Dow Solar, a business unit of The Dow Chemical Company (DOW - Free Report) , and Sol Systems have partnered to provide turnkey solar renewable energy credit (SREC) solutions for DOW POWERHOUSE Solar Shingles customers.
Sol Systems will offer the customers of Dow Solar with the opportunity to enter into SREC contracts. Sol Systems provide access to its proprietary SREC management tool and register the systems with the necessary state and regulatory bodies, track meter readings, and handle all SREC customer service inquiries, thereby removing the administrative burden of monetizing SRECs for its customers and partners. In this way, Dow Solar’s customers can improve the financial return on their solar investment.
Sol Systems is the largest SREC aggregator and financier in the U.S. and offers SREC financing solutions to customers in 13 states throughout the Midwest and Mid-Atlantic. The solutions will be provided to the customers of Dow Solar in Md., Mass., and Washington, D.C.
Dow’s POWERHOUSE Solar Shingle includes a custom designed array that complements the style of the homeowners while matching their goals. POWERHOUSE Solar Shingle is certified as both a solar and roofing product. POWERHOUSE is currently available in select U.S. markets through Dow's Authorized builders and roofing contractors. POWERHOUSE Solar Shingles have won several awards for their innovative design, and is proven to withstand rain, hail and wind uplift.
Dow posted its first-quarter 2013 results last month. The company posted a profit of $550 million or 46 cents a share, a roughly 33% rise from $412 million or 35 cents a share earned a year ago. Profits soared on strength in the agriculture science business, which witnessed record sales of seeds and crop protection products. Dow also benefited from nearly $300 million decline in raw material costs in the reported quarter.
Barring one-time items (including charges associated with tax adjustments and loss on early extinguishment of debt), the company earned 69 cents a share in the quarter, up from 61 cents a year ago. That comfortably beat the Zacks Consensus Estimate of 60 cents.
Dow will focus on organically growing its attractive businesses and driving earnings leveraging its feedstock strength. The company will continue to pursue its cost reduction and efficiency programs while reducing debt and maximizing shareholder returns. However, Dow does not see a material improvement in the macroeconomic environment this year.
Dow currently holds a Zacks Rank #3 (Hold).
Other companies in the chemical industry having favorable Zacks Rank are Shin-Etsu Chemical Co., Ltd. (SHECY - Free Report) , Celanese Corporation (CE - Free Report) and Methanex Corporation (MEOH - Free Report) . While Shin-Etsu Chemical retains a Zacks Rank #1 (Strong Buy), Celanese and Methanex hold a Zacks Rank #2 (Buy).