Explaining the Magelight XP glitch in Skyrim

There's a place in Skyrim right outside the capital city, Solitude, where if you cast Magelight at the top of a mountain, you get tons of XP in Alteration — enough to level you from 15 to 25 in just one cast. But why?

There's a lot of wrong explanations for why this works, but the main one is some version based on how far the target is:

"Magelight grant XP on arrival based on how long it travelled. What you have found is a place where you are on the near edge of render distance, but there are tricks to increase it even further." - @Jewbacca1991