Point Roberts, WA and Delta, BC - June 24, 2019 (Investorideas.com Newswire) Investorideas.com, a leading investor news resource covering solar stocks releases a sector snapshot reporting on the continued growth in solar installations in both residential and commercial zones as more businesses and consumers realize the benefits of solar and as it becomes more readily available and affordable for both.
SolarPower.com recently reported "In the first three months of the year, the U.S. installed 2.7 gigawatts of solar PV, making it the most solar ever installed in the first quarter of a year. With the strong first quarter, Wood Mackenzie Power & Renewables forecasts 25% growth in 2019 compared to 2018, and it expects more than 13 GWDC of installations this year, as reported in its new U.S. Solar Market Insight Report."
This news follows after the United States surpassed 2 million solar installations in May.
"The first quarter data and projections for the rest of the year are promising for the solar industry," said Abigail Ross Hopper, President and CEO of the Solar Energy Industries Association. "However, if we are to make the kind of progress we need, to make the 2020's The Solar Decade, we will need to make substantial policy and market advances."
A new survey, conducted by CITE Research on behalf of Vivint Solar Inc. (NYSE: VSLR), revealed 70% of American adults said they would support a nationwide mandate requiring solar panels to be installed on all newly built homes. The survey also revealed significant others and environmental experts are the most influential when deciding to install residential solar for the good of the environment, while politicians are the least influential by far.
"California was the first state to pass a solar panel mandate on new homes and it goes into effect in 2020. We've seen that state often lead the way in establishing environmental practices nationwide," said David Bywater, CEO of Vivint Solar, which has installed solar energy systems on more than 160,000 US homes. "We believe more states will make strides to adopt residential solar requirements, and it's great to see the vast majority of American adults support this, even at a nationwide mandate level. With nearly a million new single-family homes built annually, if all of them took advantage of solar energy, it would be equivalent to driving 12 billion fewer miles a year or consuming 12 million fewer barrels of oil."
Among those who support a nationwide solar mandate, 32% said they strongly support it and 38% said they somewhat support it, while approximately 16% said they somewhat oppose it and 14% said they strongly oppose it. While there was no significant difference in attitudes between men and women, opinions varied based on region, age group, and homeowner and relationship status varied.
As residential solar is currently optional for existing homeowners, survey takers were also asked who would most influence their decision to install solar panels on their home for the good of the environment. Spouses/significant others proved the most powerful force, with 58% of survey takers claiming they would be influenced by them (36% a great deal of influence, and 22% some influence). Environmental experts were the next most influential, with 57% saying they would be influenced by their opinion (28% a great deal of influence, 29% some influence).
Politicians are the least influential, with just 19% of people saying a political figure would influence their opinion to go solar for the environmental benefits (6% a great deal of influence, 13% some influence). And while politicians don't rank highly overall, data shows the older you get, the less likely you are to be influenced by them. Among survey takers, the percentage who say politicians have no influence: 46% for those aged 25-34; 49% age 35-44; 59% age 45-54; 64% age 55-64, and 73% of those aged 65+. Comparatively, 29% of those 25-44 claimed politicians would have some or a great deal of influence, while only 7% of those 65+ stated the same.
Direct Solar, a wholly owned subsidiary of Singlepoint Inc. (OTC: SING) announced that the company is developing a commercial solar lending solution. The solution will serve customers that own and/or manage commercial properties. This is a massive market opportunity that the commercial space is looking for.
Direct Solar will be one of the first companies to offer this type of lending solution and is expected to launch in the next four to six weeks.
To learn more please visit https://directsolaramerica.com/commercial/
"Currently there are a lot of residential lending solutions as well as large scale lending for solar farms and high megawatt projects. We have yet to find a solution that will finance projects in the small to medium commercial space. Our financing solution will provide these customers with quick funding turn around and require no personal guarantees. We believe there is enough projects for us to turn $100 Million dollars in lending over the next 9-12 months," states Pablo Diaz, Founder & CEO of Direct Solar.
Offering this new financing solution will provide Direct Solar with addition revenue and cash flow, as the company will be receiving commissions on each project that is funded as well as commission on the installation.
"This is a massive opportunity to fill a huge gap in the market. There has not been a solution we've found like ours simply because the current model means you are either a lender or installer. Direct Solar being one of the only solar brokers in the market means we can work with the customer to find the right installer and the right lender. Matching these two together is a win-win for everyone involved," states Brian Odle, National Finance Director of Direct Solar.
Coming off of a major month (May 15, 2019 - June 15, 2019), Direct Solar closed $1,709,460 in solar installs. This revenue should generate approximately $803,769 in gross and $361,541 in net. Additionally, the company added three new major service areas with a fourth on the way. This has all been residential driven. The addition of the commercial solar opportunity should dramatically increase the quick growth the company has already been experiencing.
These numbers put Direct Solar on the path to profitability from a cashflow standpoint very quickly. Management from SinglePoint and Direct Solar are very excited to see the continued growth of the solar business through multiple avenues, including commercial.
"This acquisition puts SinglePoint on a huge trajectory path. The solar market is on an extreme growth trajectory and Direct Solar has planted its foot right in the middle of it. Providing installers and financers with qualified customers, while providing these customers a streamlined process for purchasing solar," states Greg Lambrecht, CEO of SinglePoint.
Sunworks, Inc. (NASDAQ: SUNW), a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, recently announced a new 751 kW solar power construction project for Plumas Mutual Water District, a water company located in Yuba City, California that distributes water for farming operations.
Sunworks Chief Executive Officer, Chuck Cargile, said, "Water districts in California are faced with many challenges, including water shortages, drought and resiliency challenges. Solar can help address these issues in a cost effective way while also helping to ensure crop production and yield are maximized."
Construction of the new $1.3 million, 751kW ground-mount system project is expected to commence later this year with revenues recognized in the fourth quarter and into the first half of 2019.
Joe Danna, Director of Plumas Mutual said, "From our first meeting, it was clear that the Sunworks team had a strong understanding of our challenges and goals. They designed a system that was tailored to our requirements and helped us understand how we can maximize our cost, so we can serve our customers in a more sustainable and resilient way."
SunPower Corporation (NASDAQ: SPWR) recently announced that with Hannon Armstrong Sustainable Infrastructure Capital, Inc. and SunStrong Capital Holdings, LLC, it has secured financing commitments for its residential solar lease program that will help meet SunPower's expected customer demand into 2020. SunPower has provided solar lease financing options to customers since 2010. The attractive financing provisions with this new fund will supplement the solar loan and cash sale alternatives currently offered by the company.
The new fund is structured as a levered tax equity partnership with a multi-party forward purchase commitment, allowing generation of upfront cash margins for residential solar leases. The financing commitments for this new fund are being provided largely from a repeat group of loan and equity providers that continue to have strong long-term relationships with SunPower and Hannon Armstrong.
Bank of America Merrill Lynch acted as the sole structuring and placement agent for the cash equity and multi-draw term loan, as well as the sole tax equity investor. Additional equity capital was provided by SunPower, Hannon Armstrong and their joint venture SunStrong, which holds equity interests in more than 55,000 residential solar energy systems.
"SunPower's strong suite of acquisition options, and our technologically superior solar energy solutions, allows us to continue meeting growing customer demand," said Tom Werner, SunPower CEO and Chairman of the Board. "Thanks to our financing partners, who share our clean energy future goals, we're able to ensure funding to meet the needs of those customers who desire a leasing option."
"This latest fund continues our multi-year programmatic investment with SunPower, helping to decarbonize the residential sector using solar, one of the climate solutions essential to mitigating climate change," said Jeffrey Eckel, Hannon Armstrong President and CEO. "We are especially pleased with the expansion of SunStrong's role in this innovative fund as it demonstrates the increased financial capabilities of this new joint venture with SunPower."
SunPower offers its lease program through its network of residential solar dealers across the US, new home builders where the company holds a market-leading position, and direct sales teams. Last year, SunPower's US residential business saw annual deployment growth of more than 15 percent, bringing the total number of American homes with SunPower® solar to over 275,000 consumers.
Additionally, the company announced that SunStrong has acquired a residential lease portfolio from Capital Dynamics. This transaction adds to SunStrong's existing high-quality asset portfolio with the addition of more than 41 MW and 5,100 residential systems.
This push for solar shows a similar parallel to the cannabis industry wherein, regardless of federal policies, which in the case of solar seem to ignore climate change, the American public as well as American businesses are demanding cheaper and more accessible energy solutions with a heavy focus on solar. These early growth numbers paint a very obvious picture as to where American's see the future of US energy heading, but we will still have to wait and see if 2019 is in fact going to continue with this first quarter trend.
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