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Like anything when it comes to art, I do believe that rules are meant to be made your own. However, there are a few tried and true interior design tips and tricks that I just about always abide by, and how to hang your pendant lights over your kitchen island happens to be one of them.
My rule of thumb: there should be 30-36″ of clearance from the top of your counter to the underside of your light fixture.
Bonus notes: they should also be hung at minimum 24″ apart from each other, and at minimum 6″ away from the edge of the counter.