Accurate estimations of energy production in the planning and design stage of photovoltaic (PV) plants require advanced and efficient models to simulate shading effects. This is particularly important for plants located in complex terrain or plants that are affected by nearby shading obstacles. Herein, a hemicube approach is presented for calculating shading effects and assessing the model accuracy and performance for utility‐scale PV plants. The proposed model is thoroughly illustrated for common direct beam and diffuse irradiance shading effects occurring in solar plants. The article illustrates how the accuracy and computing needs of the model can be affected by the tuning of key parameters using as case studies several PV plants from 1 to 100 MW and different ground coverage ratios. The model is validated in a 16 MW PV plant located in a complex terrain. Finally, the results demonstrate how the proposed hemicube model can be set to leverage accurate and efficient computing performance. The proposed hemicube‐based shading model has been implemented in SolarFarmer, a commercial PV design software, to facilitate the PV industry, produce accurate energy yield assessments, and support the ongoing clean energy transition.