Residents of Fire Zones and Medically Vulnerable Customers Could Receive Significant Financial Subsidies
SAN DIEGO, Sept. 10, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, announced today that its systems qualify for California’s Self-Generation Incentive Program (SGIP). This program, administered by the California Public Utilities Commission (CPUC), offers rebates for installing battery storage systems in residential and non-residential facilities.
According to the CPUC, the funding prioritizes “communities living in high fire-threat areas, communities that have experienced two or more utility Public Safety Power Shut-off (PSPS) events, as well as low income and medically vulnerable customers.” Both of NeoVolta’s systems are qualified for the program: the NV14 (13,896 Watts qualified for SGIP) and the NV14 + NV24 add-on (23,160 Watts qualified for SGIP). For customers not residing in designated California fire zones, most California utilities are offering SGIP rebates in Step 6, a lower incentive level but still attractive.
SGIP subsidies are available on a first come first served basis, and budget allocation could run out. To learn more about eligibility and incentive levels, Californians can contact their program administrator from the state’s three major public utilities: Pacific Gas and Electric, Southern California Edison, and San Diego Gas & Electric.
“Californians always need to be prepared for the next wildfire,” said Brent Willson, CEO of NeoVolta. “But in high fire-threat areas, the need is especially acute. Any resident of these communities should find out whether they qualify for the SGIP resiliency rebate. The time to do this is now, before the funds run out.”
NeoVolta storage systems are designed for safety and performance, provide reliable backup power when the grid goes down, and can help reduce utility bills under normal conditions. Their lithium iron phosphate chemistry is a noncombustible and nontoxic alternative to ordinary lithium ion batteries. The NV14 system’s very high storage capacity of 14.4 kilowatt-hours is expandable to 24.0 kWh with the optional NV24 battery—without the expense of a second inverter. The system’s instantaneous power discharge of 7.7 kilowatts also stands out from the competition. NeoVolta storage is compatible with any residential solar system—new or existing, AC or DC. For two years in a row, the NV14 has been named one of Solar Power World’s top storage products.
About NeoVolta -NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the 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. 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. Customers can expand the NV14’s capacity to an industry-leading 24.0 kWh with the optional NeoVolta NV24 add-on battery. NeoVolta has added generator compatibility and is working on other industry leading improvements that will be announced soon.
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.
© 2021 GlobeNewswire, Inc. All Rights Reserved.