NeoVolta Energy Storage Systems Eligible for 30% in Tax Credits Under the $369 Billion Climate Spending Package

Rhea-AI Summary

NeoVolta Inc. (NASDAQ: NEOV) announces its energy storage systems now qualify for a 30% tax credit under the Inflation Reduction Act. This provision, applicable from 2022 to 2032, allows homeowners to benefit financially when investing in energy efficiency through stand-alone storage solutions. CEO Brent Willson emphasized the current opportunity for customers to save on utilities and enhance energy resilience. NeoVolta's NV14 and optional NV24 systems have received accolades for performance and affordability, positioning the company favorably in the residential energy storage market.

Positive

• Stand-alone energy storage systems qualify for a 30% tax credit, enhancing market appeal.
• Positioning as a leader in residential energy storage with recognized products like NV14.
• Potential for increased sales due to new tax incentives encouraging consumer adoption.

Negative

• None.

For the First Time Ever, Energy Storage Systems Qualify as a Stand-Alone Credit

SAN DIEGO, Aug. 23, 2022 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, today announced that its products are eligible for 30% in tax credits under the $369 billion Inflation Reduction Act. The climate spending bill contains significant tax breaks for households that take steps toward energy efficiency. In particular, the Act extends the solar investment tax credit (ITC) to the installation of stand-alone energy storage. Previously, the ITC was only permitted for storage that included solar panels.

Under this provision, stand-alone energy storage costs incurred from the beginning of 2022 to the end of 2032 would qualify for a 30% tax credit.

“The climate spending package represents an unprecedented opportunity for home energy storage,” said Brent Willson, CEO of NeoVolta Inc. “There has never been a better time for homeowners to take advantage of the utility savings and energy resilience that come with storage. And when it comes to residential storage systems, NeoVolta delivers unmatched performance at an affordable price.”

NeoVolta’s advanced home solar batteries—the high-capacity, long-lasting NV14 and optional NV24 add-on—provide safe, reliable backup power during an outage, when homeowners need it most. And during normal everyday conditions, these systems offer the perfect solution for skyrocketing utility costs. In January 2022, the NeoVolta NV14 system was recognized as one of Solar Power World’s Top Solar Storage Products for the third year in a row. And in April 2022, the NV14 was listed as one of the most affordable solar batteries in the U.S. in EnergySage’s latest semiannual Solar Marketplace Intel Report.

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.

For more information visit: http://www.NeoVolta.com email us: IR@NeoVolta.com or call us: 858-239-2029

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/239b6907-3fbd-4dcc-a7c6-a4bf55a1c7c1

 

FAQ

What tax credit is NeoVolta Inc. eligible for under the Inflation Reduction Act?

NeoVolta Inc. is eligible for a 30% tax credit for its stand-alone energy storage systems under the Inflation Reduction Act.

How long will the tax credits for NeoVolta's energy storage systems last?

The tax credits for NeoVolta's energy storage systems will be available from 2022 to 2032.

What are the key features of NeoVolta's NV14 system?

The NV14 system features a 14.4 kWh battery, a 7,680-Watt inverter, and a web-based energy management system with 24/7 monitoring.

What opportunity does the Inflation Reduction Act present for homeowners?

The Inflation Reduction Act offers homeowners a chance to receive a 30% tax credit for investing in energy-efficient solutions, including stand-alone energy storage.

How has NeoVolta's NV14 system been recognized in the market?

The NV14 system has been recognized as one of Solar Power World’s Top Solar Storage Products for three consecutive years.