Demand for Energy Independence and the Growth in Residential Solar
Point Roberts, Washington and Delta, British Columbia--(Newsfile Corp. - April 27, 2022) - Investorideas.com, a leading investor news resource covering solar and sustainable energy stocks releases a special report featuring SinglePoint, Inc. (OTCQB: SING), on the growth trend in residential solar and how this is linked to overall growth in solar energy adoption and energy independence.
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The global solar power market size was USD 170.55 billion in 2020. According to a recent report published by Fortune Business Insights, the global solar power market is projected to reach USD 293.18 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. Increasing Rooftop solar panels demand for commercial applications and residential use to fuel the global solar power market growth.
Overall, the US residential solar market expanded by almost 30% year-on-year to a record 4.2 GW in 2021, even as installers faced a number of headwinds, including supply chain difficulties, rising system prices and Omicron-related labor shortfalls.
SinglePoint, Inc. (OTCQB: SING), a renewable energy and sustainable solutions provider, recently announced the closing of The Boston Solar Company, LLC acquisition. Boston Solar is a leading solar installer based in Massachusetts, booking $17.7m in revenue for FY2021. It is estimating revenues of at least $25m in 2022, with more than $16m already contracted and in the installation pipeline. Boston Solar is the first of multiple acquisitions the company intends to close this year. Closing this acquisition starts the timeline for SinglePoint to start its up-listing application process to achieve the goal of a NASDAQ listing in 2022.
"Boston Solar has been serving the New England market, primarily in Massachusetts, since 2011 and we are proud to have been selected by the Boston Red Sox to install a solar system at the new MGM Music Hall at Fenway. We pride ourselves on exceptional customer service and we plan to continue our operations in that manner as we expand our offerings, with the support of SinglePoint," said Mr. Mello Guimaraes, CEO of Boston Solar.
"This acquisition by SinglePoint strategically aligns with the growth plan we had in mind for Boston Solar. We spent the last several months ensuring we had synergy with the overall mission and vision of SinglePoint. Our shared values and corporate culture will drive exponential growth and expansion. Through Boston Solar and our strong foothold in Massachusetts, we have multiple accretive acquisitions identified that we will be pursuing," concluded Mr. Guimaraes.
SinglePoint plans to continue expanding its operational footprint as it acquires additional full service solar EPC (Engineering, Procurement & Construction) companies throughout the nation. The Company is targeting established solar companies in specific markets that can complement each other and yield synergies and economies of scale. The Company's acquisition plan will grow the revenue and profit base and will position SinglePoint for significant growth going forward. With recent government funding initiatives announced and periodic interruptions to the power grid, homeowners, business owners and small commercial owners are searching for ways to ensure that they have access to constant and dependable power.
"The addition of Boston Solar is a milestone for SinglePoint," stated Wil Ralston, CEO of SinglePoint. "This acquisition moves us in the right direction to achieve our goals of building the nation's leading solar services network. As the electrification of everything continues and the importance of obtaining consistent and reliable energy access, we see a long-term future for solar, EV Charging and Energy Storage. We are excited to welcome Boston Solar and their entire experienced professional team. With this acquisition we are addressing the massive residential opportunity with the leading residential company in the New England area which shares the common core values of providing best in class customer service and honest treatment of all customers across the board as evidenced by their impressive business history in the market and positive customer reviews."
Solar energy accounted for 46% of all new electricity generated in 2021 and the market is expected to grow at 10% CAGR over the next 5 years as per the latest report by Technavio. Solar and the Renewables market, including Energy Storage and EV Charging, is a long-term opportunity as the current addressable market for residential and small commercial market penetration remains largely underserved with reportedly less than 4% of the market covered. Over the last decade solar pricing has drastically decreased, making the transition to solar more economically attractive to consumers. Lower prices, coupled with demand for energy independence and resilience, sets the stage for SinglePoint to establish market leadership within the renewable energy space.
SinglePoint has established rigorous criteria for future acquisitions as they expand their reach and increase value for customers, the business, and their shareholders. Over the next 18 months, the Company plans to add additional high quality regional installers to build out a nationwide network of service providers. The Company aims to be the single point of contact to support homeowners and business owners as they move toward utilizing renewable energy sources, from solar panels on the roof, to energy storage, and the EV charger in the garage. SinglePoint and its subsidiaries will be the premier option with white glove service and lifelong relationships.
Sunlight Financial, a premier, technology-enabled point-of-sale financing company is also aiming at expanding residential solar networks having recently announced a new suite of 30-year loan products for residential solar. Available at Annual Percentage Rates (APRs) of 1.99%, 2.99%, and 3.99%, Sunlight's 30-year loans reduce monthly payments for residential solar systems, making solar more affordable and accessible. Hundreds of Sunlight installation partners nationwide now offer Sunlight's 30-year loans to their customers.
"Sunlight enables a homeowner to finance a residential solar system in the same way they likely financed their home - with a 30-year loan," said Matt Potere, CEO of Sunlight Financial. "The 30-year mortgage is by far the most popular home loan, which is why Sunlight is excited to be the first company to enable installers nationwide to offer 30-year solar loans. Our latest product enhancement will reduce monthly payments, facilitating homeowners' transition to clean and affordable renewable energy."
From the news: Sunlight's digital, end-to-end point-of-sale platform delivers instant credit decisions and automated loan processing and funding, creating a seamless process for the sale of residential solar systems and other home improvements. Through thoughtful risk management, Sunlight has delivered outstanding loan performance and industry-leading credit quality to its diverse set of capital providers. The more than 160,000 solar systems financed through Sunlight's proprietary technology platform, Orange®, as of December 31, 2021 will produce enough solar energy to avoid the emission of nearly 28 million metric tons of carbon dioxide into the atmosphere.
Maxeon Solar Technologies, Ltd., a global leader in solar innovation and channels is also looking at new partnerships to improve its coverage having announced a new partnership with leading software provider, OpenSolar to provide its trusted installer network with Maxeon's SunPower Design, an exclusive software tool with unmatched design accuracy and speed. As a result, Maxeon's installer network can design the industry's most accurate proposals in a matter of minutes, providing their customers with optimal customer service while maximizing their workflow efficiencies. Maxeon's SunPower Design complements the new suite of tools available to installers affiliated with Maxeon. In addition to Maxeon's SunPower Design, the first release of this new suite includes advanced education programs, integrated online ordering including logistics updates, as well as marketing tools and branded merchandise.
"The new digital tools are the cornerstone of our customer-centric business transformation, focused on providing a better experience as well as simplifying the buying process for our trusted channel partners," said Mark Babcock, Chief Revenue Officer of Maxeon Solar Technologies. "We are working hard to deliver a comprehensive, easy-to-use platform to service our channel partners' most pressing needs and solve their pain points so that they can focus on their core business. We expect our digital toolkit to become, release after release, a true virtual assistant for our installers, delivering the right information at the right time to gain efficiency in their sales, procurement and installation processes."
From the news: Highlighting OpenSolar partnership strengths, Ralf Elias, Chief Product Officer of Maxeon Solar Technologies, said, "The combined effort with OpenSolar in particular allows us to offer industry-leading software specifically customized to emphasize the value that our premium panel technology can deliver to end customers in the long term, further helping our partners to differentiate from the competition. We expect OpenSolar capabilities to enable us to quickly deploy a new powerful tool to hundreds of installers globally and help them to scale fast in such a pivotal time for the energy transition."
In a Renewablesnow recent news article, it was reported that Sunrun Inc remained the top installer in the US residential solar market for the fifth year running in 2021, although its market share declined for the second consecutive year, contracting to 13% by almost a point since 2020.
Continued: This follows Sunrun's recent release of its 2021 Impact Report, accelerating progress and setting ambitious goals for leading on Environmental, Social and Governance (ESG) initiatives. Notable achievements included providing over $800 million in energy cost savings to customers; increasing gender and Black, Indigenous, and People of Color (BIPOC) representation throughout the company; and Sunrun solar systems generating 20 billion kilowatt-hours of clean energy since 2007, helping avoid approximately 11.2 million metric tons of carbon dioxide equivalent (CO2e)-the equivalent of taking 2.4 million cars off the road for a year.
Continues: Other players are also experiencing significant growth such as California-based Freedom Forever, which grew its installation volumes by 80% in 2021 and captured 3.9% of the market, overtaking Tesla Inc as the number three installer.
Continues: The analyst firm expects Tesla to keep moving down installer rankings over the next quarters as the company shifts its business model towards a full-suite technology supplier and gets more dependent on subcontractors for solar installations, said Wood Mackenzie research associate Caitlin Connelly.
As the overall solar industry continues to expand due to growing energy demands, the improvements in energy efficiency through new technology, as well as the lower cost of solar production, are driving this industry into all networks of life which is great news for residential areas with high solar potential. Some companies in the past focused on residential too early and customers experienced poor installations and inconsistent energy production, but as the commercial side of the industry has advanced, residential areas can now start to benefit from today's advanced solar grids. The future is looking bright for solar.
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