California Approves NeoVolta’s NV24 Solar Battery for Consumer Rebate

Combining Rebate and Federal Tax Credit Could Save Consumers up to 50%

SAN DIEGO, May 20, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – California homeowners have another reason to install a NeoVolta NV14 solar battery with the optional NV24 add-on. The high-capacity, high-power NV24 has received product eligibility approval for participation in the state’s Self-Generation Incentive Program (SGIP).

The SGIP rebate, administered by the California Public Utilities Commission and available only in California, provides the opportunity for utility customers to receive money back for making their homes more energy self-sufficient. Recent changes have made it much easier to use this financial incentive for residential solar storage systems. San Diego Gas & Electric and Pacific Gas & Electric ratepayers are eligible for a rebate of up to $4,814 on an NV24. Southern California Edison utility customers are eligible for a rebate of up to $6,740.

The NV24 is also eligible for the federal investment tax credit (ITC), available through 2021, which provides the opportunity for an additional 26% in savings. By combining the SGIP incentive with the federal ITC, SDG&E and PG&E ratepayers could save up to $9,494 on the installation of a high-capacity NV24 storage system—potentially saving 53%. SCE customers could save up to $11,420—a potential savings of 63%.

Information on applying for SGIP incentives in areas served by NeoVolta is available at the program links for San Diego Gas & Electric, Southern California Edison, and Pacific Gas & Electric.

The NV24’s storage capacity of 24.0 kilowatt-hours is one of the highest in its class. This allows users to store even more of their solar power for use in the evening during peak utility rates. It also provides longer-lasting backup power available in case the electric grid goes down. Californians are particularly vulnerable to large-scale public safety power shutoffs in response to wildfire threats. Millions statewide felt the pain of wildfire blackouts in the fall of 2019, and residents can expect another decade of disastrous power shutoffs.

The NV24 also discharges and charges 7.7 kilowatts of instantaneous power, more than most competitors. And NeoVolta systems are engineered for safety. Their clean, cobalt-free battery uses lithium iron phosphate chemistry, which has been proven to be more fire-resistant and longer-lasting than ordinary lithium ion.

“Every California homeowner with rooftop solar should apply for the SGIP rebate,” said NeoVolta CEO Brent Willson. “This program, combined with the federal investment tax credit, provides the opportunity to subsidize a significant portion of the cost.  Rebates are utility specific and on a first-come first-serve basis. It’s imperative for customers to reserve their incentives before their local utility allocation runs out.”

About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage batteries capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery, 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.

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. 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.