New-York-US$15.5m-Funding-for-Energy-Storage

The advantages of energy storage has already spread throughout the world, and while other countries are yet to find the real benefits of it, the New York State Energy Research and Development Authority (NYSERDA) already took their move as they fund US$15.5 for a huge energy storage project.

The money will come from the Clean Energy Fund, a 10-year, US$5.3 billion component of New York’s epic Reforming the Energy Vision (NY REV) undertaking to modernise the grid. NY REV was launched in 2014 by state governor Andrew Cuomo.

The latest funding, announced last April 19, will be given out on a competitive basis to an unspecified number of projects. It is earmarked for energy storage installations that can help integrate renewables, ease the demand seen during peak times and ultimately save ratepayers money.

NYSERDA said that while energy storage has obvious benefits and price declines continue to improve its cost-effectiveness, the versatile nature of the technology that made it potentially useful to a number of different stakeholders also meant it was difficult to unite the differing aims and make suitable financing arrangements.

While the US’ new president seems intent on rolling back years of progress on fighting climate change, locally the picture seems different. State-level politicians in various regions of the US have reiterated their commitments to continue decarbonising and modernising energy systems in spite of President Trump’s apparent scepticism on the matter.

NYSERDA president and CEO, John B Rhodes 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,” he added.