SAN DIEGO, Dec. 02, 2019 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – During the third quarter of 2019, the U.S. residential energy storage market saw record growth. According to the Wood Mackenzie U.S. Energy Storage Monitor, residential storage set a quarterly record with 38.1 megawatts installed. That marks a 32% increase over the second quarter of 2019.
It was also the second consecutive quarter of record growth for the home energy storage sector. The second quarter saw a deployment of 35 megawatts, a 41% increase over the previous quarter. Wood Mackenzie expects the U.S. residential storage market to more than double between 2019 and 2020.
California continues to lead the country in residential storage, and state regulators have proposed $100 million in energy storage incentives for residents of areas at high risk of wildfire.
With demand for home energy storage expected to skyrocket over the next decade, one newcomer is positioning itself for growth: San Diego–based NeoVolta. With its NV14 system, NeoVolta has built a solar storage solution that combines safety, high performance, and a long cycle life, all at a competitive price point. This combination did not exist before NeoVolta filled the gap in the battery storage market.
The NV14’s lithium iron phosphate battery has superior thermal and chemical stability, making it safer than ordinary lithium ion batteries. Lithium iron phosphate chemistry also offers a longer life cycle. Energy generated during the daytime is stored in the NV14’s clean, cobalt-free battery and used during evening “peak demand” hours when utility rates are often twice as high. Homeowners can see significant savings on their monthly utility bills.
In the event of a power outage, the system will automatically disconnect from the grid and immediately start powering critical loads. With its high storage capacity of 14.4 kilowatt hours and 7.6 kW of continuous power, the NV14 can keep more household appliances running longer than competitors in its class.
The NV14 can connect with any residential solar installation—new or existing, AC or DC—to deliver maximum efficiency. The system is being installed in homes across Southern California and will be expanding to Northern California in the next six months.
“With growing consumer interest and financial incentives in California and other states, we are seeing real momentum for home solar energy storage,” said Brent Willson, CEO of NeoVolta. “For homeowners who want a safe, high-performance and long-lasting storage system, the NV14 is the perfect solution.”
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.
For more information visit: http://www.NeoVolta.com email us: IR@NeoVolta.com or call us: 858-239-2029
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.