How to make money from solar installation business in India
The first question which arises in your mind is ‘how to start a solar installation business in India?’ India stands in third position in the world next to China. It has a high demand in the market as everyone is stepping towards using renewable energy resources. The reason is India is making the fastest strides towards the alternative resources of energy like wind, solar and has to set up a hostile renewable energy installation target. Aiming India to make clean and green, using most of the renewable resources of power like wind and solar will be your answer.
An Idea to make money from solar installation
As per the recent analysis, India says that it is ready to increase towards its solar target which is expected to increase the installations of 14 GW in 2019. There is a large number of opportunities for solar installation businesses in India. Some of the new entrepreneurs may not know the proper steps and ways of starting a solar installation business in India. If you are searching for tips in starting a solar installation business in India, here are the steps to follow. In this blog, we are here to provide you with the following steps to start a solar installation business in India.
Solar plant business plan
While starting a solar installation business in India you need to craft a solar installation business plan. The business has huge demand in the market, which is at the top position for the profitability at present and expected to continue the same in the future also.
Steps for the solar installation business plan to make huge money
Research the market
This is the most crucial factor in getting the success of your business. You should know about the market and your competitors, raw materials, other incurring costs, for solar energy products. The most important thing you need to check is whether there is an existing strong market player in your area where you are willing to start your business. Then you need to plan accordingly by choosing a particular business based on your convenience and the market needs. It will be better if you have chosen a unique area to start with your business operation.
Make a business plan
While starting a solar business in India you need to design a blueprint of your solar plant business plan on which you will be working. The plan involves the land, labor, building, and overall finance needed in running a business. The business plan also includes the delivery of your services.
License and certification
While coming to the first step to start your business. Firstly, you need to understand the procedure well before applying for the license and other different certifications. So, your business model needs to have the following documents which you will get after your company gets registered. These include – Memorandum of Association, Certificate of Incorporation, Articles of Association, TAN, PAN, and GST.
You have to be eligible enough to get all these licenses and certifications. The licenses and certifications include the following – TIN number, The article of Association, An article about Memorandum, Certificate of Commencement.
Registration
The next step will be getting registration after acquiring all the licenses and certifications done is registration. You must get registered your firm registration for the business in the registrar’s office of your state. Then they will check all the certifications thoroughly to get the registration.
Financial decisions
It mainly depends on the scale i.e., small scale or medium scale of your business, but normally you can start with an investment of at least Rs. 2 lakhs to 5 lakhs. The finance division will include mainly: land, machinery, manpower, raw material purchase, building, transportation, office infrastructure, marketing, and tax payments.
Recruit the manpower
You need to recruit better manpower for your firm. As it needs more hard-working and competent human resources for new start-ups especially in attracting the clients.
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This will definitely help you in getting good profits. A hardworking team will lead you to achieve success at a very earlier stage. So, it is important to choose your manpower wisely.
Marketing strategies
Marketing strategies will play a very important role in this perspective. You need to get the business by advertising, marketing your product, and getting more services, creates effective impacts on the customer’s minds. You also need to take the feedbacks of the customers who had already installed the solar installation. This will make you get the drawbacks of your competitors. These points will help you out in getting a clear idea about this business.
Most importantly you need to know your solar power business, but remember that you have to be available both offline as well as online. You must go through the flow and advertise your firm on digital platforms because you will find more audience on the social media platform.
Other factors
The solar business in India includes many other factors like – taking care of the process in the following businesses, such as – choosing an appropriate location for operations, better employment services, better equipment and machinery, comfortable building and infrastructure, reach to customers, employee care policies, better quality products, an area with maximum solar product requirements, maintenance services kit, and durable machinery.
Solar energy business opportunities in India
India is well-known as one of the fastest-growing economies, in the world with rapid commercialization it has led to an increased carbon footprint for the country, therefore solar energy business opportunities are increasing day by day in India.
Product-based solar business opportunities
Become a product seller: Every year, most of the people spent billions on solar PV, solar attic fans, and solar thermal systems. These products are used in manufacturing these solar products are in demand for sale.
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Get the contact of a distributor: As there is a rise in the number of solar installation businesses, the graph is also growing day by day and the solar installation business opportunities in India are increasing and you need to get the contact with the distributors. So, you can even opt for a distributorship.
Developing and owning solar products: Gather a team of solar installation experts and build up a good business plan. You can arrange for the investment and start executing the business plan.
Become an inventor: You can also become an investor after earning a good amount of profits for the other solar business in India like –
- Solar installation business
- Solar sales business
- Energy consultant
- Solar consultant
- Solar manufacturing business
- Solar parts business
- Solar maintenance business
- Solar tax credit expert
There are a lot more solar products yet to be discovered. Get these basic concepts of the mechanism of solar products and implement these ideas into different products.
Become a financer: It is a great option for these businesses in using these solar products for setting up a financial company. You can also use in setting the solar construction of financing business, joint venture financing, or provide angel financing, etc.
Service-based solar business opportunities
You can please these with less – a capital investment you can get all these by providing different services for solar products to start a solar business in India, such as:
Become an independent solar consultant: You can get prior to installing solar products, people would like to consult with an expert who could guide them through the whole process of solar power installation as per their requirement.
Solar panel cleaner: To clean the installed solar panel, which would yield more electricity than the dirty panels? This is a brilliant business idea to start with as it involves the lowest investment.
Solar repairs: Like every other solar product, solar gears also need repairing. Starting a solar maintenance firm for solar products and panels would be a better business.
Energy auditor: Another service that is in great demand is ‘energy audits’. You need to explain to all the people how they can reduce their electrical consumption and turn their attraction towards utilization of solar energy, and the energy auditor is another best solar business in India to earn a good amount of profits.
The conclusion to make money from the Solar installation business
As solar installations are increasing every year, one can make huge money in the solar installation business in India. You may also check the Solar Subsidy, Loan Schemes for Rooftop, and Agriculture.