New York Government has agreed to provide $280m to support energy storage projects across the state to combat climate change.
Image: New York Government to provide $280m for energy storage projects. Photo: Courtesy of Ed Moon/FreeImages.com.
New York Government said that the funding is part of $400m investment to deploy nearly 3GW in energy storage by 2030. Energy storage projects enhance the electric grid’s efficiency by storing excess power generated from wind and solar and storing that energy in industrial-sized batteries for later use. The systems will enable resources in meeting demand during peak hours.
New York Governor Andrew Cuomo said: “While the federal administration denies the devastating reality of climate change, New York continues to invest in its future by building a more efficient clean energy system. Energy storage is vital to our resiliency work and this funding will enable us to grow the industry and create jobs while we continue on our path toward meeting the country’s largest energy storage target.”
The New York State Energy Research and Development Authority’s (NYSERDA) Market Acceleration Bridge Incentive Program will incentivize nearly two-thirds of New York’s 1.5GW of energy storage targeted by 2025.
The funding will be offered for two categories. One will be the $150m for bulk storage projects. This will include systems with more than 5MW that primarily provide wholesale market energy or distribution services. The second includes $130m for retail storage projects: customer-sited systems below 5MW. These are smaller and installed alone or paired with onsite generation such as solar.
Additionally, NYSERDA has announced $70m allocation in the future for opportunities to support self-sustaining storage market.
Another $53m will in Regional Greenhouse Gas Initiative funds will be rolled out later this year for retail and bulk storage projects, specifically located on Long Island.
Last June, Governor Cuomo released New York’s Energy Storage Roadmap, which said that 1.5GW of energy storage to be deployed by 2025.