Well, they might not mortgage the farm for that because it might not bring in enough extra revenue to cover the new mortgage they just took out, in addition to all their other expenses. We don’t know yet. When we see farmers doing this without being backed by research grants, we’ll have a pretty good idea though I think.
It seems like there’s probably only two ways for this to happen; farmer takes on the risk, or developer leases the farmland, and takes on the risk.
So for the farmer, This page gives a range of cost for solar farms from $225,000 to $500,000 per acre. That’s for a normal solar farm that is not built to have men and machinery operate under the panels presumably. Where I live, I think farmland is around 10k an acre. So I’d guess here you’d be mortgaging at somewhere in the ratio of oh, 30 to 50 acres for every 1 you develop? Not sure if that’s how it’d work or not, but if so that sounds like a pretty hefty outlay. And now the farmer has the headache of maintaining a solar farm, in addition to their farming. and each developed acre probably needs to generate $15k+ extra income per year, just to pay the mortgage. and that’s assuming extremely favorable rates and long timeframe. This is all very back of napkin, of course, based on quick googling.
On the other hand, leasing their land takes that all off the farmer’s back. But now the at risk party is the solar developer. What is their incentive to let huge machines waddle around in their solar field? There can be only 2 I think: they get to pay less per acre on their lease, or having inter-cropping is the only way they get the permit. Otherwise I see no incentive for them. If they get to reduce the farmer’s lease, well, now the work is back on the farmer. Except now he’s also probably liable for any damage he causes to the solar facility. I think the motives are rather at odds in a scenario of developer-financed project.
And in both cases, as Snowflake alluded to, for certain crops you probably have to presume that entirely new machinery is made for this purpose, to fit between the panels, and to offload the crop to a truck shadowing the harvester behind, rather than in front. That or you’re limited to hand-harvested crops. Which from what I’ve seen still use giant mobile harvesting stations as collection platforms. Though that’s probably easy enough to downscale. Conveyors built into the framework to transfer the crops to the ends of rows for pickup? Hmmm.
Really, an interesting point to be made in the whole conversation is that 1/3 of corn that is grown, is grown for use in ethanol, for IC vehicles. If corn farmland is straight up replaced with pure solar panel farms approximately in line with EV growth rates, you’re not really disadvantaging the human food system - that corn wasn’t going to people anyway. The land is still being used to fuel vehicles. Except that this fuel can do so many other things, and isn’t basically a scam.