Extra $630 Million in California State Funding Allotted to Assist Residential Low-Earnings Photo voltaic Plus Storage Adopters
SAN DIEGO, Jan. 26, 2023 (GLOBE NEWSWIRE) — NeoVolta Inc. (NASDAQ: NEOV) – NeoVolta Inc., producer of Sensible Vitality Storage Options, introduced at this time that it expects California’s just lately up to date Internet Vitality Metering (NEM) program to drive elevated demand for in power storage methods.
On December 15, 2022, the California Public Utilities Fee (CPUC) issued a choice to replace the NEM tariff to advertise shopper adoption of photo voltaic and battery storage. This system will start on April 13, 2023. In line with the CPUC, the measure is designed to financially encourage Californians to put in battery and photo voltaic methods.
The CPUC says the present NEM 2.0 program is inconsistent with California’s grid reliability and local weather targets, saying elevated electrical energy use between 4 and 9 p.m. will result in reliance on fossil fuels. gasoline crops to satisfy demand. With the battery storage incentive, the CPUC hopes to see elevated adoption of residential power storage that may higher help grid wants, with clients storing self-generated photo voltaic power to be used. within the night hours.
A further $630 million in state funding has been allotted by the California State Legislature for low-income photo voltaic adopters of storage and batteries. The choice strengthens federal incentives supplied by the Inflation Discount Act for photo voltaic and battery storage.
You will need to be aware that NEM 3.0 will not be retroactive. Rooftop photo voltaic methods put in beneath NEM 2.0 will stay beneath that coverage for a 20-year grandfather interval. Because of this present rooftop photo voltaic house owners who add a battery after the April 13 deadline is not going to be topic to NEM 3.0.
“We count on that NEM 3.0 will make Californians extra conscious of their power consumption, encouraging them to preserve power and pair rooftop photo voltaic battery storage methods,” mentioned NeoVolta CEO Brent Wilson. “Californians who undertake this technique can considerably scale back their electrical energy payments whereas rising their power resiliency during times of extended blackouts, fires, and floods.”
California’s giant photo voltaic plus storage market could have a major influence on the grid. California has about 12 GW of distributed photo voltaic era already put in, equal to almost 25% of the state’s peak demand. California additionally has greater than 80,000 customer-owned batteries related to the grid, with a storage potential of 900 MW, based on a September 2022 research by the California Photo voltaic & Storage Affiliation.
About NeoVolta – NeoVolta designs, develops, and manufactures superior power storage methods for residential and industrial use. Its storage options are engineered with lithium iron phosphate (LiFe(PO4)) battery chemistry, which is clear, unhazardous, and nonflammable. The residential-focused NeoVolta NV14 is supplied with a solar-rechargeable 14.4 kWh battery system, a 7,680-Watt inverter, and a web-based power administration system with 24/7 monitoring . The system’s 6,000-cycle battery life, one of many longest in the marketplace, interprets into 16.5 years of helpful life, based mostly on a full cost and discharge per day. The NV14 has handed the product security requirements set forth by Underwriters Laboratories (UL) for battery power storage security testing.
For extra data go to: http://www.NeoVolta.com electronic mail us: IR@NeoVolta.com or name us: 858-239-2029
Ahead-Trying Statements: Sure statements on this launch are forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, Part 21E of the Securities Trade Act of 1934 and the Personal Securities Litigation Reform Act of 1995, which contain dangers and uncertainties. Ahead-looking statements on this press launch embody, with out limitation, the longer term efficiency, reliability and security of NeoVolta’s NV14 storage system and the NV14’s potential to be efficiently built-in with residential backup turbines. Though NeoVolta believes that the expectations mirrored in such forward-looking statements are cheap as of the date made, these expectations might show to be materially totally different from the outcomes expressed or implied by such ahead trying statements. NeoVolta makes an attempt to establish forward-looking statements by terminology together with “believes,” “estimates,” “expects,” “expects,” “plans,” ”challenge,” ”supposed,” ”potential,” ”may,” ”may,” ”may,” ”will,” ”want,” ‘ “estimated” or different phrases expressing uncertainty of future occasions or outcomes to establish these forward-looking statements. These statements are solely predictions and contain identified and unknown dangers, uncertainties, and different components, together with these mentioned beneath the “Threat Elements” part of NeoVolta’s Type 1-A filings filed with the Securities and Trade Fee (“SEC”) and up to date once in a while in its different public filings with the SEC. Any forward-looking statements contained on this launch converse solely as of the date hereof. NeoVolta undertakes no obligation to replace any forward-looking statements contained on this launch to mirror occasions or circumstances occurring after the date hereof or to mirror the prevalence of unanticipated occasions.
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