Phoenix, AZ, June 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SinglePoint Inc.’s (OTC:SING) Direct Solar America broadens its market reach by announcing a referral agreement, partnering with a pioneer in solar financing, Dividend Financial. The agreement significantly lowers cost of acquisition of new clients seeking to install or finance commercial solar projects that currently are not included in the offerings provided by Dividend Financial. The partnership with Direct Solar allows for Dividend to offer to any of their client base a commercial solution by referring the projects they are unable to entertain in-house to Direct Solar Capital for them to find a solution via Direct Solar Capital’s commercial lending partners.
Dividend is a leading national provider of renewable energy and energy-efficiency financing solutions for property owners through a suite of residential solar, home improvement and commercial PACE financing products. Commercial PACE is a public-private financing mechanism for energy efficiency, renewable energy, water conservation and seismic upgrades on privately-owned property. The Company pioneered the residential solar financing landscape in 2014 with the launch of its flagship product, EmpowerLoan™ for financing residential solar installations and continues to expand its product offerings into the home improvement market. In addition to its industry-leading suite of financial products, Dividend has developed a comprehensive technology platform for installation partners and homeowners to streamline the financing process and manage financed project fulfillment.
“The partnership serves huge benefits on both sides. Direct Solar Capital sees additional potential business and Dividend now can confidently explain to their client base they have a solution for every commercial inquiry,” said Pablo Diaz, CEO, Direct Solar America. “I am proud of our business development group that identified a truly win-win-win situation for Dividend, Direct Solar and most importantly customers seeking commercial solar solutions. Dividend Financial is one of the nation's largest residential lenders, with over 600 dealers in their network, but in the commercial realm, they only are able to lend with PACE financing, a state-provided lending solution available only in 22 states and the guidelines are fairly rigid.”
“This strategic partnership is another step that enhances our ability to reach and serve additional markets and most importantly grow revenues. Pablo and the Direct Solar team are ready and excited to work with the customers referred to them by Dividend Financial. The Direct Solar team will support referred Dividend clients by offering the best possible product and solutions to fulfill their solar needs,” states Greg Lambrecht, CEO, SinglePoint Inc. “We are pleased with the progress and encouraged that partnerships like this can help grow our revenues and ultimately increase the asset value of our company for all of our shareholders.”
Commercial (Non Residential) Solar Market Outlook
Falling prices and more flexible financing and procurement structures have led to rapid growth in corporate solar adoption, with more than half of all corporate solar capacity in the U.S. installed since 2016. Financing for solar projects can be challenging. Direct Solar capital leverages its expertise and growing network of lenders focused on funding Commercial Projects to match specific projects with the right lender creating a win-win for our financial partners and the clients dedicated to adding renewable energy solutions to their facilities.
According to a recently published report by SEIA, 2020 marks the beginning of the next wave of states with robust community solar mandates – New York, Maryland, Illinois and New Jersey – experience growth.
[Link] Direct Solar America announces initial Commercial Solar Project in Illinois
Recent policy developments in the Northeast will ultimately spur growth in our long-term outlook. New Jersey has proposed revising its transition incentive program, slightly raising incentive values for community solar projects. Significant revisions to the Value of Distributed Energy Resources (VDER) docket in New York have bolstered the long-term forecasts for both commercial and community solar. Meanwhile, Maryland and Maine both passed more aggressive RPS policies, which are expected to boost lagging REC markets. Maine went even further to create a commercial solar tariff and community solar program.
Increasing solar-plus-storage viability will also begin to have an impact on non-residential demand as policymakers and business leaders increasingly consider energy storage in their decisions. New York’s recent development of the Bridge Incentive increases long-term solar-plus-storage forecasts with further potential upside. By 2023, roughly 30% of total non-residential PV capacity will come from community solar, and 20% of all non-residential capacity is expected to have storage attached.
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc. (SING) invests in and acquires brands and companies that will benefit from injection of growth capital and the sales and marketing expertise of SinglePoint. The company portfolio currently includes solar, hemp and technology applications. SinglePoint is working to grow the company to a multinational brand.
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Forward-Looking Statements
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.
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