The US State of New Yorkas officially announced its intention to have 1.5 GW of energy storage capacity by 2025, increasing it up to 3 GW by 2030. Governor Andrew M. Cuomo announced these targets after the New York State Public Service Commission (NYSPSC) gave its approval to two initiatives to dramatically increase the state's energy efficiency and energy storage targets.
The energy storage initiative is expected to power 1.2 million homes with 1.5 GW capacity, helping save $2 billion in gross lifetime benefits. It addresses the barriers that stop energy storage technologies from competing in the energy marketplace. The 3 GW goal will lead to creation of 30,000 jobs in this industry, said Governor Cuomo's office.
New York Power Authority (NYPA) plans to invest $250 million over the next 5 years to accelerate the flexibility of the electric grid that will be able to absorb greater wind and solar power. Help from third party providers will be sought to accelerate implementation of 150 MW of grid flexibility projects and decrease market risk.
The commission has also directed state's 6 major electric utilities to hold competitive procurements for 350 MW of bulk-sited energy storage systems. Additionally, the New York State Energy Research and Development Authority (NYSERDA) will provide $40 million funding to pair storage capacity with PV projects and it will also administer a $310 million market acceleration bridge incentive.
Along with the energy storage initiative, the commission also passed an energy efficiency initiative for 2025 that will reduce energy consumption by equivalent of 1.8 million homes annually and create some 50,000 new jobs.
"The storage plans laid out in today's PSC Order will allow the solar industry to better serve its customers and help bring energy storage to scale in New York," said Vice President of State Affairs for the Solar Energy Industries Association (SEIA), Sean Gallagher. Adding, "Battery storage helps diversify and strengthen the grid, saving customers money on their electric bills. This is a clear step in the right direction to achieving the state's clean energy goals."