PHOENIX, Aug. 26, 2021 /PRNewswire/ -- SinglePoint Inc. (OTCQB: SING) ("SinglePoint" or the "Company"), a company focused on providing renewable energy solutions and energy-efficient applications to drive better health and living, today provided an update on forward-looking revenue guidance goals for the Company's solar-centric subsidiaries for Q4 2021, targeting annual revenue projections of $20,000,000 USD for the existing solar business units in FY2022. The Company continues to target opportunities in exponentially growing markets with significant government support within solar as the domestic market is expected to reach $223 Billion by 2026.
FY2021 Q4 and FY2022 Solar Business Segment Outlook and Revenue Guidance
"We are diligently working to execute on collaborative revenue producing projects within our existing solar business divisions and we believe there are significant amounts of synergistic opportunities ahead. We expect revenues to grow throughout the remainder of 2021 and continue to increase in FY2022 with the potential to surpass $20,000,000 in organic annual revenue next year," commented Wil Ralston, CEO SinglePoint. "We have built a strong foundation within our solar business, anchored by EnergyWyze and Direct Solar America, and we intend to execute on our previously announced strategic M&A growth plan to add scale, incremental sales and to broaden our footprint throughout the remainder of the year and into 2022."
The US residential solar market is poised to grow by nearly $6 Billion USD during 2021-2025, progressing at a CAGR of over 10% during the forecast period. Interest in pairing solar with battery storage has surged over the past few years, largely driven by concerns about the reliability of the country's outdated electric grid and the increasing reality of power outages. According to the Solar Energy Industry Association (SEIA) more than 3 million homes and businesses in America have solar and installations are going to double over the next five years.
In collaboration with its subsidiaries, EnergyWyze and the key executives at Direct Solar America, SinglePoint has implemented strategic initiatives to realign and reposition its solar and renewable energy business segments to take advantage of the industry relationships and opportunities primarily within the residential solar sector.
Mr. Ralston added, "Generating quality leads and conversions are key metrics that we have focused on within EnergyWyze during over the course of 2021 thus far. We are now able to send high performing solar leads and appointments created by EnergyWyze to Direct Solar America which has the ability to, at our current staffing levels, produce approximately 75 closed residential solar installations per month equaling an estimated $1,500,000 per month in contracted revenue. Additionally, to further optimize these opportunities, we strategically and deliberately tested various combinations that have yielded positive results, specifically lowering the customer acquisition costs while improving the customer closing ratios. Our owned residential solar businesses can now apply these formulas to enhance results for our B2B clients and within our own business units to efficiently grow revenues and profitability month-over-month throughout the remainder of this year and through Fiscal Year 2022."
SinglePoint continues to make the necessary business decisions to ensure the future success of Direct Solar America and to maximize its potential towards specific execution goals. To date, SinglePoint has retained multiple members of leadership and key employees who have amassed valuable industry experience having worked with other entities within the domestic solar markets, as well as hold specific expertise within the historical Direct Solar America business models. The Company intends to continue to take advantage of and leverage the partnerships, network and footprint built over the past two years and have identifying key partnerships and relationships to ensure existing customers are being taken care of to the highest quality standards.
The solar market is poised for long term sustainable growth. Homeowners continue to look for ways to utilize solar and establish energy independence. With varying weather events happening across the US, solar, battery backup and creating an emergency backup system is a high priority among many consumers. Additionally, going solar continues to make economic sense reducing a homeowners monthly utility expense in many cases. In addition to consumer awareness, the Federal government and industry are constantly looking for ways to create operational efficiencies such as universal permitting, easing supply chain roadblocks and overall providing ways to continually decrease the cost of implementing renewable energy systems at the residential and commercial levels.
SinglePoint has been in ongoing discussions with multiple renewable energy operators for potential transaction(s). The Company has initially targeted profitable EPC providers installing a minimum of $7,500,000 to well over $10,000,000 a year in solar panels to companies advancing the future of renewable energy and providing services internationally.
About SinglePoint Inc.
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 actively 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 a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on LinkedIn and Twitter.
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.
JTC Team, LLC
SOURCE SinglePoint Inc.