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SAN DIEGO, July 29, 2019 (GLOBE NEWSWIRE) -- Is there such a thing as too much power? California produces at least 20% more power than it needs. Around the state, many plants are generating at half capacity and in some cases closing 20 years early because their power is no longer needed. Despite this energy abundance, the average cost for residential electricity in the state is 18.05 cents per kilowatt hour, one of the highest rates in the U.S. In San Diego County, SDG&E’s rate soars to an astronomical 57 cents per kilowatt hour during peak demand hours. The statewide rate has increased 12% in the last year alone, at a time when prices elsewhere are falling, and Californians now pay 50% higher than the national average.
That’s because California is an extremely utility-friendly state. California’s investor-owned utilities are guaranteed a 10.5% return on capital costs such as building new power plants and maintaining transmission lines. These costs are passed along to ratepayers. California regulators, who must approve the rate the utilities can collect from their customers, increased the total amount from $33.5 billion in 2008 to $40 billion in 2017. Less than two weeks ago, on July 12, Governor Gavin Newsom signed a law under which customers will pay $10.5 billion into a fund that will compensate power providers held liable for wildfire damages (such as the deadly Camp Fire in November 2018).
San Diego–based NeoVolta Inc. designed its NV14 home energy storage system to help homeowners break their dependence on utilities. Solar energy produced during the daytime can be stored in the NV14’s clean, cobalt-free energy storage system and used during evening “peak demand” hours when utility rates are twice as high. In the event of a blackout, the NV14 will power a home’s critical loads indefinitely, provided maximum depth of discharge is not exceeded.
“California lawmakers and regulators are obviously more concerned with utility company profits than with protecting the ratepayers,” said Brent Willson, CEO of NeoVolta. “Every month, utility customers are stuck paying premium rates. It’s time for homeowners to take control over their energy bill with solar plus storage. NeoVolta’s NV14 system makes financial sense and offers the security of backup power during grid outage. This give customers peace of mind that their vital energy needs will be met using their own resources.”
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.