Solar Companies Across the US are Experiencing Growth and Increased Interest in Solar Projects as the Inflation Reduction Act Bill Drives Investment in Renewable Energy Projects

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Boston Solar, a key solar provider and subsidiary of SinglePoint (OTCQB:SING), has reported significant growth in sales and installations. The company has achieved over 5,000 installations in 11 years, capitalizing on incentives from the recent Inflation Reduction Act, which boosts the solar investment tax credit to 30% for the next decade. This positions Boston Solar favorably in the Massachusetts market, focusing on both residential and commercial projects, including a notable installation at MGM Music Hall.

Positive

• Monthly and quarterly improvements in sales and installations.
• Over 5,000 solar installations to date, reflecting strong market position.
• Inflation Reduction Act boosts solar investment tax credit to 30%, enhancing profitability for businesses.

Negative

• None.

• Boston Solar a leading solar provider has seen monthly and quarterly improvements
• Sales and Installs increasing month over month
• Inflation Reduction Act Bill adds incentives for commercial scale projects, Energy Storage and Electric Vehicles and Charging  

BOSTON, Nov. 1, 2022 /PRNewswire/ -- Boston Solar, a clean energy installer for retail and commercial spaces and a subsidiary of SinglePoint, Inc. (OTCQB:SING), announced today meeting another milestone in the Company's growth journey as its solar installations and purchases. Boston Solar continues to be the leading residential solar contractor based in Massachusetts, with more than 5,000 installations in 11 years, and has pushed forward on significant commercial projects, such as the solar installation for Fenway's own MGM Music Hall. 

The Company remains dedicated to helping consumers save money while improving the environment and supporting its local community. Boston Solar is proud to assist its customers in creating energy-independent homes and obtaining their energy-independence benefits. Boston Solar helps all customers meet these metrics while providing superior client experiences.   

Solar panels are a lucrative investment for businesses that can dramatically improve buildings for employees and a business's bottom line. Thanks to the passage of the Inflation Reduction Act of 2022, solar is an even more economically efficient option for business owners who want to slash their operating costs and increase profitability. On Aug. 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law after passing both chambers of Congress, boosting the most extensive current program the federal government offered for rooftop solar: the solar investment tax credit. 

The tax credit benefits both homeowners and businesses who choose to install rooftop solar panels by allowing a tax credit, not just a deduction, of associated costs. With changes from the IRA, the tax credit currently is 26% but will be increased to 30% of the expenses for an additional ten years. As that rate lowers, Congress will again consider the tax credit in 2035. The tax credit, also called ITC, covers the costs of solar panels, installation labor, energy storage devices, and some sales tax. The ITC benefits any purchase of solar power systems; however, it does not apply if you don't own the panels. The ITC tax credit can be claimed for federal tax returns using IRS Form 5695. This credit offers a quicker return on investment than most fossil-fuel-burning generators. 

Besides the ITC, each state offers its tax incentives and exemptions for purchasing and installing solar panels. Typically, those exemptions cover property or sales tax. With these and other incentives, the U.S. is making clean energy a practical and efficient power alternative for homeowners and businesses, creating long-lasting savings by accessing solar power systems. Boston Solar is well-positioned to help clients meet their individual solar power needs. 

Solar tax exemptions offer more incentives for residents and business owners to switch to using cleaner rooftop energy. Moving away from standard electricity unlocks a whole new world of benefits worth exploring. Installing a solar power system of your own could be a decision that leads to long-lasting change for yourself and the world. 

About Boston Solar–Proud Partner of the Boston Red Sox
Since its founding in 2011, Boston Solar has installed more than 5,000 residential and commercial solar arrays, powering thousands of homes and businesses in New England, primarily in Massachusetts. Boston Solar's mission is to provide superior clean energy products, exceptional customer service, and the highest-quality artistry in residential and commercial installations.

Boston Solar has accumulated several distinctions of recognition of the Company's outstanding triumphs: Honored with the 2020 Guildmaster Award from GuildQuality, the award acknowledged how Boston Solar demonstrated exceptional customer service within the residential construction industry. For five consecutive years, the Company was named a Top Solar Contractor by Solar Power World magazine. Further, the Company is applauded by the Boston Business Journal's "Largest Clean Energy Companies in Massachusetts" list. Boston Solar is a member of the Solar Energy Business Association of New England (SEBANE). The Company is headquartered at 55 Sixth Road, Woburn, MA 01801. Learn More at: www.bostonsolar.us.

About SinglePoint Inc. (OTCQB:SING)
SinglePoint is a sustainable lifestyle Company in the solar energy and air purification markets. The Company plans to build the largest renewable energy solutions network and modernize the traditional solar energy and energy storage business model. SinglePoint continues to execute its acquisition strategy by exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and healthier life. For more information, visit the Company's websites: www.singlepoint.com, www.bostonsolar.us, and www.boxpureair.com.

Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within 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, besides statements of fact included in this release, including, without limitation, statements regarding revenue projections, financing opportunities, potential plans and objectives of the Company, 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 and other 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.

Investor Contact:
Tra-Digital IR
Investors@SinglePoint.com

 

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SOURCE SinglePoint Inc.

FAQ

What recent growth has Boston Solar experienced?

Boston Solar has reported improvements in both sales and installations, continuing to grow month over month.

How does the Inflation Reduction Act benefit Boston Solar?

The Inflation Reduction Act increases the solar investment tax credit to 30%, making solar installations more economically attractive.

What is the significance of Boston Solar's 5,000 installations?

Boston Solar's achievement of over 5,000 installations underscores its leadership in the residential solar market in Massachusetts.

What types of projects does Boston Solar focus on?

Boston Solar specializes in both residential and commercial solar installations, including projects like the MGM Music Hall.