Demand for Solar Industry Installations to Double by 2023

Financialnewsmedia.com News Commentary

News provided by

Feb 18, 2020, 08:50 ET

PALM BEACH, Florida, Feb. 18, 2020 /PRNewswire/ -- Recent reports show that the U.S. residential solar market reached record highs in the third quarter of 2019 with 712 megawatts of solar installed, according to the latest U.S. Solar Market Insight report from Wood Mackenzie Power & Renewables and the Solar Energy Industries Association (SEIA). The U.S. solar market added 2.6 gigawatts of solar photovoltaics in the third quarter, swelling total U.S. solar capacity to 71.3 gigawatts. The increase in residential installations helped the U.S. solar market grow 45% year-over-year and contributed to 15 states having their best quarter ever for residential solar. States with smaller solar markets such as Idaho, Wyoming, New Mexico and Iowa all saw record residential growth due to continued price declines and improvements to the economic competitiveness of solar across the country. Active Companies from around the market with current developments this week include: Singlepoint, Inc. (OTCQB: SING), First Solar, Inc. (NASDAQ: FSLR), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Enphase Energy, Inc. (NASDAQ: ENPH), Vivint Solar, Inc. (NYSE: VSLR).

The report stated: "This positive report makes clear that American families are demanding energy choice and solar, and that our industry is ready to deliver," said Abigail Ross Hopper, president and CEO of SEIA. "This is the kind of growth and investment we could see going forward if we make smart policy moves, like extending the solar Investment Tax Credit and stopping additional tariffs. Failure to make these policy moves will limit deployment potential and cost jobs." California continues to be the largest residential solar market, installing nearly 300 megawatts in the third quarter of 2019, breaking its own quarterly record. "While California has always led the country in solar deployment, the drivers behind that growth have shifted," said Austin Perea, senior solar analyst for Wood Mackenzie. "This is primarily due to new-build solar demand and increased consumer interest in solar + storage solutions as a result of public safety power shutoffs that have left hundreds of thousands of utility customers in the dark."

Singlepoint, Inc. (OTCQB: SING) BREAKING NEWS: SinglePoint Announces 190% Increase in Revenue - SinglePoint Announces Preliminary Unaudited 2019 Annual Results, Residential Solar Business Unit is the Primary Driver for the Increase in Revenues and Achieves Business Unit Profitability - Singlepoint releases preliminary (unaudited) annual results achieving over $3,300,000 in revenue. SinglePoint continues to show progress and annual revenue traction delivering increased revenue in the triple digits, 190% increase from 2018 to 2019. $2,000,000 in annual revenue was directly derived from Direct Solar of America in approximately six months of operations. Annualizing these results would have delivered over $5,000,000 in 2019 revenue. The 2020's are positioned to be the decade of solar, and with SinglePoint's acquisition of Direct Solar of America and it's emerging business units, Singlepoint anticipates significant and sustained growth through the decade.

Direct Solar America, at the time of acquisition by SinglePoint, was almost solely focused on expanding its national footprint by expanding into additional states with its unique and scalable residential solar brokerage model. The residential solar segment delivered nearly all the revenues and ended the year as a profitable business unit. The residential solar business unit will continue to expand into new markets, adding incremental revenue, while continuing to cultivate and close additional revenue opportunities in established markets. New market expansion and increased efficiencies should deliver continued revenue growth and the Direct Solar of America Residential business unit is targeting an annual revenue range of $7-$10M for 2020.

Throughout the year, Direct Solar of America identified additional high-caliber revenue opportunities in underserved markets within the domestic solar market. The company created commercial and capital business units committing internal capital and resources, along with forging relationships with industry and strategic segment specific business partners to address these opportunities. Direct Solar America, directly and through its partnerships have engaged and made proposals to multiple schools and commercial type projects throughout the United States on the benefits of going solar. Many of these projects are in the review stage and would result in significant revenue and profitability that is purely incremental and accretive to the existing projections for the residential solar division.

According to SEIA "The U.S. installed 2.6 gigawatts (GW) of solar PV capacity in Q3 2019 to reach 71.3 GW of total installed capacity, enough to power 13.5 million American homes. Residential solar saw its best quarter in history in Q3, and the utility-scale solar pipeline now stands at a record 45.5 GW in Q2. Total installed U.S. PV capacity is expected to more than double over the next five years." The press release goes on to say, "The increase in residential installations helped the U.S. solar market grow 45% year-over-year and contributed to 15 states having their best quarter ever for residential solar." Read this full release and more news for SING at: https://www.financialnewsmedia.com/news-sing

In the industry developments and happenings in the solar/energy market include:

First Solar, Inc. (NASDAQ: FSLR) recently announced that a partnership composed of EDP Renewables and ConnectGen has completed the acquisition of three projects with a total nameplate design of 278 megawatts (MW)_AC in the United States. First Solar previously disclosed that the sale of these projects were subject to certain conditions precedent for closing that have since been satisfied. The projects include the 154MW_ACSun Streams 1 project in Maricopa County, Arizona, the 20MW_ACWindhub A project in Kern County, California, and the 103MW_ACSunshine Valley project in Nye County, Nevada. All three projects are scheduled to achieve substantial completion by the end of the fourth quarter of 2019.

"These projects reflect EDP Renewables' focus on value creation, innovation, and sustainability. Combining responsible development with attractive economics backed by long-term Power Purchase Agreements, they are powered by one of the most innovative and eco-efficient solar technologies available today," said Miguel Prado, Chief Executive Officer, EDP Renewables North America. "We look forward to adding these projects to our growing portfolio in the United States."

SolarEdge Technologies, Inc. (NASDAQ: SEDG) a global leader in smart energy, recently announced that it entered into a contract to supply smart energy products and solutions, including inverters and power optimizers for 1 GW of solar projects with international solar investor, Enfindus. The four-year, pan-European agreement is intended for commercial and industrial (C&I) rooftop PV systems. Enfindus plans to finance, build, and operate the PV systems and offer corporate PPAs to rooftop owners.

"Being selected by Enfindus for one gigawatt of PV systems throughout Europe is testament to the growing strength of DC optimization and its benefits for larger PV installations," stated Alfred Karlstetter, General Manager of SolarEdge Europe. "Growing its footprint in the C&I sector, SolarEdge is committed to continuing to provide innovative and scalable DC optimized inverter solutions to improve the bottom line of commercial and small-scale utility PV systems."

Enphase Energy, Inc. (NASDAQ: ENPH) a global energy technology company and the world's leading supplier of solar microinverters, recently announced it has collaborated with CREATON GmbH, one of the leading residential roof manufacturers in Europe, to deliver photovoltaic (PV) in-roof systems to residential solar customers throughout Germany.

CREATON, with offices and manufacturing plants located across Germany, offers an extensive range of products for pitched roof solutions, including both clay and concrete roof tiles, and system accessories. Its newly developed PV in-roof systems with Enphase Energy include Enphase IQ 7™ and IQ 7+™ microinverters, along with Enphase Envoy™ communications gateways, which connect the system to the Enphase Enlighten™ monitoring platform and makes per-panel energy monitoring and insights for operations and maintenance easy.

Vivint Solar, Inc. (NYSE: VSLR) a leading full-service residential solar provider, recently launched a new, consumer-friendly Help Center website as part of the company's continued focus on delivering world class service to its customers. The purpose of the site is to allow homeowners and consumers to browse support topics based on an entire database of relevant content specifically related to their searches.

"Vivint Solar exists to create great customer experiences with clean, renewable energy. At our core, we are a company that Puts People First. The new Help Center is a great example of how we are constantly adapting to provide our customers with the best support possible," says Miranda Barnard, Vivint Solar Vice President of Marketing.

Since its launch, the site has seen increased traffic on educational articles, like "Getting Started with Solar," and "How to Maximize Savings While Using a Solar Energy System." Vivint Solar is continuously adding more content to the site to provide education to consumers about the benefits of solar energy and getting the most out of a solar energy system.

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty six hundred dollars for news coverage of the current press release issued by Singlepoint, Inc. by the company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: [email protected]
+1(561)325-8757

SOURCE FinancialNewsMedia.com