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An Australian company named EnviroMission is using an extremely basic principle of physics - the fact that warm air rises - to spearhead one of the biggest engineering projects the world has ever seen. The 2600ft tall, football field sized, "Solar Chimney" would generate 200MW of clean, renewable energy (enough to power 150,000 homes) with an expected structural lifetime of 80 years. The way the whole thing works is really simple: use a ginormous canopy (2 mile diameter!) to trap hot air warmed by the intense Arizona Sun. That air would then be (naturally) forced to escape up through the half-mile long tower in the center. As it rushes through the structure, it would drive turbines that generate electricity.
As for the cost - a cool $750 million. But it's expected the plant would pay for itself in only 11 years, as the design is so simple it has barely any operating costs. The beauty is that there are very few moving parts, so it doesn't cost much to operate, and because the area under the canopy heats up so much and there's still going to be a significant temperature differential between the bottom and the top of the tower, it can continue to produce power at night.