The recent pandemic has made people understand the importance of preserving natural resources. People are gravitating towards sustainable living now more than ever. And what better way than switching to renewable energy sources and reducing carbon footprints.
The abundantly available solar energy is a source of renewable energy that we can use to improve our livelihood. And helping people to improve their living is one of the profitable ideas. You can educate people about using solar energy for sustainable living. Or you can help people get their hands on products that utilise solar energy. Either way, it is a profitable business.
But you can do a lot more with the solar energy business. We have listed more such solar panel business ideas in the article. Starting a solar panel business in 2022 is going to make you some good money. So, continue reading the article to know more.
First, let us try to understand why it is a profitable business.
Why Is Solar Business Profitable In India?
- Solar energy has fewer carbon footprints on the environment compared to fossil fuels. Therefore people prefer it for a sustainable lifestyle.
- It is a renewable energy source and easily available for people in India.
- The high return on investments makes it more popular amongst people.
So, considering the high demand for sustainable living, the solar business is going to be one of the most profitable businesses in India by 2022.
What Do You Need To Start A Solar Business?
Any business requires a business plan and capital to get started. But a solar business needs a few more things to run successfully. The solar business is divided into two categories - Product based and Service based. And both types of business require the following things to get started.
1. Technical Knowledge
You must have knowledge about how solar energy works and how to use solar products. You can get the training from recognised institutes.
2. Sales Team
You will need a sales team to help people understand the need of using solar products and services.
3. Marketing Plan
Although many people are aware of the benefits of using solar energy, some people need to know how they can use solar energy for a sustainable lifestyle.
This one seems obvious but let us tell you that some business ideas need more capital than others. And some ideas might not require any investment. We have discussed all of it below.
Now let us dive into the solar panel business ideas.
Solar Business Ideas You Can Start In 2022
The solar business has two categories- product-based and service-based.
Product-based solar business requires capital, land, and manpower. And it gives a high return on investment. Service-based solar business requires low investment but is profitable also.
And both types of business require technical knowledge and skills. So, let us find out which solar business idea is more suitable for you.
Product-based Solar Business Ideas
1. Solar Product Manufacturer
You can manufacture and sell solar products. Apart from traditional solar panels, you can sell other products like solar gadgets, rechargers, batteries, home lighting, etc.
You must have a solid business plan and marketing strategies. Manufacturing solar products also require high capital investments. But looking at the high demand for solar products, it is one of the lucrative business ideas for 2022.
2. Solar Product Distributor
If you don’t have the financial capacity to be a manufacturer, you can sell products by being a distributor. There are so many well established solar bands in the market. You can tie up with them and choose to sell their products in your area.
You will be required to do a market survey before starting a distributorship. A proper market survey will ensure a high return on investment. As a solar distributor, you can sell products like solar panels, home lighting, batteries, so on. And for that, you need to invest as low as two lakhs. Also, it is one of the most profitable solar panel business ideas.
3. Solar System Integrator or Installer
If you are a technical person, you can choose to become a solar system installer. You will help customers by installing solar systems as per their requirements. You will need to tie up with solar companies that provide solar systems. You must also conduct a market survey to find out which area has a demand for solar systems.
As a solar installer, you will need a team of technical people, and all of them should be certified professionals. Because installing a solar system is not a one man’s job.
The initial investment to be a solar system integrator is fifty thousand to two lakhs. And you get paid on a per-project basis.
4. Solar Farm Business
Solar farm systems are the same as home solar systems. Solar systems installed in a home provide energy to a single home, whereas solar farms can provide energy to a community.
To start a solar farm, you must own a piece of land enough to set up a solar system. And the initial investment for system installation.
These are the product-based solar business ideas that require more capital than service-based solar businesses. If you don’t have the financial capacity to start a product-based business, we have more options for you below.
Service-based Solar Business Ideas
1. Solar Energy Auditor
As a solar energy auditor, you help people determine the energy requirement. You also help understand the need to install solar systems. In simple words, your job is to convince people to switch to green energy sources.
It is a knowledge-based business. So the only investment you need is knowledge about solar systems.
2. Solar System Repairing & Maintenance
Repairing and maintenance of solar systems are aftermarket services you can offer to customers. You must have technical knowledge about solar systems and must be certified.
The only investment you need is knowledge and tools to repair solar systems. You can tie up with solar companies who install solar systems to get you referrals.
3. Solar Consultancy
A solar consultancy is a good option for people who have experience in developing solar projects. As a consultant, you can help people understand the types of solar systems and what they need for themselves. You can also monitor and supervise solar system installations.
As a solar consultant, the only investment you need is a good network of people who can refer to your services.
4. Solar Business Associate
If you have some influence in the community, you can become a solar business associate. As an associate, your job is to convince people to switch to green energy resources.
The solar companies will provide sales and marketing support to you. And you get paid per lead. It is one of the best ways to use your community influence to earn some money.
If you have a passion for eco-friendly living, you must start a blog. You can write blogs about sustainable living and help your audience understand the importance of it. You can promote solar companies on your blogs.
It is a passive income idea and will take some time to generate revenue. But it is a low investment solar business idea you can start as a side hustle.
Specialised coaching services are always in demand. If you have some experience in the solar business, you can teach others about it and earn a living for yourself. You can start with one to one coaching and then expand it to an institute.
Starting small is always a good idea. So, these are all the solar panel business ideas you can try your hands on. The bottom line is, any solar business will need you to have some technical knowledge about it. And if you don’t have any, you will need to hire people who have them.
|We hope our article turned out to be useful for you. For more such informative content, you can visit these linked articles as well:
|Solar Energy Startups in India
|Advantages of Solar Energy
|Future of Solar Energy in India
|How to Start Solar Energy Business in Delhi?
|How to Start Solar Energy Business in Uttar Pradesh?
|Why is Solar Energy Important for Environment?
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Q. Is the solar business a profitable industry?
Ans. Yes, considering the increasing demand for solar products, it is a profitable industry.
Q. How can I start a solar business?
Ans. First of all, choose the type of business that suits you the most. And based on that conduct a market survey, create a business plan, marketing strategy, arrange capital and get started.
Q. Is the solar business a good idea to start?
Ans. Yes, the solar business is a good idea because it is profitable and has a requirement in the market.
Q. What are the solar business opportunities in India?
Ans. The most in-demand solar businesses are- solar distributors, installers, and consultants.
Q. Can I get a business loan for the solar business in India?
Ans. Yes, the government supports the sustainability businesses in India and has some schemes to support them.