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SAN DIEGO, Sept. 30, 2019 (GLOBE NEWSWIRE) -- California has hit a significant milestone this year: more than one million rooftop solar installations on homes, schools, businesses, and farms. With California leading the way, the U.S. reached two million installations this year.
The growth has been rapid, nearly all of it in the last decade. In 2006, there were only about 20,000 installations statewide—solar was still too expensive. Thanks to a federal tax credit, a California rebate, and lower installation costs, solar power suddenly became affordable. Another financial incentive has been net metering: A home that produces surplus solar power sends that energy back to the grid and receives a credit on the utility bill. To further sweeten the deal, research by Zillow has found that solar panels increase a home’s value 4.1%.
But the solar landscape is changing for homeowners. With utility companies introducing Time of Use billing to offset net metering, proposing high minimum usage fees, and using other strategies to reduce the financial benefit of self-producing power, solar owners are under attack.
Experts say that to maximize the investment in solar power going forward, homeowners should have solar plus storage. With an energy storage system, the power generated by rooftop panels during daylight can be saved for use in the evening or periods of darkness, to help hedge against utility rate structure changes and net metering credit adjustments. These systems also provide critical backup power if the grid goes down.
One of the latest and best-performing energy storage solutions comes from Southern California: the NeoVolta NV14. The NV14’s advanced lithium iron phosphate chemistry makes it safer and longer-lasting than ordinary lithium ion batteries. The system offers a high storage capacity of 14.4 kilowatt hours (kWh) and delivers 7.6 kW of continuous power, easily outperforming competitors such as the Tesla Powerwall. Homeowners will also have the option of adding an additional battery system, which will increase the NV14’s energy storage from 14.4 to 24.0 kWh. By simply adding additional battery storage capacity, NV14 users avoid the extra expense of installing an entire second storage system (inverter and battery). For the vast majority of households, 7,680 Watts of inverter power is more than enough. With NeoVolta’s NV14, homeowners can design a system that is specific to their needs.
The NV14 can connect with any residential solar installation, new or existing, and the inverter can be coupled to DC solar panels, for greater efficiency and additional savings, and/or to AC solar panels. In the event of a blackout, The NV14 will instantly and automatically disconnect from the grid and continue to power a home’s critical loads indefinitely. The NV14 is backed by a ten-year warranty.
“This milestone is just the start,” said Brent Willson, CEO of NeoVolta. “In 2020, California will become the first state to require rooftop solar panels on new home construction. With 100,000 single-family homes going up each year, it won’t take that long for our state to reach two million installations. If your home has solar, take full advantage of it with the NV14. You’ll protect yourself from future utility rate changes, while gaining energy security and self-sufficiency.”
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.