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The storage industry anticipates this to be passed into law in 2022, and that it will apply to projects that achieved commercial operation after December 31, 2020, reducing the risks and uncertainty in energy storage project economics.
New York State has some of the most rigorous safety standards for energy storage projects in the country, reinforced by independent nationally recognized experts to ensure full compliance.
Additionally, while the most recent retail energy storage incentive available through the New York state is accounted for by projects currently in development, it is anticipated that a new lower block of incentives will be made available, specifically for ESS projects in NYC.
Nonetheless, energy storage accounts for only about 2% of total U.S. energy capacity.36 FOTM systems have driven the bulk of this growth in installed ESS capacity. Under the Climate Leadership and Community Protection Act (CLCPA) passed in 2019, New York State (the State) established an ambitious goal for energy storage of 3 gigawatts by 2030.
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