SAN DIEGO, Jan. 26, 2023 (GLOBE NEWSWIRE) -- 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
