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PHOENIX, July 23, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – SinglePoint Inc. (OTCQB: SING) is pleased to announce Direct Solar has surpassed everyone’s expectations signing contracts to deploy $1,709,852 in solar installs over the past 30 days. Bringing the two month totals to $3,419,312 in contracts, $1,687,886 in revenue and $757,700 in net. Now that these are in contract they will move to the next phase in planning and installation. Most of the revenue derived from these contracts will be recognized throughout the third and fourth quarter. The previous 30 days should generate approximately $884,117 in gross and $396,159 in net.
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Currently Direct Solar is operational in 8 states and continues to expand its residential solar footprint. As the company has solidified itself and proven the model, many financing companies have approached to the company to start a commercial financing division. The first financing contract was signed last week and now the company will offer renewable energy options to commercial operations and have the ability to finance these larger scale projects. This additional market opens up a tremendous amount of opportunity in a currently underserved market.
As solar continues to gain traction and renewable energy becomes a top of mind conversation for many people, studies continue to pile up. Most recently, CITE research in a nationally representative poll found that 70% of people said they would support of version a California’s solar mandate. This is not far off from the 2016 Pew Research study that found 89% of Americans supported expanding rooftop solar.
In addition, according to Zion Market Research, the global Solar Panel Market accounted for USD $30.8 Billion in 2016 and is expected to reach USD $57.3 billion by 2022 growing at a CAGR of 10.9% between 2017 and 2022.
With Solar becoming more and more mainstream, SinglePoint and Direct Solar management teams are very optimistic for the company’s future. The quick growth proves Direct Solar has found a unique niche in the market that both supports the customer’s needs and the contract’s needs.
About SinglePoint, Inc.
SinglePoint, Inc (SING) is a technology and acquisition company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services, blockchain solutions and renewable energies. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through SingleSeed, the company is providing products and services to the cannabis and hemp industry.
About Direct Solar
Direct Solar is a subsidiary of SinglePoint Inc. (OTCQB: SING). We here at Direct Solar America are a solar energy brokerage, we help find and install the best available solar energy system for any building residential or commercial. NO money down, NO cost for an estimate and with the potential to help you save up to 50% off of your electricity bill.
Have you ever asked the question to yourself: “How do I get solar for my home?” Well we can help you with that and even if you have solar already, we can save you more money on your bill. Our second-to-none brokerage model benefits our customers by making sure they see increased benefits and complete satisfaction, while we make sure they realize the most optimal cost savings. With various financing options, multiple choices for Solar Power technology, and 100’s of contractors our customers value our extensive experience in creating customized solutions that meet their needs. After years of experience and more than 3,500 homes powered with the help of our solar brokerage services, we think the choice is clear!
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08b253da-c7d7-484e-9017-05f7fc5c6d8c