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SAN DIEGO, Oct. 07, 2019 (GLOBE NEWSWIRE) -- San Diego Gas & Electric (SDG&E) customers, who already pay some of the highest rates in the country, will soon begin seeing even higher bills. The California Public Utilities Commission (CPUC) has approved a 5.7% annual revenue hike for SDG&E for 2019 through 2021. In a unanimous 5-0 vote on September 26, 2019, the commission raised SDG&E’s annual revenue requirement to $1.99 billion. That represents an additional $107.4 million the utility will collect from its customers each year.
With the increase, the typical customer can expect to pay $1.10 more on their monthly electric bill. According to a spokesman, the measure will help SDG&E strengthen its wildfire safety measures. This comes at a time when California ratepayers are being forced to contribute $10.5 billion over 15 years to cover half of damages from future wildfires caused by utility company equipment.
But homeowners have a way to fight back against the utilities: solar plus energy storage. By pairing solar panels with a storage system, households can save the solar power they generate for use when there is no sunshine—including evening hours, when Time of Use rates are often twice as high. These systems also provide critical backup power, keeping homes comfortable and connected in the event of a blackout.
One of the most innovative energy storage solutions is the NeoVolta NV14, manufactured in San Diego. The NV14’s advanced lithium iron phosphate chemistry is designed for safety and a longer life cycle than ordinary lithium ion batteries. The system has a high storage capacity of 14.4 kilowatt hours (kWh) and delivers 7.6 kW of continuous power, easily outperforming competitors.
The NV14 can connect with any residential solar installation—new or existing, AC or DC. Homeowners who require even greater storage capacity can add a second battery and avoid the expense of installing another entire system (inverter and battery), which will be available in November 2019. With NeoVolta’s NV14, homeowners can design a system that is specific to their needs.
“The sheer greed of California’s utility giants is breathtaking,” said Brent Willson, CEO of NeoVolta. “SDG&E is pushing to quadruple its minimum monthly charge, and we’re already handing over billions to help cover their liability the next time their faulty equipment starts a wildfire.”
“But by pairing solar with the powerful, long-lasting NV14 energy storage system, homeowners can see significant savings on their monthly bill and protect themselves from future rate manipulations by the utility companies.”
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.