By now, most everyone is aware of the severity of the global energy crisis, the environmental impact of fossil fuels as an energy source and the various alternative energy sources that have emerged over the last few decades. While concepts such as electric cars, wind power and harvesting photons once sounded as realistic as living on Mars, today these ideas are a reality – and could help to reduce pollution, create jobs, and help humans move towards a more sustainable way of life. Solar power is one of the leading alternative energy sources at the head of this change, and it seems that everyone wants to be a part of the industry.
The most unfortunate, and one of the only drawbacks of solar power is that, today, it is not entirely feasible everywhere. While the energy can be harnessed, fed into the grid and routed almost anywhere, it must originate from a place with very particular specifications. While it would be great if everyone in the world could build a solar farm in their very own back yard, this is simply not possible. For a PV project to earn an investor any real return on their investment, the land must meet certain solar energy qualifications. In order to determine whether land is right for a solar farm, experts must complete a solar feasibility analysis.
Firstly, solar power experts will examine the land to determine whether it receives enough direct sunlight. This is generally the first step in any solar feasibility analysis or solar power study because, if the land does not receive enough sunlight, the solar farm will not be effective. However, even if the land receives plenty of uninterrupted direct sunlight, there is much more to consider. Experts will also review legal land documents, local zoning and permit laws, possible environmental concerns, project costs, potential government rebates and estimated ROI. A good due diligence team will compile the solar feasibility analysis into a full report so the investor can review it and make their final decision.
A solar feasibility analysis is not only completed so investors can determine whether or not they should move forward with a solar power project – though this is certainly one of the benefits. This analysis can also provide property owners with valuable information on how to achieve the biggest return on investment with the smallest initial expense. In other words, this analysis can save the average investor quite a large sum of money. By reviewing the opportunities and threats of a project beforehand, solar power investors can enjoy greater success.