New York, NY - April 19, 2017 - The New York State Energy Research and Development Authority (NYSERDA) today announced that a total of $15.5 million in funding is available for energy storage projects that can support renewable energy technologies, save customers money, and ease peak electric demand burdens on the power grid. The funding is part of the state’s long-term investment in the energy storage sector as part of Governor Andrew M. Cuomo’s Reforming the Energy Vision (REV) strategy to build a cleaner, more resilient and affordable energy system for all New Yorkers.
Energy storage can save power generated from clean energy systems such as solar, wind and combined heat and power (CHP) 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.
John B. Rhodes, President and CEO, NYSERDA, said, “Under Governor Cuomo’s leadership, the state is leading in the development and use of clean energy technologies, including storage. We are now seeking the next wave of innovation to bring to customers the benefits of energy storage, and to make energy use more efficient and the environment cleaner for all New Yorkers.”
As hardware costs are declining and interest in energy storage is growing, the state 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.
The funding awarded will address these barriers by seeking projects that will demonstrate how energy storage can provide multiple benefits and increase revenues among various stakeholders (e.g., electricity customers, storage vendors, developers, utilities, etc.) while creating a cleaner, more flexible energy system. Interested parties should submit concept papers describing their storage projects. Initial concept papers will be accepted through March 1, 2020 or until all funds are committed. Through a competitive process, NYSERDA will select the best projects to submit follow-up proposals for feasibility studies or full demonstration projects. The proposals selected will receive funding to complete their studies and demonstration projects.
Concept papers should focus on technologies that are already commercially available and have the potential for replication throughout the state. The proposed projects must show how they can support the state’s energy goals including renewable generation and greenhouse gas reduction.
Dr. William Acker, Executive Director of NY-BEST, said, “Energy storage technologies can provide multiple benefits to the electric grid and customers alike, such as peak load reduction, capacity, integration of renewable energy and resilience. The funding announced today will advance energy storage demonstration projects to quantify the broad benefits and wide range of services provided by storage and, in the process, support the widescale deployment of energy storage in New York.”
A recently issued report showed that New York State saw jobs in the energy storage sector grow 30 percent from 2012 through 2015, with annual industry revenues in the state reaching an estimated $906 million during that period, for a 50 percent increase.
NYSERDA has invested in more than 50 energy storage technology development projects across the state as part of its energy storage program. It is also aiming to reduce “soft costs” associated with distributed energy storage systems by 33 percent in five years. These are typically non-hardware costs for such activities as permitting, financing, customer acquisition and interconnection.
Funding for the projects will be provided through the Clean Energy Fund. More information on energy storage and this funding is available on NYSERDA’s website.
About the Clean Energy Fund
The 10-year, $5.3 billion Clean Energy Fund (CEF) is a core component of New York State's Reforming the Energy Vision strategy to achieve a clean, resilient and affordable energy system for all New Yorkers. It is designed to deliver on New York State's commitment to accelerate the use of clean energy and energy innovation and drive economic development, while reducing ratepayer collections. It includes a focused effort to bring more clean energy opportunities and benefits to low- to moderate-income communities throughout the state. The CEF supports New York's aggressive Clean Energy Standard requiring 50 percent of the state's electricity to come from renewable energy sources by 2030.
About Reforming the Energy Vision
Reforming the Energy Vision (REV) is Governor Andrew M. Cuomo's strategy to lead on climate change and grow New York's economy. REV is building a cleaner, more resilient and affordable energy system for all New Yorkers by stimulating investment in clean technologies like solar, wind, and energy efficiency and requiring 50 percent of the state's electricity needs be generated from renewable energy by 2030. Already, REV has driven a nearly 800 percent growth in the statewide solar market, enabled over 105,000 low-income households to permanently cut their energy bills with energy efficiency, and created thousands of jobs in manufacturing, engineering, installation and other clean-tech sectors. REV is ensuring New York State reduces statewide greenhouse gas emissions 40 percent by 2030 and achieves the internationally-recognized target of reducing emissions 80 percent by 2050. To learn more about REV, including the Governor's $5 billion investment in clean energy technology and innovation, please visit www.ny.gov/REV4NY and follow us at @Rev4NY.
About NYSERDA
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975. To learn more about NYSERDA’s programs and funding opportunities, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.