Bloomberg Projects California Home Solar Storage to Quadruple in 2020

SAN DIEGO, March 04, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – Bloomberg is predicting big things for residential solar storage this year. The media company’s research service, BloombergNEF, forecasts that at least 50,000 California homes will install storage systems in 2020. That would quadruple the number of battery systems sold in California in 2019. Statewide, only about 19,000 homes had battery storage at the end of November 2019.

BloombergNEF attributes the expected demand to California’s widespread and prolonged blackouts in 2019, which have caused many solar customers to add storage batteries as a source of backup power. The article also cites the “time of use” pricing adopted by the state’s utility companies, in which energy is most expensive during evening hours—when solar panels aren’t generating. Solar customers who install battery storage can save their self-generated power for nighttime use and score significant savings on their monthly utility bills.

As the BloombergNEF article pointed out, more than a million California homes already have solar panels installed. That number will grow dramatically starting this year: As of January 1, 2020, the State requires all new home construction to be equipped with solar power. This will translate to about 100,000 new solar installations each year.

One manufacturer, San Diego–based NeoVolta, is ready to meet the projected demand for storage in California. Its NV14 storage system was recently named one of Solar Power World’s “2019 Top Solar Storage Products” for its safer, longer-lasting lithium iron phosphate battery and high capacity of 14.4 kilowatt-hours. This capacity is expandable to 24 kilowatt-hours with the new NV24 battery add-on (no additional inverter needed). This combination is one of the highest-capacity home solar storage systems on the market. The battery can also charge or discharge 7.7 kilowatts of instantaneous power, more than most competitors in its class.

NeoVolta’s high-performance, competitively priced systems can connect with any residential solar installation—new or existing, AC or DC.

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. In June 2019, the company 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.

“Solar storage offers a host of advantages for homeowners, and experts agree that it’s on the verge of a breakthrough year,” said NeoVolta CEO Brent Willson. “With NeoVolta’s NV14 advanced storage system and the optional NV24 add-on battery, California solar customers can slash their monthly utility bills and have the security and peace of mind that come with energy resilience.”

About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage batteries capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery, a 7,680-Watt 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.

Forward-Looking Statements: Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the continued increase in utility rates. Although NeoVolta believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. NeoVolta has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the "Risk Factors" section of NeoVolta’s Form 1-A filing filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. NeoVolta undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

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