In our April issue, we profile two grand co-ops on Central Park West that are pioneers in the field of battery energy-storage systems (BESS), which store electricity – drawn from the Con Edison grid, solar panels, wind turbines, or cogen systems – and then release it during peak-demand periods.
To boost this cutting-edge technology, Governor Andrew Cuomo has announced that $280 million is now available for energy-storage projects. This funding is part of a $400 million investment to achieve New York's nation-leading energy-storage target of 3,000 megawatts by 2030. It’s part of Cuomo's Green New Deal to put 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," Cuomo said in a statement.
Energy storage enhances the efficiency of the electric grid by capturing excess power 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 over five megawatts that primarily provide wholesale market energy; and $130 million for customer-sited systems below five megawatts, which are smaller and installed alone or paired with onsite generation such as solar.
In addition to the $280 million available today, another $70 million will be allocated by NYSERDA in the future based on opportunities that have the greatest potential to support a self-sustaining storage market. An additional $53 million in Regional Greenhouse Gas Initiative funds will be made available later this year for retail and bulk storage projects specifically located on Long Island. NYSERDA will host a webinar on May 2nd for those interested in the bulk incentives and a second webinar on May 3rd for those interested in the retail incentives.
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