Woburn, Massachusetts--(Newsfile Corp. - September 4, 2024) - SinglePoint Inc (CBOE: SING) ("SinglePoint" or "the Company") subsidiary Boston Solar, a proud partner of the Boston Red Sox and a leading provider of solar energy solutions, is proud to announce the onboarding of a sales channel partner, engineering solutions, and website relaunch.
Recent Wins:
- Finalization of Excel Academy Commercial Solar Installation - Website Launch Providing Deeper Customer Insights and Improving Acquisition Costs - August Ends as Second Largest Sales Month Year to Date residential solar sales - Partners with Solarize NE to access ~500,000 new potential customers
Highlighting Boston Solar's latest process improvements including new optimized customer facing website designed to enhance sales and lower customer acquisition cost.
The comprehensive engineering, procurement, and construction (EPC) services provided by Boston Solar with 1,100 5 Star reviews has now launched the revamp of the Boston Solar website enabling full lead data solutions. Throughout the year Boston Solar has restructured its marketing process leading to improving customer acquisition costs by thirty percent. This resulted in August being the second-best sales month year to date.
The recently launched website is designed to enhance customer experience and further drive down costs. The new AI data implementations and client data solutions imbedded in Boston Solar's marketing flows will allow Boston Solar to ramp customer acquisition significantly. Increasing marketing spend and reduction of cost per lead should enhance the Company's ability to drive underlying margin in each solar project completed. Boston Solar has begun to grow its commercial footprint into new territories with multiple projects in the pipeline and is actively engaged in onboarding additional team members to actively pursue commercial projects in the locally incentivized Massachusetts residential and commercial solar markets.
Boston Solar's new leadership team is demonstrating its commitment to profitability, reducing $3.1M in annual overhead, and continues to identify and eliminate expenses while ensuring cashflow is efficiently managed. The reduction in expenses resulted in an increase in revenue per employee of approximately 50%. Further implementations of software and development partnerships will allow the company to increase volume into 2025 with limited fixed overhead costs. The Company's diversification of the solar business from over 90% residential at time of acquisition to 70/30 residential to commercial in 2022, to a 50/50 split between both business lines in 2024 comfortably positions the company for growth with an active solar market driven by strong state mandates for carbon reduction on commercial buildings by 2030.
"We continue to find inspiration in the results of Boston Solar and the potential in the local market as well as other residential and commercial markets. Our current focus is cashflow efficiency and identifying the best ways to reduce our costs at all levels including cost of capital. The entire solar industry has experienced a tremendous number of headwinds (i.e. interest rates, net metering), the long-term opportunity in the solar and energy storage market will continue for the foreseeable future as customers will continue to seek out solutions to mitigate rising energy costs at home and at work. Reliability and dependability is a growing concern and residential and small commercial customers will continue to look at solar and energy storage as a solution that ensures they have power when they need it. Interest rates have impacted many markets including solar and with the pending rate cuts we believe we will see an increase in sales on both residential solar and commercial solar projects," added Wil Ralston CEO SinglePoint Inc.
For more information about Boston Solar and its services, please visit www.bostonsolar.us.
About Boston Solar
Boston Solar is a subsidiary of SinglePoint Inc. (CBOE: SING). Since its founding in 2011, Boston Solar has installed more than 6,000 residential and commercial solar arrays, powering thousands of homes and businesses in New England, primarily in Massachusetts. The mission of Boston Solar 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 Guildmaster Award from GuildQuality, the award acknowledged how Boston Solar demonstrated exceptional customer service within the residential construction industry. - Named a Top Solar Contractor by Solar Power World magazine for five consecutive years. - Recognized by the Boston Business Journal's "Largest Clean Energy Companies in Massachusetts" list.
Boston Solar is a Solar Energy Business Association of New England (SEBANE) member. The company is headquartered at 12 Gill St. Suite - 5650 Woburn, MA 01801. Learn more at: www.bostonsolar.us
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 that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com).
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 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.
