Cuomo Adds $280 Million for New York Energy Storage Projects
New York Governor Andrew Cuomo offered up $280 million this week for energy storage projects in the state that grow the industry and drive down deployment costs. The funding is part of a $400 million investment that supports reaching 3,000 megawatts of energy storage by 2030.
“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,” the governor’s office said. That storage should also enable renewable resources to meet periods of peak demand.
Cuomo’s office said that the New York State Energy Research and Development Authority’s (NYSERDA) Market Acceleration Bridge Incentive Program will help incentivize around two-thirds of the state’s 1,500-megawatt of energy storage by 2025 target. The following funding is currently available:
- $150 million for bulk storage projects: systems over 5 megawatts that primarily provide wholesale market energy or distribution services.
- $130 million for retail storage projects: customer-sited systems below 5 megawatts, which are smaller and installed alone or paired with onsite generation such as solar.
Besides the $280 million made available this week, NYSERDA plans to allocate another $70 million in the future for opportunities that show the greatest potential to support a self-sustaining storage market. Later this year, the governor’s office says, an additional $53 million in Regional Greenhouse Gas Initiative funds will be made available for retail and bulk storage projects located on Long Island.
Cuomo’s multibillion-dollar Green New Deal takes aim at New York’s carbon footprint with an emphasis on increasing renewable energy. His agenda includes quadrupling the state’s offshore wind target, doubling distributed solar deployment, and more than doubling new large-scale land-based wind and solar resources. The governor also increased the energy storage target.
“NYSERDA’s commitment demonstrates that New York is serious about meeting its 2030 target and provides a clear signal for the energy storage industry to invest, hire, and innovate in the Empire State,” said Kelly Speakes-Backman, CEO of the Energy Storage Association. “The launch of the Market Acceleration Bridge Incentive Program encourages the industry to invest now.”
Source: energymanagertoday
