Farmers opt for solar power as new cash cow

US farmers saw their net income fall by 16 percent last year, but the Department of Agriculture predicted on March 6 that such income-a broad measure of profitability-will rise by 10 percent, or $6.3 billion, this year to $69.4 billion.

The higher income projection comes despite continued retaliatory tariffs on US agricultural products, but largely reflects expectations for yields and slightly higher prices for some commodities, according to the department.

Farmers' income was affected last year by the US-China trade dispute and by huge stockpiles of corn and soybeans.

When it comes to solar farms, there are two main types.

Photovoltaic farms generate electricity by using thousands of panels covered with cells to convert light into power, while solar thermal farms generate hot water and steam by using mirrors to concentrate the sun's heat onto a column that makes steam by spinning like a turbine to create electricity.

The average cost of a solar power project from 2010 to 2017 fell by 80 percent, according to the National Renewable Energy Laboratory.

Farmers who convert part, or all, of their farms for solar projects can either sell the energy back to an electricity company, or use it to power their businesses or even their homes. Leases tend to be for 20 years or longer, with an option to renew.

At least 29 states in the country and Washington, DC, have a renewable energy portfolio standard-a regulation for utility companies to supply a minimum amount of electricity from solar power, wind and renewable energy. Eight other states have set renewable energy goals.

In Illinois, farmers interested in solar power have been given an added incentive to invest in it following the enactment of a law that stipulates that renewable energy resources must provide 25 percent of power in the state by 2025.

Beekeepers Travis Bolton and his wife Chiara, who run the Bolton Bees Company in St Paul, Minnesota, believe that solar panels on farmland are beneficial because they promote clean energy and are good for the environment. The duo work in conjunction with solar energy to produce honey on land that is populated by pollinator friendly plants (which are good for bee hives).

"The product we develop from the solar rays we call solar honey," Travis Bolton said.

"There is a lot of farmland where we are … The crops grown here are mostly corn and soybeans. But there are lots of other crops grown in the area such as apples, strawberries and blueberries, which benefit from pollinated surroundings. What we do helps other farmers."