Why do you need to start a solar panel installation business? Just because it is attainable, sustainable and profitable. This is one of the best lucrative startup ideas to start working on with a little investment.
Solar Photovoltaics recorded a massive growth of 40% in overall power generation in the last year and is well on track to meet it’s Sustainable Development Scenario (SDS) target, which predicts an average yearly increase of 17% till 2030. SDS outlines a significant transformation of the global energy system.
Starting a Solar Panel Installation Business
What are the steps to start a solar panel business? We have a great visual which sums up the essential points from start to marketing and making a brand. Let’s discuss step by step guide to a startup in the solar power generation. It is one of the best business ideas to work on just because of its sustainability!
Who should start Solar Panel Business?
A self-motivated person with excellent business management skills, understanding of electrical contract work, a little background or experience in construction businesses should start solar energy company in the United States for a handsome earning.
What would be the solar panel business model? Let’s start from average days work. Day-to-day operational activities at a solar panel franchise include fitting solar panels, backing-up battery systems, connections to the main power grid, and maintenance and repair for existing solar panels. That makes our solar panel business model, consisting of the following points.
- Fitting of New Solar System (How to install solar panels?)
- Batteries and Backups
- Wiring and Connections
- Maintenance and Repair of Existing System
Solar Panel Business Opportunities and Target Market
There is a huge market for renewable and sustainable energy resources such as Solar PV. The IEA’s Sustainable Development Scenario (SDS) describes a significant transformation of the global energy system to solar panels and renewable resources in the future. There are three types of customers apart from Tenders.
- Commercial Customers – They need the ROI model of Solar Benefits
- Domestic Customers – They need financial assistance likely to ask for subsidies too.
- Farmers – They need subsidy and long term sustainable projects
Now your business model must show you how to incorporate your skills and experience to create your own space in the market! How to become a millionaire this year?
Solar panel business profit depends on the three types of customers which are, commercial, domestic, and farmers. You have to plan something catchy for each of the categories.
What is the growth potential for a solar panel business?
Well, as already discussed, the annual growth in the solar power industry is up to 17%. This is a huge increment if you consider the shift towards renewable energy. The growth is expected to continue for the next few decades as more and more industries are switching to Solar PVs.
So, let’s know about the best solar panel companies in the solar industry.
Top Solar Panel Companies:
A big part of assessing solar panel quality is knowing the metrics and factors that determine it such as module efficiency and performance. These companies know how to install solar panels. Based on these two factors, the following are the leaders in the solar panel companies.
[table id=SolarPanelManufacturers /]
Company Name Ideas for Solar Panel Business
Think of a catchy business name for your solar company and file it with the county as a fictitious business name or “doing business as.” While this step is not necessary, it will allow you to write checks, manage financial matters and promote the company using the name of the firm.
[table id=SolarCompanyNames /]
Business Plan for Solar Panel Business
1. Executive Summary 1.1 Objectives 1.2 Key to Success 1.3 Mission 2. Company Summary 2.1 Company Ownership 2.2 Start-up Summary 2.3 Company Locations and Facilities 3. Products 3.1 Product Description 3.2 Sales Literature 4. Market Analysis Summary 4.1 Market Segmentation 4.2 Target Market Segment Strategy 4.2.1 Market needs 4.3 Industry analysis 4.3.1 Competition and Buying Patterns 18.104.22.168 Competition 22.214.171.124 Buying Pattern 5. Strategy and Implementation Summary 5.1 Competitive Edge 5.2 Sales Strategy 5.2.1 Sales Forecast 6. Management Summary 6.1 Management Team 6.2 Management Team Gaps 6.3 Personnel Plan 7. Financial Plan 7.1 Important Assumptions 7.2 Projected Cash Flow 7.3 Key Financial Indicators 7.4 Break-even Analysis 7.5 Projected Profit and Loss 7.6 Projected Balance Sheet 7.7 Business Ratios
Marketing and Advertising of Solar Business:
Build a relationship with commercial suppliers of solar panels, batteries and different equipment needed for solar panel installation. Be sure to distinguish yourself as a contractor so that you get wholesale discount prices. Visit home shows as a vendor, purchase on-air and print ads, and join your local chamber of commerce to get your name out in the community.
You need to advertise your solar panel services in local newspapers and real estate magazines. Why not post flyers at local lumberyards and in supermarkets? Work on innovative ideas for marketing. Once your business starts, you’ll be able to cut back on advertising as more and more of your clients begin coming through referrals.
The other most important thing is digital marketing. Make sure you have an online presence. A good website with social media pages that are updated regularly will help in the growth of your business.
Licensing and Certification
You need to thoroughly research the licensing you need in your state to conduct solar installations as there are many limitations in different states. Certain state permits may be needed to operate a solar panel business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.