Interested in small solar business ideas? If YES, here is how to open a solar energy business with no money and no experience. How much does it cost to start up?
5 Most Profitable Solar Business Ideas and Opportunities
Do you need profitable solar business opportunities to start? Solar business franchise is now a multi-billion industry and Elon Musk is about raking billions at of it as he did with Uber. If you have been thinking about venturing into solar business entrepreneurship opportunities, this is the right time you should do that because people are now depending more on solar as their backup source of generating power.
Do you know that the International Energy Agency predicts that Solar Energy will be the largest source of power supply, surpassing the contribution of fossil fuels and other renewable sources like wind and nuclear, by the year 2050?
A number of reasons give rise to this assertion. The first is that producing power from traditional sources is becoming more expensive, especially in connecting off-grid communities and settlements to power structures and sources. Another reason is that generating power from these sources is harming the environment and depleting the ozone layer through the emission of harmful solar power by-products and gases.
Solar Energy provides solutions to the above challenges on an increasing basis. Not only is the cost of generating power from Solar energy through photovoltaic systems and structures decreasing, solar power generation is environmentally-friendly in its entirety.
From these arise the business value chain that solar energy business ideas provide. Many companies and businesses are now stepping up and scaling the provision of solar power, especially because many countries are grappling with a huge energy deficit and solar power is a becoming a sure means of meeting this power shortfall.
If you are already an energy entrepreneur or you desire to take advantage of the emerging trends in sustainable power generation, the starting a solar business will be an ideal fit for you. You can decide to enter into the solar system business value chain via the following business models/structures:
1. Selling Solar Products/ Servicing Solar Installations
You can set-up a solar business selling solar products to end users that are seeking for a viable alternative to the traditional power generating sources. In addition to stocking up on the more notable solar panels, you could also offer for sale other items like inverters, batteries, charge controllers, breakers and relays, AC & DC wires etc.
You could also be involved in offering after installation support to individuals and businesses that already have solar systems; whether home lighting systems, heater systems, Air conditioners or refrigerators. Such services can encompass trouble-shooting such systems and carrying routine maintenance procedures.
2. You Can Become a Distributor
The Solar business is experiencing renewed drive and expansionary programs. Many large and medium scale businesses are now into the manufacture of solar parts like panels, charge controllers, batteries as well as providing solar farm services. If you have requisite financing and an extensive knowledge of your target market, then you can become a major distributor to any number of source manufacturers of these solar parts.
You would need to devise an effective marketing and distribution chain, in meeting the needs of retailers of the solar energy products that you have purchased in bulk.
The value chain in Solar business is such that you can decide to offer specialized services, depending on how vast your knowledge is, in the solar energy subsector.
A veritable business startup that you can start is spreading the knowledge on the many applications of Solar energy to homes and businesses, as well as offering to counsel customers on the most appropriate solar solutions for their unique needs.
You can run a training school alongside your Solar consultancy teaching people how to start a solar panel installation business. With teeming numbers of people seeking to be gainfully employed, your training school can breed the next generation of solar panel technicians, installers and repair/service personnel, who can go on to open solar panel businesses or seek employment with existing solar business ventures.
4. Engage in Innovation/Invention
This business idea will appeal largely to individuals that have a science and/or technological background. It will entail you analyzing the systems, structures and devices that are currently being powered by solar energy and looking for ways by which they can be improved upon.
You must remember that solar energy generation and usage is still undergoing lots of research and fine-tuning; hence your innovation or invention could just be the next big event that will further make solar energy more commercially applicable in homes and industries.
5. Solar Energy Auditing
Another venture in the Solar business chain which is gathering steam is the business of Energy auditing. One of the many challenges confronting traditional methods of power generation as well as power derived from solar energy is the losses that accrue from the generation, transmission, distribution and the consumption of power.
As an energy audit consultant, with a bias for solar energy, you will be entering a highly specialized and in-demand sector that educates users on how to conserve energy by utilizing more efficient processes and systems. The effect is that users will notice a reduction in their consumption levels; hence a reduction in the amount spent on solar power.
The list above is just a few amongst the substantial number of ventures that can be started under the Solar business value chain.
Common denominators for your consideration for any of the aforementioned solar businesses will include you identifying your niche/target market, drawing up a detailed solar business plan, calculating your solar business startup costs, creating an effective marketing/advertising campaign, having an educative website as well as utilizing the opportunities that the various social media platforms present to promote these business opportunities in solar energy, power and product market.