NeoVolta Poised for Dramatic Growth in Home Energy Storage Demand

Wildfires, Planned Blackouts, Rising Utility Rates Drive the Need for Residential Solar Plus Storage

SAN DIEGO, Jan. 24, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – Home solar panels have been around since the 1970s, but now it seems everyone’s talking about solar plus storage. These systems store a home’s self-generated solar power in a battery for nighttime use, when the rooftop panels aren’t producing and utility rates are highest, or as backup power in case of a blackout. After closing the decade with record growth, the residential solar plus storage market is set for takeoff in the 2020s. Analysts predict that one in five of all solar systems installed in 2020 will be paired with storage.

Why are solar storage systems becoming so popular? The first reason is financial. Utility rates are constantly on the rise, and it’s no secret that Californians pay some of the highest electricity prices in the nation. Homeowners who install solar storage can achieve significant savings on their monthly bill, making storage systems a sound investment. With state and federal incentives, storage becomes even more cost-effective.

The second reason is the emerging need for energy resilience. The global climate crisis is creating extreme weather conditions, including a longer and more intense wildfire season in California. As a preventive measure, the state’s largest utility companies have resorted to public safety power shutdowns. During the 2019 wildfire season, millions of Californians had their power cut, often for several grueling days. Californians have been told to expect these another decade of these blackouts. As a result, homeowners are adopting solar plus storage.

San Diego–based NeoVolta is one manufacturer positioned to meet this growing demand. Its NV14 advanced energy storage system was recently named one of Solar Power World’s “2019 Top Solar Storage Products.” The NV14 was recognized for its safe, long-lasting battery, high capacity and compatibility with any home solar installation—new or existing, AC or DC or both. When the grid goes down, the NV14 automatically disconnects from the grid and seamlessly powers the critical loads needed to keep a home comfortable and connected.