NeoVolta Energy Storage Systems Eligible for 30% in Tax Credits Under the $369 Billion Climate Spending Package

For the First Time Ever, Energy Storage Systems Qualify as a Stand-Alone Credit

San Diego, CA, August 23, 2022 – NeoVolta Inc. (NASDAQ: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, today announced that its products are eligible for 30% in tax credits under the $369 billion Inflation Reduction Act. The climate spending bill contains significant tax breaks for households that take steps toward energy efficiency. In particular, the Act extends the solar investment tax credit (ITC) to the installation of stand-alone energy storage. Previously, the ITC was only permitted for storage that included solar panels.

Under this provision, stand-alone energy storage costs incurred from the beginning of 2022 to the end of 2032 would qualify for a 30% tax credit.

“The climate spending package represents an unprecedented opportunity for home energy storage,” said Brent Willson, CEO of NeoVolta Inc. “There has never been a better time for homeowners to take advantage of the utility savings and energy resilience that come with storage. And when it comes to residential storage systems, NeoVolta delivers unmatched performance at an affordable price.”

NeoVolta’s advanced home solar batteries—the high-capacity, long-lasting NV14 and optional NV24 add-on—provide safe, reliable backup power during an outage, when homeowners need it most. And during normal everyday conditions, these systems offer the perfect solution for skyrocketing utility costs. In January 2022, the NeoVolta NV14 system was recognized as one of Solar Power World’s Top Solar Storage Products for the third year in a row. And in April 2022, the NV14 was listed as one of the most affordable solar batteries in the U.S. in EnergySage’s latest semiannual Solar Marketplace Intel Report.

About NeoVolta

NeoVolta designs, develops, and manufactures advanced energy storage systems for both residential and industrial use. Its storage solutions are engineered with Lithium-Iron Phosphate (LiFe(PO4)) battery chemistry, which is clean, nontoxic, and nonflammable. The residential-focused NeoVolta NV14 is equipped with a solar rechargeable 14.4 kWh battery system, a 7,680-Watt inverter, and a web-based energy management system with 24/7 monitoring. The system’s 6,000-cycle battery life, one of the longest on the market, translates to 16.5 years of useful life, based on a full charge, and discharge each day. The NV14 has passed the product safety standards set forth by Underwriters Laboratories (UL) for battery energy storage safety testing.

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