Passing the Cut Inflation Act Could Significantly Improve Solar Project Economics for Homeowners and Commercial Owners
PHOENIX, August 9, 2022 /PRNewswire/ — SinglePoint, Inc. (OTCQB: SING) (“SinglePoint” or “the Company”), a provider of solar energy and sustainable solutions, today announced that its subsidiary, The Boston Solar Company LLC, expects to see substantial increases in residential solar power projects due to the Inflation Reduction Act that passed Sunday, August 7, 2022. The climate change and tax package adopted by the Senate on Sunday will provide $370 billion in clean energy financing, including extending and increasing lucrative solar energy tax credits, allowing homeowners to claim up to 30% of the value of a solar project under form of tax credit.
The legislation provides a 30% tax credit for the installation of residential solar panels up to December 31, 2034. The tax credit would increase to 26% for solar panels commissioned after December 31, 2032and before January 1, 2034. In addition, homeowners who install solar battery systems with a capacity of at least three kilowatt hours are eligible for the tax credit. The 30% credit will be retroactive to anyone who installed their system from early 2022. The tax credit also applies to energy storage, whether co-located or installed as stand-alone energy storage. This allows consumers to retrofit a range of batteries with a wide range of solar infrastructure, greatly increasing immediate revenue opportunities for SinglePoint through its majority subsidiary, Boston Solar.
William Ralston, SinglePoint CEO, said. “SinglePoint is able to exponentially increase its revenue through the passage of this legislation. We will benefit from the largest clean energy law passed in the United States in a way that we did not even have thought again. Tax credits for solar projects have always been crucial in a property owner’s decision to install solar panels.”
Ralston continued, “In addition to increasing demand and subsidies for electric vehicles, the extension of tax credits provides additional benefits to the buyer and increases the potential market for solar power projects because it increases affordability. Without a doubt, that’s huge for green living everywhere.”
CEO and co-founder of Boston Solar, Daniel Mello Guimaraessaid: “This legislation offers a clear path to support solar projects for the next ten years. With our recent acquisition of Ecodaptive and its SunRays program, which allows us to finance solar projects that would otherwise be difficult to finance, we are becoming more of a “one-stop shop”. We are delighted with the rest of the year and the strong momentum we are carrying through to 2023.”
James (Jim) Rulfsrecently announced member of the SinglePoint Board of Directors, said, “Joining the SinglePoint team as a new member of the Board of Directors could not have been a more timely decision. I am confident that my experience and business connections can help SinglePoint achieve the next level of revenue, revenue, and closing more accretive acquisitions. »
Corey LambrechtPresident 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 for school air purification projects, SinglePoint is set to benefit from more contracts in the future. »
About SinglePoint Inc. (OTCQB: SING)
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally responsible 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 business through its subsidiary, Clean Air BOX. Future growth opportunities identified include electric vehicle charging, solar power as a subscription service, as well as additional energy savings and appliances that improve sustainability and healthier living. For more information, visit the company’s website (www.singlepoint.com) and connect on social networks for the latest updates.
Certain statements in this press release may contain forward-looking information within the meaning of Rule 175 of 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 the Company’s potential plans and objectives, use of proceeds, anticipated growth and expansion future, 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 timely implementation of any strategically significant plan described above. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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SOURCE SinglePoint Inc.