Program will help Apple Valley homeowners lower electricity costs and prepare for power outages
Electriq Power Holdings, Inc. (“Electriq”) (NYSE:ELIQ), a trusted provider of intelligent energy storage and management solutions for homes and small businesses, announced today that it has partnered with the Town of Apple Valley, California, to launch a new Sustainable Community Networks (“SCN”) program, known to homeowners as PoweredUp Apple Valley. PoweredUp Apple Valley will allow homeowners, regardless of socio-economic status, access to home solar + battery storage solutions, which will help lower electricity costs and provide reliable backup power during utility outages.
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Electriq Power, PowerPod 2 Battery Storage System (Photo: Business Wire)
The PoweredUp Apple Valley program, which was unanimously approved during a recent town council meeting, will be available to more than 17,000 single-family homes in the Apple Valley area. The program offers homeowners zero-upfront-cost solar + battery storage systems, making it accessible to households regardless of income status. Participation requires no income, credit score, property lien or upfront deposit. The PoweredUp Apple Valley program is expected to be available to homeowners in the Apple Valley area in early 2024.
PoweredUp Apple Valley is the seventh SCN program that Electriq has launched. Five of the SCN programs are in California, with Apple Valley being the first in eastern California. Earlier this month, Electriq announced its expansion into the New England region with the launch of PoweredUp Derby in Connecticut.
The company’s success with SCN programs can be largely attributed to homeowners increasingly seeking to lower electricity costs and create energy resiliency. In California, residential electric rate increases have ranged between 34% to 82% across the three major investor-owned utilities since 2014, according to the U.S. Energy Information Administration, and power outages continue to impact the state, caused by severe weather and increased demand on the electrical grid. By helping eliminate the barriers to entry, Electriq’s SCN programs enable more homeowners to participate and take advantage of the benefits of using solar energy.
“Solar offers many benefits to homeowners, but we have seen all too often that many, especially low-to-moderate-income homeowners, can’t afford the upfront cost to purchase and install solar + storage systems,” said Frank Magnotti, Chief Executive Officer of Electriq Power. “The goal of these programs is to ensure that anyone can access solar energy. By doing so, we are making it equitable across all income levels, so every homeowner regardless of financial status can benefit.”
Solar + battery storage systems help protect homeowners against economic uncertainties from inflation, rising fuel prices, and utility rate increases. With these systems, homeowners can save up to 20% on electricity each year. Additionally, stored energy in the battery system can be used during peak demand periods when utility rates are high, to lower costs or keep the lights on during a power outage.
By connecting organizations, companies, municipalities, and local homeowners through Sustainable Community Networks, Electriq is fostering a shared vision of making the planet a better place. Through these collaborations, as well as by providing a comprehensive solution portfolio, Electriq’s PoweredUp Network makes it possible to deliver complete, clean, affordable, and resilient energy to all homeowners.
About Electriq Power
Electriq (NYSE:ELIQ), founded in 2014 in Silicon Valley, provides turnkey intelligent energy storage and management solutions for homes and small businesses. Electriq’s solutions deliver always-available, low-cost clean energy, even during intermittent outages and inclement weather. Those solutions enable cities, municipalities, and utilities to provide their constituents with a path to sustainable and resilient sources of energy, regardless of socio-economic status. For more information, visit www.electriqpower.com.
Cautionary Note on Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements concern expectations, beliefs, plans, strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Forward-looking statements in this press release include statements regarding: (i) the benefits of solar energy and battery storage systems, including lower energy costs, protection against economic uncertainties and the amount homeowners can save on electricity, (ii) the timing, availability and accessibility of the PoweredUp Apple Valley program, (iii) the continuation of power outages, (iv) expectations regarding our SCN programs, including the goals, benefits and its availability, (v) beliefs regarding our PowerUp Network’s ability to deliver complete, clean, affordable and resilient energy to all homeowners and (vi) beliefs regarding the success of our SCN programs. These forward-looking statements reflect our current views about future events and involve assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. For a more detailed discussion of the risks and uncertainties applicable to Electriq, please see the risk factors described in Electriq’s filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, Electriq’s quarterly report on Form 10-Q filed with the SEC on November 14, 2023, and other reports filed from time to time with the SEC. Any forward-looking statement made by Electriq in this press release speaks only as of the date on which it is made. Electriq undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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