New Agreement Offers Residents Solar+Storage with Zero Up-Front Costs

Electriq Power (NYSE:ELIQ), a provider of intelligent energy storage and management systems for homes and small businesses, announced a new program with the City of Carpinteria, CA, to provide affordable and sustainable solar + storage solutions to residents with zero up-front costs, no matter their socioeconomic status.

Through the program’s City-vetted Power Purchase Agreement (PPA), called the PoweredUP Network, all Carpinteria homeowners, regardless of means, will have access to a turnkey, distributed home energy solution, including smart battery storage. By installing a solar + storage solution through the PoweredUp Network, residents can help protect themselves and their homes from rising utility rates and be prepared with backup power during utility power outages, all while helping the City of Carpinteria hit its renewable goals.

“The City identified distributed energy resources in its Strategic Energy Plan as an important strategy for local energy resiliency and reliance,” said Erin Maker, Environmental Program Manager with City of Carpinteria. “By introducing Electriq's PoweredUp Network to Carpinteria, we are not only achieving our key objectives of bolstering local renewable energy generation and storage, but also granting our residents access to leading-edge solar power and battery storage systems without any initial expenses. This marks a significant step towards reducing reliance on the local electric distribution system as well as enhancing electricity reliability during power outages."

Electriq’s PoweredUP Network offers turnkey energy solutions that include everything needed for home energy independence – solar panels, batteries, software, project development, financing, installation, and grid services – with no up-front costs. These systems are available to homeowners in select geographic locations, regardless of income or credit history, including low- and moderate-income households. No credit checks or property liens are required.

"We are delighted to partner with the City of Carpinteria to ensure every homeowner has equal access to sustainable and resilient energy, regardless of their income," said Frank Magnotti, CEO of Electriq Power. "Energy resiliency is of paramount importance in areas like Carpinteria, where being at the end of the line for utilities exposes residents to both planned and unplanned electrical outages. Electriq’s all-encompassing solar plus storage solutions offer Carpinteria households the peace of mind they seek and the cost-effective energy they desire, all without any upfront expenses."

By connecting organizations, companies, municipalities, and local homeowners into sustainable community networks (SCNs), Electriq is enabling 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) is a residential energy management company that enables the delivery of reliable, renewable energy that is accessible for all. Founded in 2014 in Silicon Valley, Electriq’s solutions deliver always-available, low-cost clean energy, even during intermittent outages and inclement weather. Together with its partner cities, municipalities, and utilities, Electriq builds Sustainable Community Networks (SCNs) to provide constituents with a path to sustainable and resilient sources of energy, regardless of income levels. For more information on the company, visit www.electriqpower.com and follow the company on LinkedIn and Twitter.

Forward-Looking Statements

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