SAN DIEGO, June 24, 2020 (GLOBE NEWSWIRE) — NEOVOLTA INC. (OTCQB: NEOV) â€“ After a successful pilot program, NeoVoltaâ€™s NV14 and NV24 home solar storage systems are now being installed in the San Francisco Bay Area and the Sacramento area. There is a vital need for solar battery storage in Northern California, which is vulnerable to catastrophic public safety power shutoffs in response to wildfire threats. Close to a million utility customers there were impacted by prolonged wildfire blackouts in the fall of 2019, and residents can expect power shutoffs for the next decade.
When the lights go out, NeoVolta storage systems automatically disconnect from the grid to continuously power critical loads such as lighting, refrigeration, garage, and communications. Families stay comfortable and connected during the crisis. Under normal conditions, these systems slash utility costs by storing a homeâ€™s clean solar power for use in the evening, when peak demand utility rates are often twice as high.
The NeoVolta NV14, named one of Solar Power Worldâ€™s â€ś2019 Top Solar Storage Products,â€ť has a high storage capacity of 14.4 kilowatt-hours. This can be amplified to 24.0 kWh with the optional NV24 battery add-on, which offers one of the highest-capacity systems in its classâ€”without the expense of adding a second inverter. The inverter can discharge 7.76 kilowatts of instantaneous power, more than most mainstream competitors.
Unlike most energy storage systems on the market, the NV14 and NV24 use advanced lithium iron phosphate chemistry. Lithium iron phosphate batteries have been proven to be safer, cleaner, and longer lasting than ordinary lithium ion batteries.
The NV14 and NV24 are approved for a rebate under Californiaâ€™s Self-Generation Incentive Program (SGIP). By combining the SGIP rebate with the federal investment tax credit, which reduces the battery cost by an additional 26%, homeowners can have a high-performance NeoVolta solar storage system installed with very little cost.
NeoVolta batteries can connect with any residential solar installationâ€”new or existing, AC, DC, or AC and DC combinedâ€”to create a system that is tailored to a homeâ€™s needs. With the NeoVolta smartphone app, users can monitor system performance 24/7.
â€śWeâ€™re thrilled to be serving homeowners in the San Francisco and Sacramento areas,â€ť said NeoVolta CEO Brent Willson. â€śNorthern California is hungry for the energy resilience our powerful NV14 and NV24 solar storage systems provide. We know itâ€™s only a matter of time until the next wave of blackouts. When that happens, NeoVolta homes will be prepared.â€ť
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 arenâ€™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 future performance, reliability and safety of NeoVoltaâ€™s NV14 storage system. 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 NeoVoltaâ€™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.