SinglePoint Inc said it expects to see substantial increases in residential solar energy projects providing revenue opportunities for its majority-owned subsidiary Boston Solar with the passing of the Inflation Reduction Act by the US Senate on August 7, 2022.
The company said the climate change and tax package would provide $370 billion in funding for clean energy, including extending and increasing lucrative tax credits for solar energy which enables residential homeowners to claim up to 30% of the value of a solar project as a tax credit.
SinglePoint noted that the package’s tax credit also applied to energy storage allowing consumers to retrofit an array of batteries with a wide range of solar infrastructure which the company said would significantly increase immediate revenue opportunities for SinglePoint through Boston Solar.
WATCH: Single Point accelerates growth by acquisitions including a profitable solar company
"SinglePoint is capable of exponentially increasing revenue due to this legislation passing,” the company’s CEO Wil Ralston said.
"We will benefit from the largest clean energy act passed in the US in ways we haven't even thought of yet. Tax credits for solar projects have always been crucial in a property owner's decision to install solar panels."
Ralston said that, on top of the increase in demand and EV subsidies, the extension of tax credits provided further benefits for the buyer and increased the potential market for solar energy projects because it increased affordability.
"Without question, this is huge for green living everywhere,” the CEO said.
Boston Solar CEO Daniel Mello Guimaraes added that this legislation provided a clear runway to support solar projects for the next 10 years.
“With our recent acquisition of Ecodaptive and its SunRays program, which enables us to finance solar projects that would otherwise be hard to finance, we are becoming more of a 'one-stop-shop,’” he said.
SinglePoint is a full-service mobile technology and marketing provider of solutions that allow its clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices.
Appoints new board member
Meanwhile, SinglePoint announced the appointment of Jim Rulfs to the board of directors. Rulfs' 40-year business background includes experience in launching companies, working in mergers and acquisitions, and corporate finance.
"We are very pleased to welcome Jim Rulfs to the Board of Directors of SinglePoint at a juncture when his deep experience in mergers and acquisitions and building companies will be used as we experience rapid growth," CEO Ralston said in a separate statement. "Jim's business acumen and business relationships offers real value as we ramp up our acquisition activity and expand our business footprint in the sustainable living market sector."
Rulfs told shareholders he was "honored" to have the opportunity to work with the SinglePoint team.
"I can think of few things that are more important to America now than reliable, renewable, and environmentally responsible energy," Rulfs said.
"SinglePoint is exceptionally well positioned to provide solar energy solutions to families, businesses, and institutional customers. Also giving them a measure of independence from a struggling energy grid, both local and national. Equally important, as the cost of energy is skyrocketing in a struggling economy, SinglePoint and the solar platforms they can deploy will give economic and energy independence to clients for years to come."
Contact the author at emily.jarvie@proactiveinvestors.com
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