PROVIDENCE – The state will offer extra financial incentives for renewable energy developers to store the electricity generated from their projects, the R.I. Office of Energy Resources announced on Thursday.
A $1.5 million pilot program will give small-scale and commercial renewable energy developers extra money on top of what they pay for power generation to build energy storage systems for their projects. Small-scale and residential projects would get an extra $2,000 per project, while commercial-scale projects would receive 50 cents per watt of energy generated, up to a $40,000 maximum.
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Projects must meet National Grid’s technical requirements for energy storage systems, and each storage system must be paired with a new renewable installation to qualify.
The pilot program uses money from R.I Commerce Corp’s Renewable Energy Fund. Funds will be distributed in four rounds between September 2020 and May 2021. More information and application details are available at R.I. Commerce’s website.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
