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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Media enquiries for Electriq: media@electriqpower.com
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