$280 Million Available for Energy Storage Projects to Combat Climate Change

Governor Andrew Cuomo today announced that $280 million of support is available for energy storage projects to accelerate growth within the industry and drive down energy storage deployment costs to build a sustainable and affordable market. This funding, announced during Earth Week, is part of a $400 million investment to achieve New York's nation-leading energy storage deployment target of 3,000 megawatts by 2030, and supports Governor Cuomo's Green New Deal, a clean energy and jobs agenda that puts New York State on a path to a carbon-neutral economy.

"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," Governor Cuomo said. "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."

"We're investing in projects and programs to advance our aggressive energy goals across the state," said Lieutenant Governor Kathy Hochul. "This funding continues our efforts to support clean energy and energy storage projects, growing the industry and creating good jobs. New York is leading the nation to ensure a cleaner and greener environment for future generations and working to combat climate change."

Energy storage enhances the efficiency of the electric grid by capturing excess power from wind and solar energy sources and storing that excess power in industrial-sized batteries for later use. Importantly, energy storage will enable these resources to meet periods of peak demand.

The New York State Energy Research and Development Authority's (NYSERDA) Market Acceleration Bridge Incentive Program will help incentivize approximately two-thirds of the State's 1,500-megawatt target of energy storage by 2025, supporting a self-sustaining market for the State. Funding is available in two categories: $150 million for bulk storage projects: systems over five megawatts that primarily provide wholesale market energy or distribution services, and $130 million for retail storage projects: customer-sited systems below five megawatts, which are smaller and installed alone or paired with onsite generation such as solar.

Click here for the full announcement. If not posted, check the site later in the day.

Source: The Office of Governor Andrew M. Cuomo