Borqs' Subsidiary Holu Hou Energy Featured in the New York Times Article "Hit Hard By Energy Costs, Hawaii Looks to the Sun" Reducing monthly electricity bill from $500 to $26
SANTA CLARA, Calif., July 05, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with global operations in the U.S., India and China, today announced that its majority owned solar energy storage systems subsidiary, Holu Hou Energy LLC (“HHE”), has its energy storage system featured in the New York Times. Excerpt from the article dated May 30, 2022 by Ivan Penn - Google search: “New York Times article: Hit Hard by High Energy Costs, Hawaii Looks to the Sun”.
“HONOLULU — Toddi Nakagawa, who lives in a suburb of Honolulu, has spent years battling her family’s high electricity bills, which once topped $500 a month, by gradually buying more solar panels. After accumulating more than 70 panels and three stacks of batteries, she has gotten her family’s monthly bill down to just $26.
Ms. Nakagawa is not alone. Nearly a third of Hawaii’s single-family houses have rooftop solar panels — more than twice the percentage in California — and officials expect many more homes to add panels and batteries in the coming years.
Even before energy prices surged globally this year, homeowners, elected leaders and energy executives in Hawaii had decided that rooftop solar panels were one of the best ways to meet demand for energy and tame the state’s high power costs. Russia’s invasion of Ukraine has only strengthened the state’s embrace of renewable energy. Electricity rates in Hawaii jumped 34 percent in April from a year earlier because many of its power plants burn oil, about a third of which came from Russia last year.
While Hawaii faces unique challenges, the state’s reliance on solar carries lessons for other states and countries looking to fight climate change and bring down energy costs. The state has increased the use of renewable energy in large part by getting electric utilities to accept rooftop solar rather than fight it, as energy companies in California, Florida and other states have been doing.”
Battery storage packs in Ms. Nakagawa’s garage. Photograph by Ruth Fremson showing the Holu Hou Energy Power System for the New York Times.
Based on data from Hawaiian Electric Company, the average peak hour electricity price has gone up 42.4% from 42.6 cents to 60.7 cents over the past 18 months.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5f3d55d5-95f1-4b13-a935-d80bfeed9693
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