Energy Storage

It has become increasingly clear that energy storage will be essential to New York State’s clean energy transition and that it is critical for integrating renewable energy, reducing peak load, and increasing grid resiliency.

In recent years, battery prices have dropped significantly, research and development of alternative energy storage technologies has advanced, and New York State has set the most ambitious goals for energy storage deployment in the nation. Meanwhile, NY Green Bank has been working closely with the energy storage industry and capital market participants to unlock the significant amount of private investment that will be necessary to create a stable and resilient renewable-powered grid in New York State.

To date, our energy storage financing has largely been paired with investments in solar projects, but the market for stand-alone energy storage is growing. In 2023, NY Green Bank closed its first stand-alone energy storage transaction. As we work to achieve the goals of New York State’s Climate Act, we are excited by the growing interest in stand-alone energy storage and look forward to working with the market to support this critical technology.