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CST: 18/11/2019 13:26:46   

Solar Panel Homeowners Targeted by California Utilities

28 Days ago

Hedge Against Utility Rate Changes with NeoVolta’s NV14 Energy Storage System

SAN DIEGO, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Across California, homeowners with rooftop solar may soon be facing much higher monthly utility bills.

San Diego Gas & Electric is trying to raise its minimum utility charge from $10 to $38 per month. Starting in November 2019, new solar users in Merced will have to pay a $65 monthly fee—including those who have purchased a home from an existing solar user. Meanwhile, Redding’s electric utility is attempting to slash the net metering credit (for negative net consumption) and charge all solar users a new $10 per month fee. 

Why are so many California homeowners being penalized just for having solar?

The utility companies claim that solar customers are not paying their fair share to operate and maintain the electric grid. They say this unfairly shifts the burden to the other customers who don’t have solar. That’s right, the utility companies are all about “fairness” now. 

In fact, solar actually reduces a household’s burden on the grid. More self-generated power means less power the utilities have to generate themselves or purchase from power plants. This drives down the market price of energy, which benefits all ratepayers. With more homes generating their own power, fewer transmission/distribution upgrades are needed. Communities become more resilient to major power outages. In short, rooftop solar threatens the utility companies’ profit margins, so they’re doing whatever they can to undermine solar.

With home solar under attack by the utility companies, how do homeowners fight back? One way is to pair their rooftop panels with an energy storage system. With these systems, self-generated solar power is stored for use when there is no sunshine—including evening hours, when Time of Use utility rates are often twice as high. Storage systems also provide critical backup power, keeping homes comfortable and connected in the event of a blackout.

One of the most sophisticated energy storage systems on the market comes from San Diego: the NeoVolta NV14. The NV14’s advanced lithium iron phosphate battery is designed for safety and a longer life cycle than ordinary lithium ion batteries. It has a high storage capacity of 14.4 kilowatt hours (kWh) and delivers 7.6 kW of continuous power, easily outperforming competitors in its class.

The NV14 can connect with any residential solar installation—new or existing, AC or DC. Homeowners who require more storage capacity can add a second battery and avoid the expense of installing another entire system (inverter and battery); this option will be available in November 2019. With NeoVolta’s NV14, homeowners can design a system that is tailored to their needs and see significant savings on their monthly bill.

“These solar fees are an outrageous attempt by California utility companies to wipe out the financial incentives of home solar,” said Brent Willson, CEO of NeoVolta. “If your utility company tries to penalize you for having solar, make your voice heard in the community and with your representative in Sacramento. And by installing the powerful, long-lasting NV14 storage system, you can protect yourself from utility company pricing manipulations for years to come.”

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.

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