New York Offers $55M for Long Island Energy Storage Projects

New York state is offering up to $55 million in incentives for commercial and residential energy storage projects on Long Island.

The funding, announced Wednesday, is intended to reduce the costs of storage systems for renewable energy.

Gov. Andrew Cuomo says the idea is to use the state's resources to make it easier to expand Long Island's use of green energy while also creating new energy sector jobs.

The money will be awarded over the next several years.

State lawmakers earlier this year approved the nation's most aggressive targets for reducing emissions and ramping up renewable energy sources. Officials say state incentives are a key way to leverage private investment and make New York state a leader in energy innovation.

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