This is how it starts.
This week, New York Governor Andrew Cuomo announced plans to invest $55 million into both residential and commercial energy storage projects. The plan is a vital part of helping the state of New York achieve its ambitious goal of 3,000 mW by the year 2030.
Nearly $15 million of that investment comes right now in the forms of incentives that will be available through the New York State Energy Research and Development Authority. Both residents and businesses will be able to apply for these incentives, with funds available to support the implementation of energy storage systems and storage systems that pair with solar power. Over the next three to five years, the remainder of these funds will be released to support the most successful projects and to use that information to determine the best places to invest.
Renewable energy is most effective when businesses and residences can store it. Building a storage infrastructure is now seen as the first step toward achieving energy independence, lowering operating costs, and helping cities and states successfully hit carbon neutrality goals. This program is just one part of what New York claims is a comprehensive effort to bring elements of the Green New Deal to the state and influence other states to follow suit.
New York is a great place to get started. According to the release, there are already 14,000 solar projects on Long Island alone. Not only with the energy storage initiative support these projects, but will go a long ways toward encouraging more residences and businesses to pursue similar renewable options like solar as a part of their energy picture.
This $55 million effort is a part of a $400 million effort that spans the state that targets energy storage improvements at the grid level. Adopting energy storage from both production and consumption sides improves the exchange relationship for both ends and relieves stress on older, often failing power infrastructure.
New York is a pioneer is energy storage and many states, cities, suppliers, and consumers are looking to the state to see how well the process works. This is just the beginning of energy storage. We are excited to be playing a part in changing how the world runs, supporting businesses and communities to be carbon neutral and achieve not just emissions goals and save money, but battling climate change at the same time.
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