SAN DIEGO, Jan. 07, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – With each passing decade, we see amazing advances in consumer technology. Just think of how cell phones, TVs and tablets have improved. Ten years ago, residential battery storage wasn’t an option, but it’s here and the technology is only getting better. These systems store a home’s self-generated solar power in a battery for use in the evening, when 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 U.S. residential storage market is poised for takeoff in the 2020s.
California, which has long been the nation’s solar energy leader, is now leading the way with residential solar storage. So, what’s on the horizon for the Golden State in the 2020s?
- The Home Solar Mandate – As of January 1, 2020, the state requires all new homes to be equipped with solar power. The code applies to single-family homes and multi-family units under four stories. California’s groundbreaking mandate is a game changer: Just like that, the nation’s most populous state will jump from 20% of new homes equipped with solar to 100%. This will translate to about 100,000 new rooftop units each year. Analysts predict that one in five of all solar systems installed in 2020 will be paired with storage.
- The Effects of Climate Change – California is becoming hotter, dryer, and windier, leading to a longer and more intense wildfire season. Extreme weather events are an obvious incentive to have emergency backup power. But those concerns became even stronger with the wave of power shutdowns aimed at preventing wildfires that left roughly a million Californians without electricity, often for days at a time, in October and November 2019. After the unprecedented shutoffs, Pacific Gas & Electric (PG&E) said its customers would have to cope with blackouts for the next decade. Similar shutdown plans are in place across most of the state. Homeowners’ need for resiliency will help drive residential solar storage in the 2020s.
- Dissatisfaction with the Utility Giants – Faced with massive liability after its equipment started the deadly Camp Fire of 2018, PG&E filed for bankruptcy in 2019. And after its mishandling of public safety power shutdowns, California governor Gavin Newsom blasted the utility for decades of “greed and mismanagement.” Meanwhile, all three of the state’s utility giants have continued to raise their rates and attempted to undermine solar customers. Public opinion has turned against the utilities. Homeowners are looking to fight back and keep more money in their pockets with an energy storage system.
One manufacturer that’s ready to meet California’s demand for home energy storage in the 2020s is San Diego’s own NeoVolta. Its NV14 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, which uses lithium iron phosphate chemistry, and its high capacity of 14.4 kilowatt hours. This capacity is expandable to 24 kilowatt hours with a second battery system (no additional inverter needed). This feature will be available in mid-January 2020. The NV14 can connect with any residential solar installation—new or existing, AC or DC.
The NeoVolta NV14 is certified by the California Energy Commission. It has been approved by San Diego Gas & Electric and Southern California Edison and is being installed across Southern California. The system will be available in Northern California in mid-2020.
“Residential energy storage in California has a bright future,” said Brent Willson, CEO of NeoVolta. “The new-build solar demand and the need for home resiliency will drive the market in the next decade. The NeoVolta NV14 system delivers superior safety and capacity, with low installation costs and a ten-year warranty. We look forward to the next decade of energy storage innovation.”
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.