The New York State Energy Research and Development Authority (NYSERDA) unveiled its plan to achieve a nation-leading target of 1,500 MW of energy storage by 2025. The report comes behind recent promises by Governor Andrew Cuomo to commit $200 million of financing through the New York Green Bank to achieve progressive energy storage deployment targets. In the roadmap report, New York has targeted an additional $350 million for both standalone storage projects and storage coupled with renewable energy generation. The report reaffirms the state’s goal to meet 1,500 MW of energy storage by 2025, while appointing the Public Service Commission to establish a larger storage target by 2030.
The study recognized storage as not only an excellent way to facilitate greenhouse gas reduction as New York continues towards 50% clean energy by 2030, but also identified that storage deployment could result in ratepayer benefits exceeding $3 billion. In order to further promote a robust energy storage sector, the state has made the following policy recommendations:
- Increase the ability to finance Battery Energy Storage Systems
- Create a market-based storage sector by aligning utility incentives and storage business models
- Expand the market by engaging public entities – like NYS “Lead By Example” – in the State’s energy storage objectives
- Utilize the market acceleration incentives to reduce the costs of storage
- Increase access to accurate grid data and lower permitting, interconnection and capital costs for storage systems
- Reduce emissions by replacing fossil fuel combustion peaker plants with storage capacity
- Improve energy storage’s access to the wholesale market
The release of the Energy Storage Roadmap is just the start. The next step in the process will be the initiation of the public input phase, which involves receiving advice from stakeholders, including developers and customers. The stakeholders are encouraged to offer feedback and to participate in the ensuing technical conferences held throughout quarter three of this year.
For more information, you can explore the release of the roadmap from NYSERDA here.