XENIA — OSU Extension Greene County is hosting a meeting about solar leases 2-5 p.m. Monday, July 15 at 100 Fairground Road.
During “Solar Leasing 101: Is a Solar Lease Agreement Right for Your Farm?” specialists Peggy Kirk Hall and Eric Romich will discuss solar development trends, the process of converting farmland to solar production, and key considerations to weigh before signing lease agreements for solar energy production.
The meeting is free and includes refreshments, but registration is required. To register, contact Trevor Corboy at [email protected] or 937-372-9971 ext. 114.
OSU Extension also has more resources on solar development available online at greene.osu.edu or energizeohio.osu.edu.
“Many landowners in Greene County have been contacted by solar energy companies interested in leasing farmland for large-scale solar development. Solar installation costs have dropped by 66 percent since 2010, and federal tax credits for solar projects are scheduled to be reduced for projects beginning in 2022,” Agriculture and Natural Resources Educator Trevor Corboy, OSU Extension, said. “These factors have motivated recent interest in solar installation. Meanwhile, one of the factors that determines the revenue generated by a renewable energy project is the amount of electricity produced by the project, so Greene County’s tracts of farmland are appealing to developers.”
Corboy said energy companies are offering rental rates of up to $1,000/acre to use farmland for solar energy production.
“Over the course of a solar project, the landowner may be asked to sign multiple types of agreements. Landowners will likely be approached with a letter of intent, then proceed to an option, and ultimately enter into a lease. Most leases commit farmland to solar energy for a 30-year period,” he said. “Signing a 30-year lease with a solar company can impact you, your family, and your farm. It is important for landowners to understand the terms of each agreement they are signing.”