Renewable energy is on the horizon as the number one source of power for our homes, cars, and industries of the future. The power of clean solar or wind energy is an exciting step forward for the planet, but it’s also a great business opportunity for those with the vision to build a corner on the market today. If you want to become an entrepreneur in the renewable energy sector, here are some things to keep in mind.
Get to know your niche.
Understanding the current situation of the solar panel market is crucial to making the best entry possible. To date, California is the only state to mandate solar panel installation on the rooftops of all new homes, but the movement towards the installation of solar panels on homes across the United States is gaining momentum. In order to become a successful renewable energy entrepreneur, you could move to California. But consider your home state’s approach to solar installation instead. Building a footprint early on in a location that will soon make the leap to renewable energies, might give you a head-start over when your competitors arrive. Deciding on a location for your home base is essential, and it’s the first step in building a successful renewable energy startup business.
Source the best equipment possible.
Solar paneling has grown by leaps and bounds in recent years, and solar cell technology has never been more affordable. Sourcing solar photovoltaics panels should be your first priority, along with transformers and battery technologies for the storage of unused surplus. In fact, expanding surplus storage is what may give you the edge over your competitors. Buying state-of-the-art equipment like solar photovoltaic panels ahead of time will set you apart from other competitors in the renewables sector. PV panels are more efficient, and allow solar panel users to free themselves from complete reliance on the grid.
The solar market is split into two general categories. Individual households are taking advantage of expanded LoanPal offerings to buy the panels, which they can then install themselves and provide electrical power to their homes. Alternatively, some businesses offer to install and service panels placed on clients’ rooftops, and this is where the most profit can be made. For a prospective buyer, both models offer unique advantages, but as a startup in the industry, you can offer top of the line solar cells, something that the average direct buyer likely won’t be able to afford on their own. (PV cells are getting cheaper, but they still have very expensive upfront costs for the average buyer.) The real benefit comes from years of self-sustaining use and this is where your business model will make the most sense. As a third-party owner of the solar cells, you also act as the installer and then go on to manage and repair solar cells on your clients’ properties. Instead of paying off a loan, they pay you and don’t have to worry about the snags that come along with ownership. It’s the same question faced by renters considering buying a home instead.
Maintain high business standards.
Once you have chosen your location and signed up new customers, the only thing left to do is provide that high-quality service for your clients. After all, the only path to long term success in this industry is to provide top-notch customer service. Whilst there may not be much competition in the renewable energy market today, it will soon come. Eventually, there will be dozens of companies competing for business in clean electrical energy. As an early opener, the best way to keep clients is to offer your customers a long memory of fantastic service with your firm. Sticking with you then becomes a question of trust over price. You may have to compete with competitor’s pricing and discounts, but an untested firm won’t beat you over the long term if you have carefully built up strong customer relationships in the years before.
The solar panel sector is poised for booming growth, getting in now is the best way to secure your financial future while promoting a product that would lower our carbon footprint on a large scale over most parts of the world, but particularly in the United States where change is inevitable. Be the first to help transform the way we interact with our world, laying the pathway for sustainable development, and pioneer clean energy products to be the primary renewable energy source of electric power with a network of residential solar systems.