Correlate Infrastructure Partners Comments on Historic Climate Bill
Climate Bill to provide significant milestones for U.S. renewable energy industry
BOISE, Idaho, Aug. 08, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Correlate Infrastructure Partners Inc. (OTCQB: CIPI) (“Correlate” or the “Company”), a technology-enabled energy optimization and clean energy solutions provider for the U.S. commercial real estate industry, is pleased to provide its views on the proposed climate bill in the United States, which is aimed at reducing greenhouse gas emissions by 40% – below 2005 levels – by 2030 through a series of initiatives that would directly benefit solar consumers.
This is incredibly important for the collective industry in many ways. The renewable energy landscape will be revolutionized with federal incentives such as tax, investment and production credits.
The bill will fund and credit production of and investment in renewable energy and carbon reduction technologies, such as solar, solar storage and EV technologies.
The current Investment Tax Credit (“ITC”) is a 26% tax credit for solar energy systems. The legislation increases that tax credit to 30% for projects completed in 2022 and extends the ITC another 10 years, providing a strong long-term signal to the solar industry. According to the Solar Energy Industries Association, the solar ITC has helped the U.S. solar industry grow by more than 10,000% since it was implemented in 2006, with an average annual growth of 50% over the last decade alone.
$370 billion, a majority of the bill, is allocated to climate spending.
Renewable infrastructure companies like Correlate with commercial-scale platforms will give these incentivized property owners a simplified route to optimizing their energy profile to renewables while reducing their carbon footprint.
“The historic climate bill includes several initiatives that will provide long-term stability and incentives to the U.S. renewable energy industry,” said CEO Todd Michaels. “This includes an increase and extension of the investment tax credit for solar and storage and a more flexible structure for companies like Correlate to monetize that tax credit. These two key proposals have the potential to accelerate Correlate’s growth, support our ability to own and operate nationwide solar and storage assets, and contribute to strengthening the economy through clean energy project deployment.”
Michaels concluded, "Our portfolio-based platform is truly scalable, between community and commercial projects, and positions the Company to capture this rapidly growing market. With our aggressive growth goals and newly announced regional expansion through acquisitions, we intend to scale our commercial platform in the U.S. While our business is growing under the current environment, we are excited about the Inflation Reduction Act as an additional tailwind for Correlate."
About Correlate Infrastructure Partners Inc.
Correlate Infrastructure Partners Inc. (OTCQB: CIPI) offers a complete suite of clean energy solutions for the commercial real estate industry.
Correlate is a portfolio-scale development and finance platform offering commercial and industrial facilities access to clean electrification solutions focused on locally sited solar, energy storage, EV infrastructure and intelligent efficiency measures. Its unique data-driven approach is powered by proprietary analytics, management services, and a highly scalable national fulfillment network to help building owners profit from fully funded, turnkey decarbonization and facility health programs.
The Correlate website is located at https://www.correlateinfra.com/.
This news release may include "forward-looking statements" regarding Correlate Infrastructure Partners Inc., its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Correlate Infrastructure Partners Inc. expresses or implies an expectation or belief about future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Correlate Infrastructure Partners Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Correlate Infrastructure Partners Inc.
Los Angeles, California