NY Invests $40 Million in Solar Energy and Storage Projects

NY Invests $40 Million in Solar Energy and Storage Projects

New York Governor Andrew Cuomo announced in October 2018 that $40 million will be available in early November to support solar projects that integrate energy storage. This latest investment is aimed at helping the state reach its energy storage target of 1,500-megawatts by 2025.

“As we continue our aggressive pursuit of clean, renewable technologies, funding for projects like this will ensure New York remains at the forefront of the global fight against climate change,” Gov. Cuomo says. “The strategic pairing of energy storage and solar technologies moves us closer to building a clean energy economy that protects critical natural resources and benefits all New Yorkers.”

The State’s Reforming Energy Vision (REV) program has spurred the statewide solar market by 1,000 percent, improving energy affordability for 1.65 million low-income customers along with creating thousands of jobs. The program also aims to reduce greenhouse gas emissions 40 percent by 2030 and to reach 80 percent by 2050.

The announcement was made during the Alliance for Clean Energy – New York annual conference in Albany, New York. The funding will accelerate the deployment of at least 50 megawatts of energy storage and will boost the continuing growth of the state’s solar industry while reducing emissions. Such solar projects and additional energy storage, can increase the electric grid’s efficiency and reliability. The energy storage capability helps ensures that renewable energy can be shifted to times of highest customer usage, such as afternoon hours on summer days.

To inform New York communities about the benefits of adding energy storage to solar projects, the New York State Energy Research and Development Authority (NYSERDA) will conduct outreach and provide technical resources. This past June, In June, NYSERDA and the New York Department of Public Service developed the New York State Energy Storage Roadmap to identify policies, regulations, and initiatives needed to fulfill the 2025 energy storage target.

The state’s $1 billion investment in a self-sustaining solar industry in the state has already led to the creation of 85,327 solar projects with a capacity of 1,203.2 megawatts and an expected annual production of 1,395 gigawatts, enough to power about 200,000 homes and reducing emissions equal to 160,000 cars. New York is third highest state for solar installations to date.