New York is very interested in the solar market, and for that reason alone you may be interested in leasing out your land to a solar provider. Developers are always looking for parcels of land, usually 10 acres or more, to use for solar panel installations.
These solar arrays help provide clean energy, but they do take up a lot of space. If you want to make some money by leasing your land, you will need to make sure your land is suitable and that you fully understand the obligations of the lease.
How do you know if your property is right for solar arrays?
Some characteristics make certain properties better than others. For example, if you have land that is south-facing, that is located near an electrical substation and that has road access, it’s likely to attract solar development.
What should you do if you want to work out a lease?
When you start working out a lease, you should ask plenty of questions. Your attorney can help you come up with some, but a few you may want to ask include questioning where the arrays have to be placed, if they can be placed away from suitable farming land or if there is a way to benefit your own property with the arrays that will be placed there.
You will also want to negotiate the lease rate. You should research the going lease rates for land leases in your area in New York. Your attorney can also reach out to experts they know to make sure that your lease is fair to you and that you get a good rate for your land.
Solar arrays are something that you’ll continue to see throughout the state of New York, so it makes sense to want to work with developers if you have open land that could contribute to the growth and use of green energy. It’s important for you to make sure any lease is in your best interests, that you know how long it will last and that you are aware of when you can renegotiate in the future.