How to Start Solar Energy Business in India | Half MBA 2

How to Start Solar Energy Business in India | Half MBA

Are you insightful enough to look into your future!

Solar energy is the future of the energy industry business. You are living in the most advantageous period of a century.  India is a hub of solar energy business opportunities. From an individual to a businessman solar power is at a tremendous growth rate.  Most of you would want to know the procedure for the solar power business, But before that, I would like if you would consider diversified solar businesses that can bear fruit for you.

  • SOLAR PANEL PLANT
  • DEVELOP & OWN SOLAR PROJECTS
  • PRODUCE FINANCIAL PRODUCTS
  • PRODUCE INFORMATIONAL PRODUCTS
  • INVENT SOLAR PRODUCTS
  • SELL 3RD PARTY PROVIDED SERVICES
  • BE A DISTRIBUTOR
  • SELLING AFTERMARKET PRODUCTS
  • SELL SOLAR PRODUCTS
  • PRODUCE FINANCIAL PRODUCTS
  • INDEPENDENT SOLAR CONSULTANT
  • SOLAR APPRAISAL
  • SOLAR REPAIRS
  • SOLAR BROKER

Identifying your niche and choosing your services whether it is product-oriented or service-oriented or both is the first step. Here comes a full-fledged program to set up a solar power business in India.

Knowing Your Market

Research well your competitors, costs, raw materials required for solar energy products and the market conditions. You can get a first-mover advantage if you choose a unique market area of operation.

Business Strategy

A clear strategy that defines your business goals will help at every step of the solar energy business plan. It is a blueprint in which you can design the process of business. Proper strategic planning of business ensures optimum utilization of resources. Also, it helps to attract major investors for the business.

Legalization of business

This depends upon the solar arrangements that are offered by the solar energy business. Majorly grouped into three ways: Power Purchase Agreements (PPA): Here, the developer owns, maintains and operates the system and the customers agree to site the system and purchase the electric output. Solar System Ownership (SSO ): You can buy your solar system and provide for solar power to consumers. Solar Energy System Leasing (SESL): Its an alternative to solar system ownership. According to your solar business plan, the legal needs of the business are fulfilled. The license required includes:

  • Article of Association
  • Article of Memorandum
  • TIN
  • Certificate Of Commencement

Meeting the legal needs avoids any further interference from the government. 

Register Your Business

Every business must be registered at the registrar’s office of your state after fulfilling the legal requirements of the business. You must complete the certifications of business to avoid any complexities during the procedure.

Funding

The next step, once the business is registered is to get funding so that you can spend well on every activity. You can opt for various options:

  • Attracting Investors
  • Associates and Connections
  • Private Funding

For describing the prospects of the business and the services that are offered, Business Strategy is a well-known way to keep you up. Once you receive the funding there are several costs that are required to be kept in mind:

  • Legal Cost
  • Land
  • Building
  • Salaries
  • Equipment Cost
  • Maintenance cost
  • Miscellaneous Expenses

Setting Up Solar Power Plant

Being a solar energy provider its a necessity to have knowledge and skills to set up a solar plant. It will give you an edge over your competitors. Numerous factors that you should take a look at before going further;

  • Choosing An Appropriate Location For Operations
  • Better Equipment and Machinery
  • Durable Machinery
  • Comfortable Building And Infrastructure
  • An Area With Maximum Solar Product Requirements
  • Better Quality Product
  • The major process for setting up a solar power plant is mentioned below:
  • Designing a blueprint for solar plant installation 
  • Getting legalities done
  • Up gradation of Equipment (If Required)
  • Confirmation from Customers ( when a plan is ready)

While building a solar power plant, things can go out of hand hence, it is essential that you consider every possibility while designing a plan for a solar energy plant.

Recruitment

At this stage, where you have completed all legal formalities and set up a business. Now its time to create a base for your business. For better and efficient results you need manpower skills. In this regard, you must consider building a hardworking team for your business.

  • Skills that you need for your teammates:
  • Certifications under the energy industry
  • Team building spirit
  • Devotion to the organization
  • Time Management
  • Risk Management
  • Confidence
  • Professional Experience
  • Secrecy Maintaining Spirit

Networking And Marketing

Your first customers are a by-product of your marketing campaigns and the connections you make. Reaching to your target audience is a task. it is well ensured when you are through with all these essentials. 

  • Knowing your competitors and learning from them
  • Advertising your business after identifying target customers
  • Maintaining your image of the business, also consider PR managers
  • Advertising campaigns on social websites
  • Promoting your products offline as well

Reach of your products depends on how well they are marketed. Once your products reach a number of customers you can start expanding your horizons.

After-Sale Services

Attracting first customers is one thing and retaining them is another. Quality of services measures how long your customers will be associated with you. These points can be viewed while maintaining after-sale services:

  • Proper supply of power
  • Maintenance of solar energy plant
  • Responding to the complaints
  • Solving the complaints

You will be improving the experience of your customers with the after-sale services that are provided.

Well Informed Services

The solar power industry is not known to many. This is a major advantage to expand your business by creating an informational base for your customers. It does not only increase your customers but also enhances your reach to new customers who can even switch to this industry. The tremendous growth rate of the solar energy industry is worth investing in. Investors are always keeping an eye on this industry. Numerous policies are facilitated by the Indian government that you can view here. These policies are specially introduced by the government to grow startups in the solar energy industry. Now we can assume that you are clear with the policies of the government. You are ready to start up your own solar energy business in India. Have any queries? Do Comment 

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