As per the Energy Storage Association, the U.S. energy storage has surged in the last two years as the costs have started to drop quickly, and the demand is expected to grow at a rapid rate in the near future. New York’s legislature has taken the clue from recent developments and passed the Energy Storage Deployment Program bills unanimously, directing the Public Service Commission (PCS) to evaluate a storage target. The two bills, Assembly Bill 6571 and Senate Bill 5190, however, has not mandated capacity figure to be achieved.
New York is among the leading states in the United States as far as finding innovative technology for renewable resources of energy, building resilient and efficient electric grid. The focus will primarily be on advancing, developing, and testing the practicality energy storage technologies in order to meet the performance, cost, and integration opportunities.
A Boon for the U.S. Renewable Energy Market
This legislation is expected to propel the energy storage market in the U.S., aiming to meet Big Apple’s the target of obtaining half of its energy from renewable sources by the end of 2030. This push to the market is also expected to create nearly 27,000 new jobs in the next decade. The legislation has allowed PSC to come up with more specific aspects of the target in the near future, the overall figure has to be placed by the end of 2017, so that the NYSERDA (New York Energy Research and Development Authority) can work on implementing it.
NYSERDA Announces US$6.3 million Funds for Energy Storage Technologies
The target of this extended funds will be to gain the commercialized technologies that can benefit the New York State, and is merely a small part of long-term investments planned by the authorities in accordance to Cuomo’s REV strategy. The state has set aside a US$5.3 billion Clean Energy Fund to achieve their renewable energy aspirations.