June 22, 2018 Read More →

New York offers $350 million to speed energy storage installations

Renewables Now:

New York governor Andrew M Cuomo on Thursday unveiled a roadmap with a set of recommendations aimed at facilitating the state in reaching its goal of deploying 1,500 MW of energy storage by 2025.

The comprehensive plan is part of the measures addressed towards fighting climate change, improving power grid resilience and enhancing the benefits of renewables generation to meet peak demand for electricity. “This roadmap is the next step to not only grow our clean energy economy and create jobs, but to improve the resiliency of the grid to keep our power running in the face of extreme weather and other emergency situations,” Governor Cuomo said.

The short-term recommendations include the provision of $350 million in incentives to speed up deployment of advanced storage systems, as well as additional funding storage capacity linked to solar projects developed under the NY-Sun initiative. The proposed measures also include regulatory changes to utility rates, solicitations and carbon values, facilitating the project permitting and siting process so as to cut indirect and soft costs, and modifications to wholesale market rules.

The plan was developed by the Department of Public Service and New York State Energy Research and Development Authority (NYSERDA).

Separately, the NY Green Bank has committed to provide at least $200 million for storage-related investments. The state-sponsored investment fund is also expected to launch a request for proposals later this year for projects incorporating solar and energy storage technologies. At present, New York has around 60 MW of advanced energy storage capacity and an additional 500 MW in the pipeline. The state also owns 1,400 MW of traditional pumped hydro storage capacity.

More: New York issues roadmap to achieve 1.5 GW energy storage goal

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