Do you want to start a business in the renewable energy sector? Find here 5 most profitable and trending solar energy business ideas for your ready reference.
Sunlight is an important source of renewable energy. Solar power is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV), or indirectly using concentrated solar power. Anyone can use solar cells to generate electricity from sunlight.
Nowadays, the demand for solar arrangement as an alternate source of energy is growing very fast. Basically, the demand for different types of solar products is increasing in countries like Japan, China, India, Germany, Italy, UK.
This increasing popularity is creating a huge potential for entrepreneurs for starting a solar business. Generally, you can start both the product and service-based business in the solar industry. However, you can also offer a product or service to a specific niche instead of attracting a huge audience.
List of 10 Most Profitable Solar Business Ideas & Opportunities
#1. Solar Energy Auditing
This is a highly knowledge-based business. As a solar energy auditor, your primary responsibility is the determination of the energy requirement. This is the basic requirement when anyone wants to install solar energy panels. However, an auditor is actually a salesperson, marketing conservation and renewable energy resources, offering people a way to control energy consumption. The business demands very small startup capital for commencing. Even, you can operate from home.
#2. Solar Panel Installation
In starting a solar panel installation business, you must have sufficient knowledge and technical skill. The business is very profitable and it ensures a lucrative revenue also. Apart from the fresh panel installation, you can also offer to repair service also. However, the business demands moderate capital investment for inventory, staffing, and marketing expenses.
#3. Solar Product Distribution
If you want to start a distribution or trading business in the energy sector, this can be the perfect business for you. However, you have to find out a reputed company that is looking for a distributor in your area. You can also import the products from other countries to sell in your area.
#4. Solar Product Manufacturing
This is a capital intensive business. And you must have a business plan with marketing and financial projections. Apart from the traditional items, you can develop different types of new solar products. Some of the most trending segments are solar lights, solar gadgets, solar rechargers. If your product can address the issues of consumers, there will not be any shortage of customers.
#5. Solar System Repairing & Maintenance
This is actually an aftermarket service-based business. After the installation of the solar project, it demands regular maintenance check and repair. Therefore, offering repair and maintenance service is a lucrative business to start in the solar industry. However, the business demands both technical and networking skills. Also, it is a low-cost startup opportunity.
#6. Solar Product Distribution
As more and more solar product manufacturing companies are coming up, the need for distributors is bound to rise. Starting a solar product distribution will require lesser investment and can be started by anyone.
#7. Solar Project Consultancy
If you have experience in developing solar projects, starting a solar project consultancy can fetch you good returns. You can work independently or together with like-minded consultants.
#8. Solar Panel Cleaning
There is a growing need for cleaning solar panels. It is observed that dirty panels do not work as efficiently as clean panels. The solar cleaning business can be started with very low capital.
#9. Create a Solar Blog
If you take a keen interest in solar-related matters and looking forward to earning money from the comfort of home, starting a solar blog is worth considering.
#10. Work as a Financial Consultant
Most Solar projects require big funds to execute. People having expertise in the financial field, working as a solar project financial consultant can be hugely profitable. There is no shortage of customers looking for financial help in the solar industry.
In starting a solar business, it is better to have some practical work experience. You must have some idea about the industry trends and dynamics. If you are a beginner, then always start a solar business that addresses a niche audience and demands small startup capital investment.