Solar Integrated Roofing (OTC:SIRC) Stock Continues to Trend Lower

Renewable sources of energy are the next holy grail for the energy sector and also for investors making major calls in the sector. Solar energy has attracted considerable attention from investors in recent times, and one of the companies intimately involved with the sector is Solar Integrated Roofing Corporation (OTC:SIRC).

It is a multi-faceted company that not only provides solar power but also roofing and electric vehicle charging systems. On December 1, the company provided updates pertaining to the PLEMco EV Charging Projects that it had won and solar changes in California.

The company revealed that PLEMco had managed to win three new contracts in recent times, and work on all three contracts would commence at some point early next year. Solar Integrated Roofing Corporation also noted that PLEMco continued to harness strong relationships with the OEMs of EV charging stations and continue to install them as necessary for commercial projects. Not too long ago, the company also appointed a Government Relations Manager (GSM), who would be based out of Washington, DC, and work on bid opportunities as well as GSA projects.

“Many studies show that solar jobs are decreasing, so SIRC is focusing on roofing and solar combo jobs. By focusing on combo jobs, we believe that we can still have a strong solar presence without relying strictly on solar projects.” says Brad Rinehart, SIRC CEO. “We are also one of the few providers that can compete with both roofing, solar, and battery storage capacity installations by one provider for residential projects and can provide financing for these projects up to $100,000,” Rinehart added.

The company noted that GSM Bart Saunders had already brought in a number of promising opportunities. The Senior Vice President of Sales and Marketing at the company, Julie Brehm, noted that the company expected that Bart’s expertise would help boost Solar Integrated’s work in the commercial solar space. The sizes of the projects could go up 10 times from $250000 to $2.5 million.

The company also announced that the implementation of NEM 3 by the California Public Utilities Commission had cut the value of commercial as well as residential solar projects by 70% in the state. That made it difficult for Californians to recover the costs associated with the installation of new systems. The CEO of Solar Integrated, Brad Reinhart, noted that the company was focusing on solar and roofing combined jobs so as to have a presence in solar without entirely relying on solar projects.