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SAN DIEGO, Sept. 09, 2019 (GLOBE NEWSWIRE) -- For most San Diegans, finding a “surprise” in the utility bill is all too familiar—SDG&E’s rates are the highest in California and among the highest in the country. But one local homeowner recently got a welcome surprise: His household is consuming half the energy it consumed last year during the same period.
During the same billing period last year with existing solar, nearly 400 kilowatt-hours (kWh) of electricity was delivered to the house from SDG&E. This time, his net consumption was only 192 kWh. The difference? The NeoVolta NV14 energy storage system, which uses solar power generated during the daytime to power the home throughout the evening.
With houseguests visiting the entire month, net consumption was less than half despite a 50%+ increase in home occupants.
NeoVolta designed its NV14 home energy storage system to help homeowners reap the financial benefits of solar. It can connect with any residential installation, new or existing, AC or DC 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 disconnect from the grid and power a home’s critical loads indefinitely.
“This is a perfect case study in using solar plus storage to score a big win for homeowners,” said Brent Willson, CEO of NeoVolta. “And keep in mind that this a relatively low-use customer. For households with higher energy usage, the NV14 will bring an even more dramatic reduction and cost savings.”
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.