NeoVolta Energy Storage Systems Eligible for 30% in Tax Credits Under the $369 Billion Climate Spending Package
August 23 2022 - 7:45AM
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
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