WEST PALM BEACH, Fla. - Electriq Power Holdings, Inc. (NYSE:ELIQ), specializing in energy storage and management, announced the upcoming launch of 10 Sustainable Community Networks (SCN) in Los Angeles County. These networks, part of the PoweredUp Network program, aim to provide nearly 400,000 residents with access to solar and battery storage systems, focusing on affordability and energy resilience.
The program is designed to offer zero-upfront cost solar and battery storage systems to qualifying homeowners, with no income, credit, or property lien requirements. This initiative is particularly beneficial for low-to-moderate income residents, allowing them to access clean energy and potentially lower their electricity costs by up to 20%. Additionally, the systems are intended to stabilize electric costs by avoiding peak pricing periods and provide backup power during outages.
Electriq plans to make the PoweredUp Network program available to consumers by the end of the first quarter of 2024. The expansion of Electriq's SCN programs is in response to the growing demand from homeowners seeking to reduce electricity costs and enhance energy reliability. In California, residential electric rate increases have ranged from 34% to 82% since 2014 across major utilities, as reported by the U.S. Energy Information Administration.
The use of solar and battery storage systems is poised to help homeowners mitigate economic uncertainties such as inflation, rising fuel prices, and utility rate hikes. These systems enable the storage of energy that can be used during peak demand to lower costs or maintain power during grid outages.
Electriq Power, founded in 2014, offers intelligent energy storage and management solutions to homes and small businesses, promoting sustainable and resilient energy sources. The company's services are designed to be inclusive, catering to cities, municipalities, and utilities, and addressing the needs of constituents across socio-economic statuses.
The information presented in this article is based on a press release statement from Electriq Power Holdings, Inc.
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