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 the solar arrangement as an alternate source of energy is growing very fast. Basically, the demand for the different type 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 5 Most Profitable Solar Business Ideas
#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 it is the perfect business for you. However, you have to find out a reputed company who 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.
Also Read: 10 Most Profitable Oil and Gas Business Ideas
#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 the technical and networking skill. Also, it is a low-cost startup opportunity.
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.