New York State is ready to jump-start energy storage and renewable resource projects to modernize their energy grid. To do so, the New York State Energy Research and Development Authority (NYSERDA) is offering project managers the chance to receive funding from a fund worth $15.5 million. This money is just one part of a larger, Clean Energy Fund that consists of $5.3 billion.
In 2014, Governor Andrew Cuomo introduced the Reforming Energy Vision for New York State. The goal of this initiative has been to reform the structure of New York’s energy systems with more advanced renewable energy and energy storage solutions.
To continue these efforts, energy storage projects can come forward in an attempt to gain funding from the NYSERDA. At this point, the organization has not expressed a limit as to how many projects can or will receive funding. Reports state that the organization is in search of projects that can be functional in different areas of the state.
Initiating these energy storage projects has the potential to bring great benefits for New York State. Many of these projects will make use of renewable resources and help to reduce energy emissions. These benefits will aid the state in reaching goals and maintaining energy agreements and regulations. Modernizing the grid may also reduce electricity costs for rate payers in the state. Projects also address peak load issues and may help to reduce stress on the grid. Project proposals will be accepted and reviewed by the NYSERDA until March 2020, unless funds are distributed prior to that end date.
New York has not been the only state to seek out renewable energy solutions. This week Vermont was named second in the U.S. for their transition to renewable resources and clean energy projects. These projects have created jobs for the state and reduced harmful emissions.
State and local officials across the nation have been working to reach clean energy goals, modernize state grids, and reduce emissions. The benefits of renewable energy and energy storage projects have been exhibited in several areas, and continue to entice state officials.
New York State and the NYSERDA’s plan to encourage projects through funding has already captured the attention of noteworthy energy storage companies and developers. Recently, Stem, an energy storage service provider, made the decision to work in New York State. Stem’s projects employ advanced technologies with energy storage systems, resulting in the reduction of energy costs and rates for customers. Stem employees have begun collaborative efforts with over 20 New York companies. Project planning is underway in many cases, including their plan to install a 14MWh energy storage system to bolster grid systems across local areas in the state.
Over the next three years, projects will be proposed, reviewed, and put into action because of the NYSERDA’s funding opportunity. The benefits of the $15.5 million will extend beyond cost savings for ratepayers. Projects will positively affect environmental issues, in addition to aiding the state government in meeting and maintain clean energy goals.
