New York Set to Invest $40 Million in Energy Storage

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When it comes to programs that push states to pursue renewable energy sources, New York is one of the toughest. Governor Andrew Cuomo’s mandate that half of the state’s electricity come from renewable sources by the year 2030 is one of the most daunting and aggressive plans of any state in the country. To that end, Governor Cuomo recently announced that the state would be investing $40 million in solar power projects that integrate energy storage!

The move comes not only to support the radical shift to renewable energy sources, but also to fuel yet another ambitious target: to have 1,500 megawatts of energy storage throughout the state by the year 2025—a full five years before the energy mandate deadline.

Governor Cuomo said “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. 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 hope is that by funding not just solar projects, but those which also include energy storage, the state will continue to move toward a more sustainable future. With such a large amount of energy storage infrastructure, the public grid will benefit from reduced demand and better stability over time, which leads to fewer outages and even reduced emissions.

Program Details

The $40 million investment was made available by NY-Sun early this month for solar-plus-storage projects, or photovoltaic solar energy systems which also included an energy storage solution. The goal was to have the $40 million accelerate the installation and deployment of 50 megawatts of solar energy storage by reducing the cost barrier.

NY-Sun is the name for Governor Cuomo’s investment in growing the solar industry and creating a self-sustaining energy market in the state. To date, the project has already completed more than 85,000 solar projects, totaling more than 1.2 gigawatt hours of total energy capacity. That’s enough energy to power more than 200,000 homes across the state. Today, there are already nearly 4,500 additional projects still being constructed or in the early stages of development. With the announcement of this additional investment, it’s believed that the number should increase significantly as more and more people choose to switch to solar.

If you want to learn how this investment can help you switch to solar, call SunPower by Sea Bright Solar at (732) 253-4052 today to speak with one of our experts!

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