As part of New York State’s commitment to reach zero-carbon emissions, Gov. Andrew Cuomo (D) announced July 3 a $55 million investment for energy storage projects that promotes commercial and residential clean energy use on Long Island.
“With our nation-leading clean energy goals and aggressive strategy to combat climate change, New York continues to set the example of climate leadership for other states across the country,” Cuomo said. “These incentives for energy storage will help Long Islanders grow their clean energy economy and create jobs while also improving the resiliency of the grid in the face of more frequent extreme weather events.”
The initial roll out includes nearly $15 million in incentives available immediately from the New York State Energy Research and Development Authority for both residential and commercial installations. Additional compensation is also available from PSEG-LI’s Dynamic Load Management tariff, which pays customers to reduce the amount of grid electricity used when demand is highest. The energy storage system paired with solar can enable this to be accomplished.
The current NYSERDA incentive is $250 for each kilowatt hour of energy storage installed up to 25 kilowatt hours for a residential system and 15 megawatt hours for a commercial system.
NYSERDA’s NY-Sun program also offers financing for the installation of solar panels.
“As more renewable resources are brought online throughout the state, energy storage will improve the efficiency of the grid to better integrate resources like solar while providing residents and businesses with a cleaner, more reliable energy system,” Alicia Barton, president and CEO, NYSERDA, said. “This announcement reinforces Long Island’s position as one of the leading clean energy markets in New York and moves the state closer to reaching Governor Cuomo’s aggressive 3,000 megawatts by 2030 energy storage target.”
The state estimates that the 2030 target equates to powering 40 percent of New York homes with carbon-free technology.
The remaining funds will be allocated over the next three to five years and will be used to drive down costs and scale up the market for these clean energy technologies. The incentives support energy storage installed at customer sites for standalone systems or systems paired with solar.
“Incentivizing energy storage projects on Long Island is a necessary step in order to develop our renewable resource capacity,” Assemblyman Steve Englebright (D-Setauket), chair of the Assembly Environmental Conservation Committee, said. “This will help reduce our reliance on fossil fuels, stabilize energy bills for ratepayers, and reduce greenhouse gas emissions. I applaud Governor Cuomo for this initiative and look forward to more proposals that will ensure New York State takes the lead in addressing climate change.”