Pineapple Energy Applauds Passage of Inflation Reduction Act
August 11 2022 - 9:00AM
Pineapple Energy Inc. (“Pineapple” or “the Company”), a leading
provider of sustainable solar energy and back-up power to
households and small businesses, today commented on the passage of
the Inflation Reduction Act.
“This bill represents the most-significant federal climate
investment in U.S. history,” said Kyle Udseth, Pineapple Energy
Chief Executive Officer. “We applaud the Senate’s hard work in
passing this bill, as there is no area of focus that is more
important for building our future. The provisions related to
renewables will help accelerate the growth of our industry, as
solar energy and battery storage become more affordable for more
households in states across the country. We are excited about the
opportunity this creates for Pineapple as we grow organically in
California and Hawaii, and work to enter multiple new regional
markets.”
The Inflation Reduction Act includes a range of incentives and
tax credits that support the clean energy industry, notably
electric vehicles and emissions-free energy sources such as solar.
In particular, the bill contains language that increases to 30% the
federal solar investment tax credit for project developers,
including residential consumers who install solar and battery
storage systems on their homes.
Udseth continued, “Once passed by the House this week and then
signed into law by the President, this bill will lower energy costs
for Americans and move the country toward greater energy security.
Both Pineapple and the solar industry as a whole support this bill,
which puts forward the boldest climate package in U.S. history.
This legislation provides massive support to the growth of our
consumer-led transition to a clean, resilient and lower-cost energy
future.”
According to the Solar Energy Industries Association (SEIA), the
industry has set a goal to account for 30% of all U.S. electricity
generation by 2030. With the Senate passage and an upcoming
scheduled vote on Friday in the House of Representatives, the bill
is widely seen within the industry as a major catalyst to achieving
that goal.
About Pineapple Energy
Pineapple is focused on growing leading local and regional
solar, storage, and energy services companies nationwide. Our
vision is to power the energy transition through grass-roots growth
of solar electricity paired with battery storage. Our portfolio of
brands (Hawaii Energy Connection, E-Gear, Sungevity, and Horizon
Solar Power) provide homeowners and small businesses with an
end-to-end product offering spanning solar, battery storage, and
grid services.
Forward Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding future financial
performance, future growth, and future acquisitions. These
statements are based on Pineapple Energy’s current expectations or
beliefs and are subject to uncertainty and changes in
circumstances. Actual results may vary materially from those
expressed or implied by the statements here due to changes in
economic, business, competitive or regulatory factors, and other
risks and uncertainties, set forth in the company’s filings with
the Securities and Exchange Commission. The forward-looking
statements in this press release speak only as of the date of this
press release. Pineapple Energy does not undertake any obligation
to update or revise these forward-looking statements for any
reason, except as required by law.
Contacts: |
|
Pineapple EnergyKyle UdsethChief
Executive Officer+1 (952) 996-1674kyle@pineappleenergy.comThe
Blueshirt GroupGary Dvorchak, CFAManaging Director+1 (323)
240-5796gary@blueshirtgroup.com |
|
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