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.
Chairman and CEO
About Finavera Solar Energy Inc.
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.
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.
"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."
SOURCE Finavera Solar Energy, Inc.