If you’re a homeowner with plenty of acreage, you may have a goldmine of untapped potential.
People with land have a unique opportunity to create a solar farm.
A solar farm consists of 15-30 acres of land with several solar panels. The solar panels gather energy, and then you can lease out the energy to a solar power company. And the best part? You can save money on your own energy bills while you earn passive income.
If you’ve been looking for ways to add passive income, solar panels are the way to go. And depending on where you live, you might be able to capitalize on state and federal tax incentives, too! Here are some things to consider if you’re interested in developing a solar energy farm to save money and earn passive income.
Do I have enough land for a solar farm?
You’ll need at least 10 acres of land in order to create an effective solar energy farm. The more land you have, the more space you get for solar panels. So, more land equals more passive income! If you have less than 10 acres, you can still get a few solar panels on your land, but you won’t earn as much. That said, you can always add solar panels to your home to save money on your energy bills.
How much passive income can I make with a solar farm?
It depends on how much land you have, your location, state incentives and how much your local solar energy company will pay for the solar power. If you live in an area that values solar energy and needs solar farms, you can expect to get between $1,500-$2,000 an acre. If you live in an area with less emphasis on solar energy, or if you have land that doesn’t get as much light exposure, it could be significantly less.
Can I use solar energy in my home, too?
Absolutely! You can use some of the energy in your own home and sell the remainder to solar energy companies. This is ideal since it allows you to save money on your energy bills each month and generate passive income at the same time. Ask more about this when you’re talking with your solar energy installer, as they can let you know if this option is possible for your home.
What do I need to do to ready my land for solar panels?
You want your land to be as flat as possible, so if you have a very hilly area with varying heights, you may need to level things out first. If your land is relatively flat, you’ll be able to start construction much sooner. You can ask a surveyor to check your land to ensure it’s fit for solar farming and to make sure you know the boundaries of your land.
What tax incentives will I get to start a solar farm?
It depends on where you live. In Maryland, you can usually get $1,000 plus federal tax incentives. In North Carolina, you can take advantage of state property tax incentives and low-interest loan rates. Plus, you can earn 40 cents per watt for systems up to 10 kilowatts on residential land. There are even higher rates for solar farms on commercial or agricultural land.
Investing in a solar energy farm is a big commitment, and it’s not something to take lightly. That said, if you have the funds and the land, it’s an easy way to help decrease your carbon footprint and increase your income. And with the right solar energy company, you can have a solar energy farm that saves you money and creates passive income for years to come.
Curious to learn more about solar energy farming? Our highly-trained technicians in Maryland and North Carolina can help you identify the right solar energy system for your land and make it a reality. Contact us here at Solar-verse to learn more!