Field Note · Land & Regenerative Agriculture · Asset Economics

Agrivoltaics and the economics of dual land use

Treating energy and food production as competing land uses is a modeling error, not a physical constraint.

March 2025

Sheep grazing beneath solar panels on working land

Vertical bifacial modules spaced between crop rows generate from both faces of the panel while reducing peak heat stress and evapotranspiration at ground level, which in several documented trials has improved yield for shade-tolerant crops relative to open field, not merely preserved it. The land does not choose between an energy return and an agricultural return. Structured correctly, it produces both, and the combined income stream is materially more resilient to a single commodity price cycle than either use alone.

For institutional land positions, this changes the underwriting question from 'energy or agriculture' to a joint optimization across row spacing, module height, crop selection, and irrigation design. That is a land use engineering problem, and it is where our agricultural and energy diligence now sit inside a single workstream rather than two.

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