SB700 pays solar owners to store energy with a home battery system
SAN DIEGO, May 28, 2019 (GLOBE NEWSWIRE) — NeoVolta’s NV14 home energy storage system receives product eligibility approval from the Center for Sustainable Energy for participation in California’s $830 million Self-Generation Incentive Program (SGIP).
The SGIP provides rebates to customers for installing home energy storage systems, which allow solar power to be used all hours of the day, addressing the solar energy duck curve: over production of solar energy during the day and under production at night when electricity rates are most expensive.
By supporting and incentivizing the development of energy storage technologies, SB700 will reduce the costs for energy storage just as other previous rebate programs did for solar power. “What we’re trying to do is create a mainstream market for energy storage, like we’ve done for solar PV,” said Bernadette Del Chiaro, executive director of the California Solar & Storage Association.
“In addition to qualifying for a 30% Federal Investment Tax Credit (ITC), California home owners that install a NeoVolta NV14 can apply for state funds under SB700 to subsidize a significant portion of the cost,” said Brent Willson, CEO of NeoVolta. “Rebates are utility specific and on a first-come first-serve basis. It’s imperative for customers to reserve their incentives before their local utility allocation runs out.”