For capital providers who have been hesitant to test the market’s waters, this is the moment to jump in.

The capital providers backing innovative energy storage projects are poised to receive promising returns as first movers into new business models and development pathways that can be scaled across New York State and beyond. Forward-looking capital providers are already creating tailored development financing products, standardizing underwriting, and building partnerships with non-traditional partners like philanthropy, green banks, and insurers to build a capital stack that can juice returns for their investments. Smart funders are also building in rights of first refusal to ensure they can lock in the benefits of lucrative business models.

For capital providers who have been hesitant to test this market’s waters, this is the moment to jump in–or risk missing out on a once-in-a-generation opportunity. The vision ahead is New York State’s grid providing backup power during heavy snowstorms in Buffalo, mitigating new demand from electrified buildings and vehicles in Ithaca, and supporting peak demand events with clean energy allowing for the rapid shutdown of the State’s dirtiest power plants in Queens.

With dedicated leadership at the State and local levels and an energized ecosystem of resources, we’ve built the foundation of a market that works for developers, regulators, and capital providers alike. It will take capital providers with a willingness to collaborate and ideate to unlock the next step—the pipeline of innovative energy storage projects.

New York’s energy storage market is a template for how we will tackle tough deployment challenges to build our nation’s energy future. We have the momentum and creativity we need to build new pathways to New York’s energy grid of the future together. Let’s dive in.