As the saying goes, actions speak louder than words.
And, in a bid to tackle climate change more quickly, New York State has announced hundreds of millions of dollars in funding for energy storage, demand management, microgrids, electric vehicle charging and other distributed energy resources.
Energy storage in particular has a critical role to play in transitioning to a clean energy future, especially paired with smart policies to rapidly decarbonize our power supply.
It's brilliant to see the New York Public Service Commission (PSC) approving major initiatives to help achieve the state's bold vision for a burgeoning clean energy economy. Specifically, the order built on the state’s existing target of 1.5 GW of storage by 2025 to lay down a marker of 3GW by 2030. This establishes one of the biggest storage commitments in the nation and these goals will be supported by $310 million to serve as an incentive to jumpstart the market.
The state’s strong commitment to energy storage is also an economic winner for New York because of the industry’s significant job growth potential
David Hunt (Hyperion's CEO) and myself will be in New York from Jan 7th to Jan 11th to meet with clients and candidates alike and we'd love to meet you too. If you'd like to set up a meeting to discuss your growth plans or just chat about the rapidly expanding market over a coffee, please get in touch!
The energy storage goal aims to enable renewable resources to meet periods of peak demand. Achieving the 2025 energy storage target will produce $2 billion (£1.6bn) in gross lifetime benefits to New Yorkers by reducing the reliance on “costly, dirty and inefficient” energy infrastructure.