New York state is providing $55 million in funding for energy storage including commercial and residential storage projects on Long Island.
Announcing the funding Wednesday, Gov. Andrew Cuomo said there would be an initial rollout of about $15 million in incentives from the New York State Energy Research and Development Authority.
Energy storage projects supported by this initiative would help to advance the state’s goal of achieving New York’s target of 3,000 megawatts of energy storage by 2030.
“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 in a statement.
“These incentives for energy storage will help Long Islanders grow their clean energy economy and create jobs while also improving the resiliency of the their grid in the face of more frequent extreme weather events,” he added.
The $15 million in incentives is to be immediately available to Long Island residents and businesses for commercial and residential projects through NYSERDA’s Retail Energy Storage Incentive Program. These incentives will support energy storage at customer sites for systems paired with solar or standalone systems.
The rest of the funds will be allocated in three to five years.
The energy storage will help to enhance the efficiency of the electric grid in order to maximize the benefits of renewable energy resources, including wind and solar.
The funding is available for both commercial and residential incentives.
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