As the nation’s fourth-most populous state and third-largest economy, New York has its energy consumption under control. Despite its large population, it might surprise you to learn that more than 90% of New York’s electricity over the past decade has come from natural gas, hydropower, and nuclear energy.
The state is a world leader in clean energy, with various laws in place to embolden its vision for a more sustainable future over the coming decades.
Key Characteristics of the New York Energy Market
New York is one of the key states leading the charge toward a more sustainable future. In fact, New York consumes less total energy per capita than residents in 49 out of 50 states. Furthermore, per capita energy-related carbon dioxide emissions are consistently among the lowest in the country.
Such achievement in energy efficiency and sustainability is thanks to clear legislation that seeks to continually drive down consumption and increase renewables every year. Current statewide goals include:
- 70% renewable electricity by 2030.
- 100% carbon-free electricity from both renewable sources and nuclear energy by 2040.
In New York City specifically, there are a few key suitability goals set forth by the local government to help stimulate the states’ progress, including:
- 500 MW energy storage citywide by 2025.
- 1,000 MW solar installed citywide by 2030.
Procurement Strategies for New York-Based Businesses
New York is blazing a path toward unprecedented energy efficiency and sustainability in a way other states can learn from. New York-based businesses have an important role to play in feeding the momentum to help the state continue to achieve its goals.
Here are a few of the best ways New York businesses can help themselves and their state:
Diversification
Diversification can help your business contribute to New York’s statewide sustainability initiatives by:
- Promoting the use of cleaner, more sustainable energy sources.
- Enhancing energy efficiency.
- Reducing dependence on non-renewable resources.
This not only benefits your businesses by lowering costs and mitigating risks but also directly contributes to broader environmental and economic sustainability efforts in NY.
Energy Audits
Energy audits are comprehensive assessments of how energy is being used within your business, pinpointing areas with unnecessary energy waste. Afterward, audit results can uncover opportunities to upgrade HVAC systems or improve insulation to help reduce your energy footprint.
Demand Response
Demand response programs offer NY businesses the opportunity to adjust energy consumption in response to grid demands, leading to environmental, financial, and operational benefits.
During peak periods, energy grids are often pushed to their limits, requiring additional power from less efficient, often fossil fuel-based energy sources. By participating in demand response programs, businesses can reduce their load, helping maintain grid stability without needing extra, non-renewable power sources.
Energy Management Software
Once your new systems and processes are in place, a comprehensive utility management system can help keep your business in check when it comes to energy. With real-time insights into energy consumption and tools for automating tedious manual processes, energy management software plays a pivotal role in enabling better energy management.
Expert Energy Procurement in New York
Is your New York-based business in need of an energy strategy overhaul? Learn more about EnerConnex Energy Procurement Services, and, when you’re ready to optimize your energy strategy, contact us!