From your roof to the ground, solar energy is being harvested every day. How much does a 1 MW solar farm cost? – Have you ever wondered that? The amount of money we have to pay to build a solar farm?
This article will provide an answer to your curiosity. Whether it has blue or black panels inside, many advisers believe investors should spend time reviewing in-depth research before construction.
What Is A Solar Farm?
A solar farm is an energy power plant that produces electricity for commercial or residential uses. It is ground-based and uses photovoltaic panels (PV) to collect energy from the sun.
How Much Does A 1 MW Solar Farm Cost?
The theoretical calculation is 1 million dollars for every 1-megawatt solar farm set up.
Other major factors such as installation times, sunlight hours, rainy seasons, etc. can affect the costs, fees, and decisions related to its construction.
Most solar farms will face maintenance issues, as you know this is another post-build cost for a solar farm.
Jump In A Solar Farm Business
A 1 MW solar farm will require 3,6 acres (14,500 square meters) of land. But in practice, we may need up to 8 acres.
The business manager may have to increase the number of acres because we need space between rows of solar panels, space for maintenance jobs, and repair machinery when in need.
And about inverters, we also need good housing for these types of equipment.
Check more: How Do Farmers Get Rich?
Bigger projects may need more months to put the solar plants into action. But you have to count on particular facets. One of them is a legal procedure and approval from the local authority.
If you wish to know, the time-consuming process will require you to file documentation such as an operation plan, employee contract, certificates, insurance policy, etc.
It means that it will take up from 2 to 5 years to launch the official mission.
Solar Farm Revenue
On average, a one-megawatt solar power plant brings in $40,000 each year for its owner.
Fluctuated rate, consumer needs on the market can affect the prices for each electricity agreement between the buyers and sellers.
The Biggest Solar Farm
You heard the news that a new solar park is completed this year and it is the biggest at that moment, however, next year another new plant will even be bigger.
That sounds like a rapid race in this market around the world.
California itself has a solar plant with 579 MW electric power capability.
Las Vegas has 690 MW of electric power taken from sunshine.
And in a desert in India, a plant is restoring 2,245 MW of electric power from the sun.
The amount of money for a 1 MW solar power station? You already found the answer in this article. And for economic consideration, the solar farm generates enough power for about 200 households.
Investors can enjoy the great benefits of solar power plants. However, they need to understand the high risks from storms, fire, thief, or hidden faults in the design of some components before running a solar power business.