The state of New Jersey may start funding renewable energy storage projects. This comes at the same time that the state is cutting renewable energy funding down to $7.5 million for 2014 for solar, biomass, hydroelectric, and onshore wind power.
This appears to be more of a shift of funding to help accommodate the more efficient use of solar and wind power. New Jersey will be able to get more out of their existing wind and solar farms by doing this because they can capture surplus wind and solar energy that would otherwise be curtailed.
Natural gas power plants can and do throttle up and down (slowly, and to a limited extent) to respond to fluctuations of wind and solar power production. However, the use of energy storage captures surplus wind energy so that it does not go to waste, and that low-cost wind energy can then be used during the peak hours to meet increased electricity demand instead of starting expensive peaking power plants to back up coal, nuclear, and natural gas power plants.
New Jersey aims to obtain 22.5% of its electricity from renewable power plants by 2020.
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