State devotes $10 million to support energy storageJune 8, 2015
Massachusetts launches new initiative to support the advancement of storage technologies
Massachusetts has launched a new $10 million initiative that is designed to support energy storage in the state. The funding is being provided by the Department of Energy Resources and will be used to fund the research and development of new energy storage solutions. The funding will be funneled to local energy companies that have innovative products, as well as be used to create new public policies that will support the adoption of energy storage solutions.
Homeowners may be able to save money by embracing energy storage technologies
Governor Charlie Baker believes that the initiative will help establish a stronger, more mature market for storage technologies. Better storage solutions may be a major benefit for consumers, as they will allow consumers to make use of electricity more efficiently in the future. Better storage solutions may also make it easier for consumers to embrace renewable energy, which may be particularly financially beneficial for homeowners in the state.
Government policies may support the growth of the storage market
The state government will examine how policy can affect the energy storage market. Policies that support companies developing storage technologies may accelerate the growth of the market and make Massachusetts a more attractive home for such companies that are currently based in other states. Better energy storage solutions will also help those living in the state better prepare for natural disasters. These disasters can cause a loss of power in many parts of the state, but comprehensive storage systems can ensure that access to electrical power remains intact.
Energy storage could support the adoption of solar energy
Massachusetts is currently home to one of the leading solar energy sectors in the country, and this sector may see significant gain through the advancement of energy storage technologies. The stat government has already made an investment in energy storage this year, committing $18 million to support micro-grids, battery technologies, and improvements to the state’s energy infrastructure. Massachusetts may soon become the leading energy storage market in the U.S. with such investments.