Did you know 89 percent of Americans think it’s important for the United States to develop and use solar energy?
If you’re an environmental protection enthusiast, this is exciting news. More people going solar means less environmental pollution. And if you’re an entrepreneur, herein lies an opportunity to make good profits.
How, you ask? All you need to do is start a solar panel installation business!
But that’s not all. The fact that there’s a rising demand for solar power doesn’t automatically mean your new business will flourish.
Keep reading to learn how to start a solar panel business that will keep the lights on for years.
Develop Your Knowledge of Solar Panel
The first step to starting a successful business is to develop a decent knowledge of the product or service you want to offer. You don’t want a customer catching you off-guard with a question you have no answer to.
In our case, you need to enhance your knowledge of solar panels. How do they convert sunlight into electricity? What are the different types of solar panels? What affects their prices?
It’s also essential to learn about the various solar industry trends, regulations, and forecasts. For instance, learn how the solar investment tax credit works for businesses and homeowners.
Choose Between Residential and Commercial Solar Installation
Do you want to provide installation services to homeowners or business owners?
Both market segments have their pros and cons, so it’s important to research and identify the best niche for you.
One factor you should consider is local demand. If the vast majority of potential customers are homeowners, then you need to choose residential solar installation.
Decide How to Fund Your New Business
Solar installation businesses are fairly capital-intensive enterprises. At the very least, you need to purchase a stock of solar panels and installation equipment, set up office space, and hire one or two installers to help you.
As such, be sure to draw a business plan that fleshes out your minimum capital requirements before looking for funding. Next, identify where you’ll get the capital.
If you plan to fund it from your own pockets, awesome! But if you don’t have enough money, you can take out a business loan from a bank or run a crowdfunding campaign. You can also partner up with a relative or friend.
Register the Business
Solar installation businesses must obtain the relevant registration and licensing certificates before opening their doors to customers.
Registration and licensing requirements vary from state to state, but typically include filing details of your business name and physical address. If you’ll be doing installations, you’ll need to obtained certification from the North American Board of Certified Energy Practitioners.
Build a Website and Market Your Services
At a time when over 79 percent of Americans shops for goods and services online, your new business must have a strong digital presence.
To achieve this, start by building a business website. Although you can DIY, you have a better chance of ending up with a professional website when you outsource the task to a website design company.
Also, open business pages on social platforms such as Facebook and Twitter, and start sharing relevant, informative and engaging content. As the business picks up, feel free to start spending on paid digital advertising.
That’s How to Start a Solar Panel Business
Solar power is the fastest growing source of renewable energy. If you have a nose for business, you can capitalize on this growth.
And armed with this guide on how to start a solar panel business, you have the information you need to build a profitable enterprise.
Need more advice? Stay hooked to our blog!