Wildfires, Planned Blackouts, Rising Utility Rates Drive the Need for Residential Solar Plus Storage
SAN DIEGO, Jan. 24, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (NEOV) – Home solar panels have been around since the 1970s, but now it seems everyone’s talking about solar plus storage. These systems store a home’s self-generated solar power in a battery for nighttime use, when the rooftop panels aren’t producing and utility rates are highest, or as backup power in case of a blackout. After closing the decade with record growth, the residential solar plus storage market is set for takeoff in the 2020s. Analysts predict that one in five of all solar systems installed in 2020 will be paired with storage.
Why are solar storage systems becoming so popular? The first reason is financial. Utility rates are constantly on the rise, and it’s no secret that Californians pay some of the highest electricity prices in the nation. Homeowners who install solar storage can achieve significant savings on their monthly bill, making storage systems a sound investment. With state and federal incentives, storage becomes even more cost-effective.
The second reason is the emerging need for energy resilience. The global climate crisis is creating extreme weather conditions, including a longer and more intense wildfire season in California. As a preventive measure, the state’s largest utility companies have resorted to public safety power shutdowns. During the 2019 wildfire season, millions of Californians had their power cut, often for several grueling days. Californians have been told to expect these another decade of these blackouts. As a result, homeowners are adopting solar plus storage.
San Diego–based NeoVolta is one manufacturer positioned to meet this growing demand. Its NV14 advanced energy storage system was recently named one of Solar Power World’s “2019 Top Solar Storage Products.” The NV14 was recognized for its safe, long-lasting battery, high capacity and compatibility with any home solar installation—new or existing, AC or DC or both. When the grid goes down, the NV14 automatically disconnects from the grid and seamlessly powers the critical loads needed to keep a home comfortable and connected.
With the upcoming release of the NV24 battery add-on, the NV14’s storage capacity can be nearly doubled to 24.0 kWh—without the expense of installing a second inverter. The NV14 combined with the NV24 is one of the highest-capacity systems on the market.
In June 2019, NeoVolta moved to a 21,150-square-foot manufacturing facility that expanded its production capacity by 300%. The facility is now capable of rolling out more than 8,000 NV14 and 4,000 NV24 units each year.
NeoVolta has established a dealer network in Southern California, where the NV14/NV24 is approved for connection with the San Diego Gas & Electric and Southern California Edison power grids. Installation will become available in Northern California in mid-2020.
“As more California homeowners realize the financial advantages and the security provided by solar plus storage, the market will see dramatic growth,” said NeoVolta CEO Brent Willson. “NeoVolta is ready to meet this challenge. Our energy storage solutions are certified by the California Energy Commission and backed by a ten-year warranty.”
About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage batteries capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery, a 7,680-Watt inverter and a web-based energy management system with 24/7 monitoring. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts, avoid expensive peak demand electricity rates charged by utility companies when solar panels aren’t producing, and get one step closer to grid independence.
Forward-Looking Statements: Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the continued increase in utility rates. Although NeoVolta believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. NeoVolta has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the "Risk Factors" section of NeoVolta’s Form 1-A filing filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. NeoVolta undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
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