Renewable power sources are becoming the energy sector’s focal point–and continued growth is expected for the solar business. You can participate by setting up shop around solar panel installation or related services. Use our expert tips to capitalize on your interest in “green” power and maximize your profit potential.
Starting Up Your Own Solar Business
• Fill the greatest need: Avoid joining a saturated market by filling local consumers unmet solar energy needs. Concentrate on a specific part of the solar business to start. Options include: Solar Installer: Install panels and other solar equipment (solar-powered pool heating, household solar water heaters and more). Solar Repairs and Maintenance: Inspect systems and repair/replace worn parts. Solar Retailer: Open a store selling solar equipment (panels, spare batteries, solar water heaters). Consider including products like solar backpacks, phone charging devices and even solar energy t-shirts. Solar Dealership: Become an authorized distributor/dealer for solar panel manufacturing companies. Sell to the trade; installers, retail stores).
• Get Certified: Although not mandatory, these solar certifications can add to your solar business credibility, reassuring customers that you follow best practices.
• Get State Licensing: State solar licensing requirements differ widely. In certain states, no licensure is needed. In others, you may need to be a licensed electrician, plumber or solar contractor.
• Set Up Your Business Entity: Configure your business to appear professional from the start. Get a tax ID number (separate from your personal social security number) and officially state-register your business. Options include LLC, partnership or corporation. Consult your tax advisor/attorney (to ensure you make the best choice). Consider purchasing a franchise, or set up independently.
• Get Insured: Get general liability business insurance, along with property, inventory and business vehicle insurance. If you have employees, cover them with workers compensation.
• Showcase Your Expertise: Become a trusted resource for the public, customers and prospects, and related (but non-competitive) businesspeople. (You’ll help each other with referrals). Become an expert in solar energy science and products. Keep up with the latest incentives from the federal government and local utilities to sweeten your product/service offerings.
Whether you’re interested in profits, a sustainable future–or both–you can make great strides as a solar installer. Get funding options for your solar business. Contact Durham Commercial Capital today.