SAN DIEGO, Dec. 17, 2015 /CNW/ -- News that the extension of the solar investment tax credit (ITC) will be included in the omnibus spending bill and extenders package in the US House of Representatives capped a strong week for solar policy at all levels of government on Wednesday. On the heels of a breakthrough climate treaty in Paris, the proposed decision by the California Public Utilities Commission (CPUC) to maintain net metering for solar homeowners, and the adoption a Climate Action Plan to make San Diego the largest city in the US to target 100% renewable generation by 2035, the ITC extension furthers emphasizes the importance of supporting the growth of solar energy at all levels of government.
"The impact the solar industry plays in increasing investment, enabling job growth, and expanding consumer choices at the local, state, and national level is unprecedented," commented David Field, president and chief executive officer for OneRoof Energy. "It is extremely gratifying to know Congress recognizes the importance of the ITC in driving growth of the residential solar market." The omnibus bill extends the 30% tax credit until 2019 with a gradual step down over the following three years. It is expected to pass both houses of Congress and be signed by President Obama by the end of the week.
On Tuesday, the CPUC released their proposed decision on a successor rate to the current net metering policy for future California residents looking to expand their electricity choice by installing solar systems on their property. Rejecting utility plans that added onerous fees and rates that discounted the value that distributed solar brings to the power system, the CPUC maintained the current offset calculation for customer generation, while adjusting some costs to insure that those programs designed to support even greater energy efficiency and savings across the state were fully funded.
"We are excited to see the California Public Utilities Commission release its proposed decision regarding the successor tariff for net metering," stated Field. "Their proposed decision protects the savings of future solar homeowners by crediting the power they export to the grid at the same rate they pull it off. With the major rate adjustments scheduled for California over the next five years, this decision is critical to maintain simple, equitable, and clean energy options for all residents of the state." The CPUC is scheduled to finalize its decision at its next voting session in January 2016.
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., (TSXV: ON) is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfillment platform, OneRoof is partnering with traditional residential solar originators, energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, OneRoof serves residential customers in nine states including Arizona, California, Hawaii, Massachusetts, New Jersey, Maryland, Pennsylvania, Connecticut and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
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Investor Relations Contacts:
Dan Halvorson
Executive Vice President & CFO
OneRoof Energy Group, Inc.
858-926-7660 (Direct)
dhalvorson@oneroofenergy.com
Karen Fisher
Vice President, Investor Relations & Compliance
OneRoof Energy Group, Inc.
858-926-7541 (Direct)
kfisher@oneroofenergy.com
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SOURCE OneRoof Energy, Inc.
