CRE sector could reap benefits of $55M Long Island energy storage grant

New York state will give $55 million to fund energy storage efforts in both commercial and residential storage projects on Long Island, Long Island Business News reported. The New York State Energy Research and Development Authority will initially roll out about $15 million in incentives. The money is meant to help bring the state closer to its target of creating 3,000 megawatts of energy storage by 2030. Reaching that goal could make the electrical grid more efficient and potentially make renewable energy resources like wind and solar power more beneficial to property owners. The state will make the initial $15 million in incentives available to residents and businesses through its Retail Energy Storage Incentive Program. The incentives will be for customer sites that have systems paired with solar or standalone systems. The remaining $40 million in state funds will be paid out over the next three to five years. “These incentives for energy storage will help Long Islanders grow their clean energy economy and create jobs,” said a statement from Gov. Andrew Cuomo. [LIBN]