Demand for Solar Industry Installations to Double by 2023
R
ecent 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 and 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
✔️ Demand for Solar Industry Installations to Double by 2023
💕 Found this article helpful? Spread the word and support us!