Enjoying the hot spell? If you’re on the Texas grid, you’re probably wondering whether supply will continue to meet demand in this record heat. The good news is that power companies continue to make investments in energy development here in Texas and New Mexico.
A lot of that is oil and gas from the Permian Basin, of course. However, increasingly, we’re seeing wind farms and solar power installations popping up.
As a matter of fact, solar and wind power generation just hit another record. According to data released last month, in April wind and solar generated 20% of all electricity across the U.S. That’s up from 18% in March.
Wind and solar installations are becoming ever more common, and they are responsible for much more electricity than they ever have been in the past. In fact, wind and solar are the fastest-growing forms of electricity generation worldwide – and have been for 17 years in a row.
According to the global energy think tank Ember’s Global Electricity Review, solar and wind energy generation has doubled since 2015 and now delivers about 10% of all electricity worldwide.
Companies may come knocking to lease or buy your land
Solar and wind power companies are actively seeking more land for energy projects. Indeed, energy giant Shell announced recently that it will begin selling electricity from renewable sources in Texas soon. The company plans to double the electricity it sells by 2030, and a growing share of that electricity will be coming from renewable sources.
It all comes down to finding enough land. All energy companies need it, whether they plan to build solar arrays, wind farms or oil pipelines.
In Texas and New Mexico, many of these companies have the power of eminent domain. That means they can force you to sell your land for their public project.
Exactly what your land is worth, whether the company needs the entire parcel, and how extensive their project may be are big points to consider. How do you know you’re getting a good deal?
Show any proposal from an energy company to an experienced energy law attorney who has handled multiple deals. Your lawyer can help you ensure your rights are protected and any use of your land is fully paid for.
There are profits to be made leasing or selling land to renewable energy companies. Just be sure you get good advice before you sign anything.