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Solar electric panels are shown installed on the roof of the Hanover Olympic building in Los Angeles, California, U.S., June 6, 2017. Reuters

The Solar Panel Industry Looks to Usher in a New Decade

The U.S. installed 2.6 gigawatts (GW) of solar PV capacity in Q3 2019 to reach 71.3 GW of total installed capacity, enough to power 13.5M American homes

Published on February 05, 2020

Increasing environmental awareness and demand from consumers for renewable energy sources, as well as their decreasing prices, have helped propel the solar industry to new heights in recent years. In the United States, California holds the largest market share of the solar panel market. However, there is a continuous expansion in markets like Florida, Texas, Utah, and Minnesota. Generally, falling prices are attracting new entrants in the solar industry. And according to data provided by Solar Energy Industries Association (SEIA), the U.S. installed 2.6 gigawatts (GW) of solar PV capacity in Q3 2019 to reach 71.3 GW of total installed capacity, enough to power 13.5 million American homes. Residential solar also saw its best quarter in history in Q3 and the utility-scale solar pipeline now stands at a record 45.5 GW in Q2. In addition, government reforms are expected to help the U.S. solar panel industry; For instance, in 2018, the government imposed a 30% tax on solar panels and cells imported into the U.S. This policy is expected to encourage local manufacturing as well as regional solar panel sales. Overall, the U.S. solar panel market size was estimated at USD 12.67 Billion in 2017 and is expected to grow further and reach USD 22.90 Billion by 2025. Singlepoint, Inc. (OTC: SING), Sunworks, Inc. (NASDAQ: SUNW), SolarWindow Technologies, Inc. (OTC: WNDW), Panasonic Corporation (OTC: PCRFY), Sky Solar Holdings, Ltd. (NASDAQ: SKYS)

The last decade was riddled with obstacles for renewable energy in the U.S. and for the solar panel industry in particular. The panels were too expensive, looked bulky and customers were uncertain if investing in solar panels will be worthwhile from a financial standpoint. Over the years, however, these opinions have shifted thanks to various technological advancements that led to better designs and efficacy. Now, the upcoming, new decade is expected to be different. “This positive report makes clear that American families are demanding energy choice and solar, and that our industry is ready to deliver,” said Abigail Ross Hopper, president and CEO of SEIA. “This is the kind of growth and investment we could see going forward if we make smart policy moves, like extending the solar Investment Tax Credit and stopping additional tariffs. Failure to make these policy moves will limit deployment potential and cost jobs.” By 2030, SEIA projects that the industry will double the U.S. solar workforce, add USD 345 Billion in private investment, and offset electricity sector emissions by 35%.

Singlepoint, Inc. (OTCQB: SING) announced breaking news today that, “subsidiary, Direct Solar America continues to drive new business as 2020 sales and marketing initiatives start to take shape. Last week Direct Solar America saw that increase in business having one of its biggest weeks to date in new contract development. The increase is mainly attributed to new marketing and sales development including new canvassing teams starting, customer service improvements, as well as partnership channels, increasing engagement.

‘We are strongly committed to continuing the development and improvement of Direct Solar America. The company’s model continues to impress us by the ability to scale with few constraints into new markets. As we continue to see states rolling out incentives, we are able to act quickly and asses the market viability in order to quickly decide whether to roll out teams in that area. Solar continues to be a driving factor and hot topic in the media which I believe has resulted in the company expanding as rapidly as the company has’, states Greg Lambrecht CEO.

The Solar Energy Industries Association (SEIA) has declared the 2020s the Solar+ Decade. President and CEO Abigail Ross Hopper states, ‘The 2010s were filled with more highs than lows, and the solar industry is in a strong position to become the leading source of new energy generation this decade. Working in collaboration with other clean energy technologies, including storage, solar will lead a clean energy economic boom while also reducing greenhouse gas emissions.’

According to the U.S. Solar Market Insight Report by the Solar Energy Industries Association (SEIA), in Q1 2019, the U.S. solar market surpassed 2 million installations – just three years after the market surpassed the 1 million installation milestone. The industry is expected to hit 3 million installations in 2021 and 4 million installations in 2023. This is a result of increased demand by consumers due to reduced installation costs as well as increasing environmental awareness which is driving the adoption of cost-efficient alternative and renewable forms of energy over conventional energy sources.

About SinglePoint, Inc: SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes solar, payments and hemp-based consumer products. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base.”

Sunworks, Inc. (NASDAQ: SUNW) a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, announced recently that the company has been awarded commercial project wins of $11.5 million in new commercial projects during the final month of 2019. The company noted that more than 40 new ACI contracts were signed in December bringing the fourth quarter new bookings total to more than $20 million – marking the highest level of new project wins in seven quarters. Chuck Cargile, Sunworks Chief Executive Officer, noted, “We closed 2019 with momentum on the front of the new orders and enter the year with an estimate of more than $44 million of ACI and Public Works backlog scheduled for installation in 2020. Included in the total was a $6 million project for an agricultural producer in Nevada. This solar system will substantially reduce the company’s utility costs associated with field irrigation and protect against future utility rate increases. The remaining project wins vary in size and scope and reflect the success of the year-end push by our sales team.”

SolarWindow Technologies, Inc. (OTC: WNDW) a developer of transparent liquid coatings that convert ordinary windows into electricity-generating windows, announced earlier last year that, effective November 1, 2019, the company hired Mr. James B. Whitaker, PhD, as our Principal Research & Development Scientist.Dr. Whitaker will lead our team scientists at the U.S. Department of Energy’s (DOE) National Renewable Energy Laboratory (NREL) through our Cooperative Research and Development Agreement with NREL to develop new and improved, lower cost, and more efficient SolarWindow™ coatings and technologies; and optimize processes required for our goal of integrating our process into industry. The company is currently in discussion with several potential glass fabrication partners. In anticipation of a future partnership, we have placed an order for specialized high-output manufacturing process equipment required to begin process integration and eventual production of our electricity-generating glass products.

Panasonic Corporation (OTC: PCRFY) of North America is a leading technology partner and integrator to businesses, government agencies, and consumers across the region. Panasonic Eco Solutions of North America and Pika Energy recently announced reduced pricing for the Harbor Smart Battery portfolio, providing solar system homeowners with more affordable access to industry-leading energy storage capacity1 and increased independence from the grid. Reduced pricing of the Harbor Plus™ and Harbor Flex™ Smart Batteries is made possible due to Panasonic and Pika’s robust supply chains as well as enhanced manufacturing capabilities and scale efficiencies achieved through increased consumer demand. With recent wildfires, hurricanes, earthquakes and other natural or man-made disasters leaving communities without electricity for extended periods of time, energy storage is essential in certain regions and areas affected by severe weather events. It is expected that these cost reductions will accelerate the deployment of energy storage more quickly into these regions. “The Panasonic and Pika partnership has yielded some of the highest-performing battery solutions in the industry,” said Mukesh Sethi, General Manager, solar and energy storage division at Panasonic. “Our mission is to provide efficient, reliable and secure power sources to those who need it most. The Harbor Plus™ and Harbor Flex™ Smart Batteries provide homeowners with access to stored energy in the face of a severe weather incident and extended grid outages.”

Sky Solar Holdings, Ltd. (NASDAQ: SKYS) is a global independent power producer (”IPP”) that develops, owns and operates solar parks and generates revenue primarily by selling electricity. Back in 2018, Sky Solar Holdings announced that it and its wholly-owned subsidiaries Sky Solar Japan Co., Ltd. and Sky International Enterprise Group Ltd. have entered into a TK interest purchase and sale agreement with Solar Partnership Capital and Conscious Partners KK. The Agreement is related to the TK partnership established on August 28, 2015, when SSJ entered into a silent partnership agreement with SPC to build and operate approximately 107 MW of solar projects in Japan. The TK interest purchase payment is guaranteed by Sky Solar and its subsidiaries. In addition, on December 20, 2018, SPC withdrew the lawsuit it filed against SSJ on June 25, 2018, which alleged significant differences in the interpretation of certain terms of the silent partnership between SSJ and SPC, and purported to seek certain damages. Dr. Hao Wu, Chairman of the Board of Directors of Sky Solar, commented, “We believe the withdrawal of the litigation by SPC and the TK Interest Purchase and Sale Agreement should increase the confidence of Japanese financial institutions that have been following the developments in this matter and could open up more project finance opportunities for SSJ’s projects in Japan.”

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