The US$280m of support is available for energy storage projects to accelerate growth within the industry and drive down deployment costs. It is part of a US$400m commitment to achieve a 3,000MW storage target.
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.
“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," said Cuomo. “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.”
Lieutenant governor Kathy Hochu added: "We're investing in projects and programs to advance our aggressive energy goals across the state," said l. "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.”