New York pledges $40m for solar and storage tech

The state has set a target to install 1.5GW of storage by 2025

New York has announced $40 million (£30.3m) of funding to support solar energy and storage projects.

It is part of Governor Andrew M. Cuomo’s ambition to install 1.5GW of energy storage capacity by 2025 and generate 50% of the state’s electricity from renewable sources by 2030.

The latest funding is expected to help local communities as well as industrial and commercial sectors deploy at least 50MW of energy storage with solar while reducing carbon emissions.

Richard Kauffman, Chair of Energy and Finance for New York State said: “Energy storage will advance even more solar and other distributed energy resources across New York as it improves New York’s electric grid and increases the use of renewable electric to power commercial and industrial businesses.

“Under Governor Cuomo, New York is building a clean energy economy by promoting innovative technologies under Reforming the Energy Vision and creating new business opportunities while lowering the costs of renewable energy and combatting climate change.”

Latest Podcast