PALM BEACH, Fla., Oct. 13, 2020 /PRNewswire/ -- Analysts expect home improvement spending to reach $439.9 billion in 2020 - In the time of a global pandemic, there is indeed no place like home. As millions of Americans practice social distancing while working and learning remotely, the home has become the focal point of our lives. The desire to make residences safer, more comfortable and more enjoyable has led to a home improvement boom. Mentioned in today's commentary includes: NeoVolta (OTCQB: NEOV), Tesla (NASDAQ: TSLA), Home Depot (NYSE: HD) and Lowe's (NYSE: LOW).
The Home Improvement Research Institute predicts Americans will spend $439.9 billion on home improvement products in 2020. The online home remodeling platform Houzz reports that demand for kitchen and bath remodeling was up 40% year over date in June 2020, while home additions increased 52% and fencing projects jumped 166%. Pool and hot tub installations are seeing a wave of strong demand across the country.
Home renewable energy is also seeing a surge as storage batteries are being installed in more households. According to the U.S. Energy Storage Monitor, the energy storage industry saw record-breaking deployments during the second quarter of 2020, and rapid expansion is expected to continue. A total of 168 MW and 288 MWh of energy storage was deployed in the quarter, second only to Q4 2019 as the highest on record, according to the joint report by Wood Mackenzie and the U.S. Energy Storage Association.
With Americans nesting like never before, four of the companies active in-home improvement are: NeoVolta (NEOV), Tesla (TSLA), Home Depot (HD) and Lowe's (LOW).
NeoVolta (OTCQB: NEOV) – San Diego based NeoVolta, whose stock is trading around $4 per share, is the only pure-play energy storage company on this list. Recently NeoVolta announced an exclusive distribution agreement with Nevada-based PMP Energy. In exchange for making minimum purchases of up to $15 million, PMP Energy can secure specific geographic exclusivities for distribution over the three-year term of the agreement.
NeoVolta has significantly expanded its distribution network in recent months. In addition to Southern California, installations are now available in Northern California and Nevada. The company has doubled its production in 2020 and plans to quadruple capacity by the end of this year. NeoVolta's NV14 storage system was named one of Solar Power World's Top Solar Storage Products of 2019.
Read more about NEOV and recent news developments by visiting: https://www.neovolta.com/news/
Tesla (NASDAQ: TSLA) – Tesla, the carmaker whose stock is trading about $415 per share, is also a major player in home energy storage. Since its 2015 launch, the Powerwall has been Tesla's flagship residential storage product. It has a lithium ion battery and a storage capacity of 13.5 kWh. The Powerwall can be added to a system with a backup generator connected through an external automatic transfer switch (ATS) or manual transfer switch (MTS). Because the Powerwall and generator are not directly integrated, the Powerwall cannot be charged by the generator.
Home Depot (NYSE: HD) – This company, which trades at around $279 per share, is the world's largest home improvement retailer. Since opening two stores in Atlanta in June 1979, Home Depot has expanded to more than 2,200 locations in North America. It reported sales of $38.1 billion for the second quarter of fiscal year 2020, a 23.4% increase over the second quarter of 2019. Last year, the retailer reported $110.2 billion in sales and ranked 21st on Fortune magazine's World's Most Admired Companies.
Lowe's (NYSE: LOW) – The other leading destination for do-it-yourselfers is Lowe's, whose stock trades at around $166 per share. Based in North Carolina, it is the world's second-largest home improvement retailer, with nearly 2,000 locations across the United States and Canada. Sales for the second quarter of fiscal year 2020 were $27.3 billion, compared to $21.0 billion from the second quarter of 2019. Lowe's recorded $72.1 billion in sales in 2019.
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