San Diego, CA, December 2, 2019 – NEOVOLTA INC. (OTCQB: NEOV) – During the third quarter of 2019, the U.S. residential energy storage market saw record growth. According to the Wood Mackenzie U.S. Energy Storage Monitor, residential storage set a quarterly record with 38.1 megawatts installed. That marks a 32% increase over the second quarter of 2019.
It was also the second consecutive quarter of record growth for the home energy storage sector. The second quarter saw a deployment of 35 megawatts, a 41% increase over the previous quarter. Wood Mackenzie expects the U.S. residential storage market to more than double between 2019 and 2020.
California continues to lead the country in residential storage, and state regulators have proposed $100 million in energy storage incentives for residents of areas at high risk of wildfire.
With demand for home energy storage expected to skyrocket over the next decade, one newcomer is positioning itself for growth: San Diego–based NeoVolta. With its NV14 system, NeoVolta has built a solar storage solution that combines safety, high performance, and a long cycle life, all at a competitive price point. This combination did not exist before NeoVolta filled the gap in the battery storage market.
The NV14’s lithium iron phosphate battery has superior thermal and chemical stability, making it safer than ordinary lithium ion batteries. Lithium iron phosphate chemistry also offers a longer life cycle. Energy generated during the daytime is stored in the NV14’s clean, cobalt-free battery and used during evening “peak demand” hours when utility rates are often twice as high. Homeowners can see significant savings on their monthly utility bills.
In the event of a power outage, the system will automatically disconnect from the grid and immediately start powering critical loads. With its high storage capacity of 14.4 kilowatt hours and 7.6 kW of continuous power, the NV14 can keep more household appliances running longer than competitors in its class.
The NV14 can connect with any residential solar installation—new or existing, AC or DC—to deliver maximum efficiency. The system is being installed in homes across Southern California and will be expanding to Northern California in the next six months.
“With growing consumer interest and financial incentives in California and other states, we are seeing real momentum for home solar energy storage,” said Brent Willson, CEO of NeoVolta. “For homeowners who want a safe, high-performance and long-lasting storage system, the NV14 is the perfect solution.”