Battery installations underway in California, the largest US market with 940,000 solar equipped homes worth a potential $7.9 billion in energy storage
SAN DIEGO, May 15, 2019 (GLOBE NEWSWIRE) — NeoVolta Inc. has received approval from the California Energy Commission to connect its NV14 home energy storage system to California’s state regulated electricity grid. Approval immediately opens NeoVolta’s energy storage solutions to California’s existing 940,000 solar installations that generate nearly 17 percent of all of California’s electricity. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts and avoid expensive nighttime ‘peak’ rates charged by the utility companies when solar isn’t producing.
California is the largest solar market in the US representing 47 percent of the over 2 million installations according to Wood Mackenzie Power & Renewables and the Solar Energy Industries Association (SEIA). The 2 million mark comes three years after installations hit 1 million, a figure it took the industry 40 years to reach. Wood Mackenzie forecasts that there will be 3 million installations in 2021 and 4 million in 2023, continuing the swift rise of solar.
“Considering the widespread growth of solar in California combined with increasing utility prices, we anticipate the demand for solar batteries to increase significantly throughout the market,” said Brent Willson, CEO of NeoVolta. “Until recently consumers have had few options for home energy storage and in many markets the waitlist for product installation is greater than 6 months due to lack of supply.”
Recently, on May 8, NeoVolta announced the closing a $3.5 million equity financing to ramp up production, expand distribution and grow market share.
Acquisitions in the energy storage sector have begun to heat up. In February, Shell purchased NeoVolta competitor Sonnen for an undisclosed sum after having led a $71 million financing in May 2018. Most recently on April 29, Generac purchased NeoVolta competitor Pika Energy for an undisclosed sum.
NeoVolta designs, develops, manufactures, sells and installs home energy storage systems and products. The company’s flagship product NV14 is a complete home energy management system, designed with a 14.4 kWh rechargeable Lithium Iron Phosphate battery, a 7,680 W 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.