NeoVolta’s NV14 Energy Storage System Helps Offset Accelerating Utility Rate Hikes Today and in the Future
San Diego, CA, July 29, 2019 – Is there such a thing as too much power? California produces at least 20% more power than it needs. Around the state, many plants are generating at half capacity and in some cases closing 20 years early because their power is no longer needed. Despite this energy abundance, the average cost for residential electricity in the state is 18.05 cents per kilowatt hour, one of the highest rates in the U.S. In San Diego County, SDG&E’s rate soars to an astronomical 57 cents per kilowatt hour during peak demand hours. The statewide rate has increased 12% in the last year alone, at a time when prices elsewhere are falling, and Californians now pay 50% higher than the national average.
That’s because California is an extremely utility-friendly state. California’s investor-owned utilities are guaranteed a 10.5% return on capital costs such as building new power plants and maintaining transmission lines. These costs are passed along to ratepayers. California regulators, who must approve the rate the utilities can collect from their customers, increased the total amount from $33.5 billion in 2008 to $40 billion in 2017. Less than two weeks ago, on July 12, Governor Gavin Newsom signed a law under which customers will pay $10.5 billion into a fund that will compensate power providers held liable for wildfire damages (such as the deadly Camp Fire in November 2018).
San Diego–based NeoVolta Inc. designed its NV14 home energy storage system to help homeowners break their dependence on utilities. Solar energy produced during the daytime can be stored in the NV14’s clean, cobalt-free energy storage system and used during evening “peak demand” hours when utility rates are twice as high. In the event of a blackout, the NV14 will power a home’s critical loads indefinitely, provided maximum depth of discharge is not exceeded.
“California lawmakers and regulators are obviously more concerned with utility company profits than with protecting the ratepayers,” said Brent Willson, CEO of NeoVolta. “Every month, utility customers are stuck paying premium rates. It’s time for homeowners to take control over their energy bill with solar plus storage. NeoVolta’s NV14 system makes financial sense and offers the security of backup power during grid outage. This give customers peace of mind that their vital energy needs will be met using their own resources.”