NeoVolta Poised for California’s NEM Incentives to Pair Solar with Battery Storage
26 Janeiro 2023 - 10:45AM
NeoVolta Inc. (NASDAQ: NEOV) – NeoVolta Inc., manufacturer of Smart
Energy Storage Solutions, announced today that it expects
California’s recently updated Net Energy Metering (NEM) program to
drive increased demand for energy storage systems.
On December 15, 2022, the California Public Utilities Commission
(CPUC) issued a decision to update the NEM tariff to promote
consumer adoption of solar and battery storage. The program will go
into effect on April 13, 2023. According to the CPUC, the move was
designed to financially incentivize Californians to install both
battery and solar systems.
The CPUC stated that the current NEM 2.0 program was not aligned
with California’s grid reliability and climate goals, noting that
the increased use of electricity between 4 and 9 p.m. causes
dependence on fossil fuel gas plants to meet the demand. With the
battery storage incentive, the CPUC hopes to see an increased
adoption of residential energy storage that will better support the
needs of the grid, with customers saving self-generated solar
energy for use in the evening hours.
An additional $630 million in state funding has been set aside
by the California State Legislature for residential low-income
solar plus battery storage adopters. The decision bolsters federal
incentives provided by the Inflation Reduction Act for solar and
battery storage.
It’s important to note that NEM 3.0 is not retroactive. Rooftop
solar systems installed under NEM 2.0 will remain under that policy
for a 20-year grandfathering period. This means existing rooftop
solar owners who add a battery after the April 13 deadline will not
be subject to NEM 3.0.
“We expect that NEM 3.0 will make Californians more aware of
their energy consumption, encouraging them to conserve energy and
pair rooftop solar systems with battery storage,” said NeoVolta CEO
Brent Willson. “Californians who adopt this strategy will
dramatically reduce their electrical bills while increasing their
energy resiliency during periods of prolonged blackouts, fires, and
flooding.”
California’s vast solar plus storage market has a dramatic
impact on the grid. California has about 12 GW of distributed solar
generation already installed, equal to nearly 25% of peak demand
statewide. California also has more than 80,000 customer-owned
batteries connected to the grid, with a storage potential of 900
MW, according to a September 2022 study by the California Solar
& Storage Association.
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.
For more information visit:
http://www.NeoVolta.com email us:
IR@NeoVolta.com or call us:
858-239-2029
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 future performance,
reliability and safety of NeoVolta’s NV14 storage system and the
ability of the NV14 to be successfully integrated with residential
backup generators. 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/90b4d121-2610-48d6-b325-91f0de7cc66a
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