(R) adheres directly to the roof without penetrations, is Miami-Dade approved, and is the most efficient product available today.