Passage of Inflation Reduction Act Could Dramatically Improve Solar Project Economics for Homeowners and Commercial Property Owners
PHOENIX, Aug. 9, 2022 /PRNewswire/ -- SinglePoint, Inc. (OTCQB: SING) ("SinglePoint'' or "the Company''), a solar energy and sustainable solutions provider, announced today that its subsidiary, The Boston Solar Company LLC, expects to see substantial increases in residential solar energy projects due to the Inflation Reduction Act which passed on Sunday, August 7th, 2022. The climate change and tax package passed by the Senate on Sunday will provide $370 billion in funding for clean energy, including extending and increasing lucrative tax credits for solar energy, enabling residential homeowners to claim up to 30% of the value of a solar project as a tax credit.
The legislation provides a 30% tax credit for installing residential solar panels until Dec. 31st, 2034. The tax credit would decline to 26% for solar panels put into service after Dec. 31st, 2032, and before Jan. 1st, 2034. Additionally, homeowners installing solar battery systems with at least three kilowatt-hours of capacity qualify for the tax credit. The 30% credit will be retroactive to anyone who installed their system from the beginning of 2022. The tax credit also applies to energy storage, whether it is co-located or installed as standalone energy storage. This enables consumers to retrofit an array of batteries with a wide range of solar infrastructure, significantly increasing immediate revenue opportunities for SinglePoint through its majority-owned subsidiary, Boston Solar.
Wil Ralston, CEO SinglePoint, said. "SinglePoint is capable of exponentially increasing revenue due to this legislation passing. 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 continued, "In addition to the increase in demand and EV subsidies, the extension of tax credits provides additional benefits for the buyer and increases the potential market for solar energy projects because it increases affordability. Without question, this is huge for green living everywhere."
CEO and Co-Founder of Boston Solar, Daniel Mello Guimaraes, said, "This legislation provides a clear runway to support solar projects for the next ten 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.' We are excited about the rest of the year and the strong momentum we are carrying into 2023."
James (Jim) Rulfs, recently announced board member at SinglePoint, noted, "Joining the SinglePoint team as a new board member could not have been a more timely decision. I am certain that my business background and relationships can assist SinglePoint in getting to the next level in revenues, income, and closing on more accretive acquisitions."
Corey Lambrecht, President and Chief Financial Officer of SinglePoint, said, "With federal government support in the form of tax credits for solar energy projects and direct federal funding of air purification projects in schools, SinglePoint is poised to benefit from more contracts going forward."
About SinglePoint Inc (OTCQB: SING)
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also expanding into the air purification sector through its subsidiary, BOX Pure Air. Future growth opportunities identified include electric vehicle charging, solar energy as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on social media for the latest updates.
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 plans and objectives of the Company, the use of proceeds, anticipated growth and future expansion, 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.
SOURCE SinglePoint Inc.
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