New York has allocated $280m to support energy storage projects and help reduce their cost as the state attempts to establish an affordable and sustainable market. Funding is divided $130m for bulk storage projects over 5 MW and between $150m for retail storage efforts under 5 MW. Varying incentives depend on the projects' locations within the state and their timelines. It is part of an overall $400m investment to help achieve a 3 GW target by 2030 and is also in line with Governor Andrew Cuomo’s Green New Deal to make its economy carbon neutral.
New York has allocated $280m to support energy storage projects and help reduce their cost as the state attempts to establish an affordable and sustainable market. Funding is divided between $150m for bulk storage projects over 5 MW and $130m for retail storage efforts under 5 MW. Varying incentives depend on the projects' locations within the state and their timelines. It is part of an overall $400m investment to help achieve a 3 GW target by 2030 and is also in line with Governor Andrew Cuomo’s Green New Deal to make its economy carbon neutral.