A new solar farm could bring energy production to the United States for less than the cost of the next 10 years, according to a new report from the solar panel manufacturer SunPower.
The solar farm, which will be built in the Phoenix area, will be powered by a mix of solar panels and wind turbines, and it will provide more than 1 gigawatt of electricity per year, the company said in a report Thursday.
“This solar farm will be an essential component in the future economic viability of the Arizona solar industry,” SunPower said in its report.
“The sun is always the source of energy, but the solar industry’s future depends on the availability of new technologies and the reliability of existing technologies.”
The solar panel farm will feature three panels that will generate a total of 3 gigawatts of power, according the report.
The three panels are expected to produce enough electricity to power about 300 homes.
The farm is expected to be completed by 2023, according SunPower, which said the farm will produce an additional 1.2 gigawat-hour of electricity annually.
The project is expected be a boon for the region, as it will generate jobs and revenue for the state.
The state’s economy is estimated to generate more than $2.5 billion in electricity from solar energy in 2023.
The SunPower report found that the project would generate about $2 million per year in revenue to the state in the first five years, which the company estimated to be around $1 million per capita.