Company Achieves Nearly $4 Million in New Residential Sales for Month of July, Expects Homeowner Pursuit of Solar to Dramatically Increase With National Emphasis
SANTA BARBARA, CA--(August 10, 2015) - Solar3D, Inc. ($SLTD), a leading provider of solar power solutions and the developer of a proprietary high efficiency solar cell, announced today that its SUNworks division has achieved $3,938,994 in residential sales for the month of July, a Company record.
The $3.9 million in new sales achieved by SUNworks represents a substantial jump in comparison to its previous monthly high of $2.7 million in March of 2015 -- an increase of over 45%. The Company's new residential sales through the first seven months of 2015 total $12.7, an approximately 170% increase over the $4.7 million in sales through the first seven months of 2014.
The explosive sales increases correlate directly to the high-growth residential solar market, particularly in California and Nevada. According to a recent report released by GTM Research, 2014 was the third consecutive year that the U.S. residential solar market experienced more than 50% growth. Much of this growth can be attributed to a wider variety of financing solutions, as direct ownership is expected to surpass third-party ownership by 2020. Many of these homeowners are taking advantage of solar tax credits programs that, while set to expire at the end of 2016, present a tremendous market opportunity over the next year and a half. Still, a Solar Energy Industry Association (SEIA) report indicated that through Q1 2015, nearly one-fourth of cumulative residential solar installations have now come on-line without any state incentive.
"This record month is a testament to the hard work and strong leadership exhibited across the entire SUNworks organization," said Jim Nelson, CEO of Solar3D. "The residential solar market continues to explode, fueled by more consumer-friendly financing options, as well as cost-savings realized by homeowners. The short and long-term investment in residential solar solutions has proven attractive to homeowners, spreading through communities and neighborhoods, especially in California and Nevada. We expect residential solar to maintain its rapid rise in popularity, and look forward to continuing to serve customers and achieving revenue growth for the Company."
About Solar3D, Inc.
Solar3D, a leading provider of solar power solutions, is focused on the design, installation and management of solar power systems for commercial, agricultural and residential customers. Through its wholly owned subsidiaries, Solar3D is one of the fastest growing solar systems providers in California delivering 2.5 kilowatt to multi-megawatt commercial systems. Solar3D's technology division is developing a patent-pending 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. The Solar3D Cell collects sunlight from a wide angle and lets light bounce around in 3-dimensional microstructures on the solar cell surface. The Company's mission is to further the widespread adoption of solar power by deploying affordable, state-of-the-art systems and developing breakthrough new solar technologies.
To learn more about Solar3D, visit our website at http://www.Solar3D.com.
SUNworks is a commercial and residential wholly owned subsidiary of Solar3D, Inc. (NASDAQ: SLTD), a leading solar power company and the developer of a proprietary, high efficiency solar cell. SUNworks is focused on the design, installation and management of solar systems for agricultural, commercial, and residential customers. The Company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as large as 25 megawatts. SUNworks serves commercial, agricultural and residential customers throughout California and Nevada.
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