Solar Industry Enjoys Boom In Installations, California Regulations Require All New Homes In State To Have Solar Beginning in January 2020
The solar industry is enjoying a boom time with record installations. California is stimulating that peak demand with new regulations requiring all new homes be equipped with solar beginning in January 2020. Companies including SinglePoint (OTC: SING) and Canadian Solar Inc. (NASDAQ: CSIQ) are reporting installation solar activity. Solar Integrated Roofing Corp. (OTC PINK: SIRC) is based in California and sees a bright 2020 with sharp gains in revenues to greater than $40 million, a conservative projection, Dave Massey, CEO, said in an interview on MoneyTV.
Tickers: Solar Integrated Roofing Corp. (OTC PINK: SIRC), SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ:CSIQ), SolarEdge Technologies (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), First Solar (NASDAQ: FSLR).
New York, NY, October 30, 2019 — Stock Market Press is a leading financial news company that delivers up to date news. News on the wires today includes how solar industry companies are seeing a jump in installations. The future is especially bright in California where all new homes are required to have solar beginning in January 2020.
Long term, California officials estimate, mandatory solar systems will benefit homeowners. But, short term, developers are worried that solar systems will add costs to new homes to buyers and hurt sales.
Dave Massey, CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), said that his company projects 2020 sales of more than $40 million based largely on its growth by acquisition strategy. SIRC set a sales record in September with revenue of $1.2 million, he said. He said that sales for the fourth quarter of this year are projected to be $2 million, another record. Takeovers have been important contributors, he said.
In September, McKay Roofing generated sales of $300,000. The best news is that the company has $1 million in backlogged projects already sold. Narrate, a marketing company, contributed sales of $234,000. Secure Roofing and Solar achieved sales of $468,000 in September and Montross contributed $250,000 in September revenue, it was announced.
In a MoneyTV interview, Massey said in the future he would be looking for more acquisition targets for Solar Integrated Roofing Corp. (OTC PINK: SIRC). He said earlier that SIRC has completed its audit and has started the process of up listing.
In other news we also talk about SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ: CSIQ), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), First Solar (NASDAQ: FLSR).
Canadian Solar Inc. (NASDAQ: CSIQ) has secured the right to build three solar photovoltaic (PV) projects projects from two Brazilian private corporate auctions. The projects are scheduled to begin production in 2022, the company announced. CSIQ’s bifacial panels are expected to be installed on these three projects. The company is expanding its Latin-American footprint. Brazil is one of the fastest growing solar markets. Wind power is the second largest source of renewable energy in Brazil. New solar energy developments are seen rivaling solar energy developments, in the long term.
SinglePoint (OTCQB: SING) is optimistic about the success of its Direct Solar subsidiary. It projects that it will reach $5 million in DS contracts by the end of this year, according to an article in CannabisNewsWire. The company has been changed and broadened by the performing of its solar subsidiary, which itself has been booking higher contracts for installations after the addition of its new financing arm, Direct Solar Capital.
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO) stock hit $3.60 at the close Tuesday after a previous close of $3.69. It has a 52 week trading range of $3.40/$10.32.
SolarEdge Technologies (NASDAQ: SEDG) stock fell in Tuesday’s trading to $92.08 compared to its previous close at $93.32. Its 52 week high/low trading range was $32.42/$96.69.
First Solar (NASDAQ: FSLR) stock reached $53.29 at the close on Tuesday. It had opened trading at $53.55. The company engages in designing, manufacturing, marketing and distribution of photoelectric systems and solar modules.
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