News

October 17, 2008

Solar Integrated Technology’s Outlook Boosted By Investment Tax Credit Decision in US

By Ivor Watt

Solar Integrated Technology’s first half results late last month were a stark tale of two regions, with its European business going from strength to strength but its US business being hit hard by a double whammy of slower demand due to the credit crunch and also the uncertainty around the future of the US Federal Investment Tax Credit system.

However this uncertainty was ended last week when the two houses of Congress finally passed the emergency legislation designed to shore up the US economy, to which the ITC bill had been attached in a bid to push it through into law before the uncertainty, the ITC was scheduled to expire at the end of 2008, caused demand to completely evaporate.

The resolution of this issue is a relief to Solar Integrated but some damage has already been done - it suffered  US$40million worth of...