NeoVolta Poised for Dramatic Growth in Home Energy Storage Demand

Wildfires, Planned Blackouts, Rising Utility Rates Drive the Need for Residential Solar Plus Storage

San Diego, CA, January 24, 2020NEOVOLTA INC. (OTCQB: NEOV) – Home solar panels have been around since the 1970s, but now it seems everyone’s talking about solar plus storage. These systems store a home’s self-generated solar power in a battery for nighttime use, when the rooftop panels aren’t producing and utility rates are highest, or as backup power in case of a blackout. After closing the decade with record growth, the residential solar plus storage market is set for takeoff in the 2020s. Analysts predict that one in five of all solar systems installed in 2020 will be paired with storage.

Why are solar storage systems becoming so popular? The first reason is financial. Utility rates are constantly on the rise, and it’s no secret that Californians pay some of the highest electricity prices in the nation. Homeowners who install solar storage can achieve significant savings on their monthly bill, making storage systems a sound investment. With state and federal incentives, storage becomes even more cost-effective.

The second reason is the emerging need for energy resilience. The global climate crisis is creating extreme weather conditions, including a longer and more intense wildfire season in California. As a preventive measure, the state’s largest utility companies have resorted to public safety power shutdowns. During the 2019 wildfire season, millions of Californians had their power cut, often for several grueling days. Californians have been told to expect these another decade of these blackouts. As a result, homeowners are adopting solar plus storage.

San Diego–based NeoVolta is one manufacturer positioned to meet this growing demand. Its NV14 advanced energy storage system was recently named one of Solar Power World’s “2019 Top Solar Storage Products.” The NV14 was recognized for its safe, long-lasting battery, high capacity and compatibility with any home solar installation—new or existing, AC or DC or both. When the grid goes down, the NV14 automatically disconnects from the grid and seamlessly powers the critical loads needed to keep a home comfortable and connected.

With the upcoming release of the NV24 battery add-on, the NV14’s storage capacity can be nearly doubled to 24.0 kWh—without the expense of installing a second inverter. The NV14 combined with the NV24 is one of the highest-capacity systems on the market.

In June 2019, NeoVolta moved to a 21,150-square-foot manufacturing facility that expanded its production capacity by 300%. The facility is now capable of rolling out more than 8,000 NV14 and 4,000 NV24 units each year.

NeoVolta has established a dealer network in Southern California, where the NV14/NV24 is approved for connection with the San Diego Gas & Electric and Southern California Edison power grids. Installation will become available in Northern California in mid-2020.

“As more California homeowners realize the financial advantages and the security provided by solar plus storage, the market will see dramatic growth,” said NeoVolta CEO Brent Willson. “NeoVolta is ready to meet this challenge. Our energy storage solutions are certified by the California Energy Commission and backed by a ten-year warranty.”

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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