Loading, Please Wait...
SAN DIEGO, Aug. 05, 2019 (GLOBE NEWSWIRE) -- In 2020, California will become the first state to require rooftop solar on new homes. This includes single-family homes and multi-family residential buildings up to three stories high. The goal is to build net-zero energy homes that produce as much energy as they consume, reducing the state’s carbon footprint.
With as many as 100,000 single-family homes built in California each year, residential solar will quickly become mainstream. But rooftop panels alone won’t make solar very cost-effective for these homeowners. That’s because the state’s three largest utility companies are switching to time-of-use rates, in which residential power is most expensive between 4:00 and 9:00 p.m.—when solar is waning or not generating.
The solution is solar plus storage . With these systems, energy produced by the panels during the daytime is stored in a battery and used in the evening, avoiding high utility rates. Nationwide, the residential solar storage market has seen 138% growth since the first quarter of 2018. As more and more California homeowners realize the financial advantages of storage, demand for solar batteries could outpace supply.
San Diego–based NeoVolta Inc. could play a key role in supplying California’s demand for residential storage. NeoVolta designed its NV14 home energy storage system to help homeowners reap the financial benefits of solar. Energy generated during the daytime can be stored in the NV14’s clean, cobalt-free battery and used during evening “peak demand” hours when utility rates are often twice as high. The system’s inverter can be coupled to a DC panel for greater efficiency and additional savings. And in the event of a blackout, the NV14 will power a home’s critical loads indefinitely.
“Americans have long supported the idea of solar, but now it’s policy and reality,” said Brent Willson, CEO of NeoVolta. “This is an important moment. NeoVolta is launching the NV14 solar storage system here in Southern California just as the state is preparing to require rooftop solar on new homes. We’re also in the process of planning a statewide rollout. The NV14 energy storage solution will help supply the projected demand, while also offering the security of backup power.”
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.