Commercial, Energy Storage - April 24, 2017
NYSERDA unveils $15.5M in funds for energy storage
In support of New York's commitment to advancing the energy storage sector as a part of its Reforming the Energy Vision initiative, the New York State Energy Research and Development Authority has made $15.5 million of funding available for energy storage projects.
NYSERDA announced the block of funding in an April 19 news release, available for projects that can support renewable energy technologies, save money for customers and ease peak electric demand on the power grid. Funding for the projects will be provided through the Clean Energy Fund.
In addition to the state's focus on accelerating the use of energy storage, New York City has a goal of deploying more than 100 MWh by 2020. A recently issued report showed that New York State saw jobs in the energy storage sector grow 30% from 2012 through 2015, with annual industry revenues in the state reaching an estimated $906 million during that period, for a 50% increase.
NYSERDA said in making the announcement that energy storage can save power generated from clean energy systems such as solar, wind and combined heat and power for later use, enabling buildings to reduce their reliance on the power grid during peak demand periods when electricity rates are the highest. The ability to store energy also can make it possible for buildings and other critical facilities to continue to function in the event of disruptions on the power grid.
As hardware costs are declining and interest in energy storage is growing, New York says it is committed to developing and growing its energy storage industry to help achieve its energy goals. However, while storage performs valuable system functions, it involves various stakeholders, programs and financial arrangements that can be difficult to navigate, making energy storage underutilized.
NYSERDA explained that the funding can help address those barriers by supporting projects that demonstrate how energy storage can provide multiple benefits and increase revenues among various stakeholders — including electricity customers, storage vendors, developers and utilities — while creating a cleaner, more flexible energy system. The public benefit organization asks for interested parties to submit concept papers; more information on energy storage and the funding is available on NYSERDA's website.
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