The ofently asked a question, “how to start Solar Business in India” in every investor’s mind. India has a count among 10 countries in the world to utilize solar power with full enthusiasm
The reason is the country has been making fastest strides towards alternative sources of energy like wind and solar and has set up an aggressive renewable energy installation target of 175 GW till 2022.
Aiming to make India clean and green, adopting some sources of power like wind and solar seems to be the only answer.
A new report by Bridge to India says the country is ready to march aggressively towards its solar target with expected installations of 14 GW in 2019.
There are huge opportunities for solar businesses in India. Some of the new entrepreneurs may not know the proper steps and ways of starting a solar energy business in India.
You are searching how to start solar business in India Hence, we are here to provide you with the steps to start a solar energy business in India.
How to Start a Solar Business in India
How to start a solar business in india? Solar power is the prime issue that is being discussed with the scientist at the recent years on account of the current state of the coal and other non-renewable sources of energy being on the point of extinction. Back in India, the ailment is worse due to the over and each developing population whose needs is many times greater than the source of their energy in the nation.
In a state where 72 percent of the populace residing below the rural belt with half of those population living with no power because of the under degree creation of electricity or political biases as well as on account of the geographic places, the demand for solar power is there and it’s there with a great deal of significance. Solar power can actually alter the situation of India and highlights its own heart possible.
Solar Plant Business plan
While starting a solar business in India you need to draw solar plant business plan The Business is like at the top position for profitability at present and will continue in the future also. As the environment has started giving its strong warnings to its residents
Steps for the Solar energy Business Plan
Solar Plant Business Plan
While starting business you need to draw solar plant business plan; Solar power isn’t simply a company which you are able to earn a profit from it but it’s an initiative to create India bright and also to enlighten Indian towns and the people.
So, below are a few of the significant business opportunities that are discussed in short which you can invest their cash into should they wish to enter this business of solar energy.
#1) Research the Market
This is the most crucial factor in the success of your business. You should be well known about the market and your competitors, incurring costs, raw materials for solar energy products.
The most important thing is to see whether there is an existing strong market player in your interest area or not.
Then go for choosing a particular business according to your convenience and the market needs. It will be better if you choose a unique area of operation.
#2) Make a Business Plan
while starting 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, labour, building and overall finance needed in running a business.
The business plan also includes the delivery of your services.
#3) License and Certification
Now comes the step for Corporate Level. Firstly understand the procedure well of applying for the license and different certifications.
You must be eligible enough to get these licenses and certifications. The license and certifications will include
- TIN number.
- The article of Association.
- An article about Memorandum.
- Certificate of Commencement.
Anyhow the license permitting authority to find something missing or wrong in between, will not give you the license.
The article of Association and Article of Memorandum are the two major certification or documents which you will need for the commencement of solar business in India.
The exact next step after getting a license and certifications done is Registration. You must register your business firm in the registrar’s office of your state. Then they will check the whole of the certifications thoroughly.
#5) Financial Decisions
It depends on the scale of your business but normally you can start with an investment of INR 7 lacs to 10 lacs.
The finance division will include on:
- Raw material purchase.
- Office infrastructure.
- Tax payments.
#6) Recruit the Manpower
Now Recruit better manpower for your firm. As it will need more hardworking and competent human resources for a new startup.
This will definitely help you in getting more profits. A hardworking team will lead you to achieve success at a very earlier stage. So choose your manpower wisely.
#7) Marketing Strategies
Marketing strategies play a very important role in this perspective. Advertising and, marketing your product and services more and more, creates effective impacts on the customer’s minds.
Most important now is that your solar power business should be available offline as well as online. You must go with the flow and advertise your firm on digital platforms. Because you will find more audience on the social media platform
#8) Other Factors
The solar business in India includes many other things also. The other factors which you need to take care of in the process are
- Choosing an appropriate location for operations.
- Better equipment and machinery.
- Better employment services.
- Employee care policies.
- Comfortable building and infrastructure.
- Reach to customers.
- Better quality product.
- An area with maximum solar product requirements.
- Maintenance services kit.
- Durable machinery.
You can start your solar energy business venture in the different states of India like Himachal Pradesh, Jammu & Kashmir, Bihar, Uttar Pradesh, Punjab, Chandigarh, Uttrakhand, Rajasthan, Haryana, etc.
Solar Energy Business Opportunities in India
India is known as one of the fastest-growing economies in the world and rapid commercialization has led to an increased carbon footprint for the country, therefore solar energy business opportunities in India
Product Based Solar Business Opportunities
1. Become a product seller:
Every year, billions are spent on solar PV, solar attic fans, and solar thermal systems. Also, the products used in the manufacturing of these solar products are in demand for sell.
2. Become a distributor:
As there is a rise in the number of manufacturers, there is also a growing solar energy business opportunities in India and the need for distributors. So, you can even opt for a distributorship. this is one of the best solar business in India
3. Developing and owning solar products:
Gather a team of solar experts and build up a good business plan. Arrange money and start executing the plan.
4. Become an inventor:
There are still a whole lot of solar products to be discovered yet. Get the basic concept of the mechanism of solar products and implement those ideas into different products.
5. Become a financer:
Another great option for business in solar products is setting up a financial company. It also can set solar construction financing, joint venture financing or provide angel financing, etcetera.
Related Business Ideas
Service-Based Solar Business Opportunities
Being short Financially (short capital), you can start by providing different services for solar products to start a solar business in India, such as:
1. Become an independent solar consultant:
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.
2. Solar panel cleaner:
A clean solar panel would yield much more electricity than the dirty panels. This a brilliant business ideas with low investment.
3. Solar repairs:
Like every other product, solar gears also need repairing. Starting a maintenance firm for solar products and panels.
4. Energy auditor:
Another service that is in demand is energy audits. You should recommend how people can reduce their electrical consumption and turn their attraction toward Solar energy, energy auditor is another best solar business in India.