The Illinois Future Energy Jobs Act, implemented last year, requires that Illinois utilities get 25% of their retail power from renewable sources by the year 2025. This was significant news for the solar power market, and the state has seen a boom in large solar farms. Proposals to construct a solar farm have flooded the rural counties, since solar projects pay higher lease payments than farmland. With utility companies aggressively searching for locations for new, solar energy farms, an opportunity has arisen for those willing to lease their property for such a purpose. A typical 2-megawatt solar farm operates on 10 to 15 acres of land, and farms can be interconnected for supply purposes.
The counties themselves welcome the arrival of solar farms because their construction and use provide significant revenue streams. The increases in property taxes can be used to balance municipal budgets and fund the local school systems, influencing counties to accept many of the solar farm proposals they receive. To learn more about solar farms and deciding if leasing your property could be fiscally beneficial, contact the attorneys at Rock Fusco & Connelly.