The New York State Energy Research and Development Authority (NYSERDA) announced that jobs in the State’s energy storage sector grew to approximately 3,900 – a 30% increase from 2012 through 2015, according to a recently completed report. New York’s commitment to clean energy, including its nation-leading energy goals, have helped spur the strong growth, which also saw annual industry revenues reach an estimated $906 million during the same time period, a 50% increase.
New York’s storage industry’s annual global revenues grew 50% to $906 million between 2012 and 2015, projected increase to $8.7 billion by 2030.
The report, “The Energy Storage Industry in New York State: Recent Growth and Projections 2015 Update,” was funded by NYSERDA and issued by Industrial Economics Inc. NYSERDA established the New York Battery and Energy Storage Technology Consortium (NY-BEST) in 2010 to help position New York State as a global leader in energy storage technology for electric grid, transportation, and other large-scale storage applications, working with industry and academic partners.
The consortium now includes Fortune 500 companies, start-ups, universities, national research centers, and laboratories spanning all facets of the energy sector.
Energy storage will advance the State’s efforts to have 50% of its electricity come from renewable sources by 2030, as it can save power generated from wind power, solar energy, and combined heat & power systems for later use. In addition, when power demand is high, energy storage can keep costs low and keep electricity reliable, enabling buildings to operate during power outages.
“New York State has become a hub for energy storage technologies, creating new, skilled technology jobs, and meeting the needs of utilities, building owners, manufacturers and other large power users,” said John B. Rhodes, President and CEO, NYSERDA. “Under Governor Cuomo’s Reforming the Energy Vision to create an energy system that is cleaner, more affordable, and more resilient, strong growth continues for storage technology and investments.”
The report projects that by 2030, New York’s energy storage industry could realize annual global revenues between $5.6 billion and $8.7 billion, with total job growth between 17,300 and 26,800 employees.
NYSERDA has invested in more than 50 energy storage technology development projects across the state. It is also working to reduce soft costs associated with distributed energy storage systems by 33% in five years. Distributed energy storage systems are those that are distributed in various locations so the electric grid can balance supply and demand for electricity in a more cost-effective and environmentally friendly way.
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Filed Under: Energy storage, Policy, Projects
