SING - Highly Incentivized Scramble For Commercial and Residential Solar As Some Energy Bills Expected To Skyrocket 50% - 200%
(NewsDirect)
By Michael O'Connor, Benzinga
Of the total newelectricity-generating capacity added in the United States last year,46% was solar power.
Even as supply-chain disruptions led to increased costs forsolar panels, 2021 broke records with more than 500,000 solar installation projects completed in a single year for the firsttime – ever.
Nowwith the passing of the Inflation Reduction Act, the U.S. solar marketcould experience even more of a boom — the Solar Energy IndustriesAssociation® (SEIA) recently issued a pressrelease around a report onSeptember 8 , saying that “the Inflation Reduction Act (IRA)will help the U.S. solar market grow 40% over baseline projectionsthrough 2027, equal to 62 gigawatts (GW) of additional solar capacity,according to new forecasts in the U.S. Solar Market Insight Q3 2022report”. President Joe Biden referenced some of these points in therecent State ofthe Union address , showing continued dedication to the topicthat some companies in the industry noted is a good sign of governmentfollow-through.
“The Inflation Reduction Act has given the solar industry themost long-term certainty it has ever had,” saidMichelle Davis , principal analyst at Wood Mackenzie and leadauthor of the report. “Ten years of investment tax credits stand instark contrast to the one-, two-, or five-year extensions the industryhas experienced in the last decade. It’s not an overstatement to saythat the IRA will lead to a new era for the U.S. solarindustry.”
TheBiden Administration aims to transition the nation's grid to atleast 40%solar by 2035 . For this ambitious goal to become areality, solar energy providers have many panels to install. And largecompanies in the space, such as First Solar (NASDAQ:FSLR) and Enphase (NASDAQ: ENPH), will benefit significantly fromsmaller companies that sell and install the projects to the propertyowners.
Occurringat the same time, there are reports of massive price increases forenergy that could be digging into businesses' bottom linenationwide and encouraging a significant uptick in commercial solarspending and installation. Wil Ralston, CEO of emerging solar player SinglePointInc. (OTCQB: SING), said, “Many of our clientsand partners are experiencing unprecedented increases in theirelectricity bills. As a part of our sales process, we evaluatepotential customers’ energy purchasing needs, and we have seenutility bill increases ranging from 50% to 200% on commercial utilityprices. Our company aims to help offset and reduce those expensesthrough direct energy purchases agreements and renewable energysolutions such as solar and energy storage.”
While Europe hasgarnered many headlines for enormous spikes in energy costs primarilydue to the conflict between Ukraine and Russia, the U.S. and the restof the world may be just a little behind.
Many businesses that are already beingincentivized by the Inflation Reduction Act are most likelyexperiencing an additional effect of rising electricity costs — theupshot of which could be a unique and crucial time for solarinstallers and service providers.
Ralston added, “Between generous tax credits andrapidly rising energy costs, there never has been a time in the pastthat the economic decision to go solar has been more obvious to manypotential customers. And with SinglePoint’s vertically integratedstructure, we feel we are well-positioned to capitalize on theexpected surge in solar energy going forward.”
SinglePoint is a companyworking to make the solar industry more customer-friendly. The rapidlygrowing renewable energy solutions company has been developing adiversified portfolio of services, including the acquisition of TheBoston Solar Company, LLC, a leading solar installer based inMassachusetts.
Thecompany reported Q3Revenue of $6,589,227 vs. Q3 2021 of $273,877 —SinglePoint’s strategy has been to build a nationwide network ofsolar panel installers to help transform the complicated landscape ofthe solar industry into one that’s easier to navigate for bothresidential and commercial customers.
SinglePoint, with a market capitalization of only$5.37 million, may be worth watching for a positive revolution in themarket to reflect this revenue growth.
This article was originally published onBenzinga here .
AboutSinglePoint Inc (OTCQB: SING)
SinglePointInc.(www.singlepoint.com) is a renewable energy and sustainablelifestyle company focused on providing environmentally friendly energyefficiencies and healthy living solutions. SinglePoint is initiallyfocused on building the largest network of renewable energy solutionsand modernizing the traditional solar and energy storage model. TheCompany is also actively exploring future growth opportunities in airpurification, electric vehicle charging, solar as a subscriptionservice, and additional energy efficiencies and appliances thatenhance sustainability and a healthier life. For more information,visit the Company's website (www.singlepoint.com) and connect onsocial media for the latest updates.
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