The solar energy industry is at a turning point. The costs of solar have fallen and there’s more consumer awareness than ever before. It’s the perfect time to get involved and start something new here. Here are the biggest business opportunities in this booming market:
The most straightforward way to get started in any industry you know a lot about is to consult. A little bit of formal training and a lot of experience in the solar industry could qualify you as a consultant for some large scale solar projects around the country. You could help a government agency get the right price for the panels or find a supplier for photovoltaic solar cables. There’s a lot of demand for such services and it’s set to grow over the next decade.
- Solar Farm Development
Unlike a consultancy business, developing solar farms is capital intensive. You’ll need to invest in land and equipment to get started. Meticulous planning and months of research are absolutely essential. But with the lower cost of panels and tested business model, a small solar farm should be easy to manage. Add in government subsidies and rebates from the utility company that you link up with, and this could be a profitable venture.
- Distribution and Installation Services
Distribution and installation are perhaps the largest markets in solar at the moment. Buying solar panels wholesale from China and selling them in Western markets could help you start off as a retailer. Hiring some engineers for installation and offering after-sales services could take the venture one step further. This is a competitive market and the barriers to entry keep getting lower, but if you manage to create a brand and earn a reputation, the business will sustain itself.
- Solar Repair and Cleaning services
At some point, solar panels and equipment will be widespread. The retail market for such products is booming at the moment, but the competition is fierce. After-sales, on the other hand, has a lot more scope for savvy entrepreneurs. Cleaning, maintaining and repairing solar panels could be a service offered on contract. Everyone with a solar installation will need these services at some point, so demand is relatively assured.
- Selling Financial Products
One of the perfect business models for entrepreneurs who want to save the environment and understand financial products is selling financial products. As the market for solar expands over the coming decades, the demand for financing options will grow as well. Businesses could seek out loans to develop solar farms on their premises, solar farm operators will need to insure their equipment, startups will need angel funding and community solar projects could require crowdfunding. Entrepreneurs with financial training can tackle complex products like derivatives for solar energy projects across the country.
Any expert will be quick to point out that the renewables are at a turning point. People are more aware and more willing to adopt renewable energy like solar than ever before. The costs are low enough and governments across the world are more keen to support small businesses that seek to enter the market. For entrepreneurs, this could be a golden opportunity.
Submitted by Community Writer.