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Solar Business India is the country where the demand for power is always on the increase and the same cannot be filled by the use of thermal, hydropower plants only. Due to the increased demand for electricity or power, the cost of electricity per unit is constantly increasing.
To overcome the deficiency of electricity it is very much needed to install the solar plants to the maximum extent. However, India is a country which is awarded huge solar energy potential and the same is being utilized by the entrepreneurs.
India had installed 12.2GW of utility-scale solar and in June 2015, the government had revised India’s solar power target to 100GW from 20GW, by 2022. The below given graphical representation based on the survey conducted in March 2017, is briefing the demand and scope of the Solar panel.
Therefore, starting a solar business is a lucrative opportunity for entrepreneurs.
To set up the solar panel it is very required to have all the solar products in ample quantity. Solar products include; solar PV, solar thermal systems, solar attic fans, solar cooling systems, solar lights, solar gadgets, solar rechargers, etc. This is one of the opportunities for entrepreneurs.
By way of the persistent increased demand of the solar panel, the manufacturers of product need distributors to get the products to the market. In rural areas where power distribution and electricity distribution is very infrequent, it is one of the areas where entrepreneurs can explore the market for solar panel business and its product.
A person can join the hands with an experienced solar consultant and contractor to handle the installation of a solar panel at various location and can start his own business and project. By developing a good Business Plan and raising the fund a person can build his own project and can become a solar developer
Once the solar panel is installed there comes the need for the products that can be sold to the solar consumers to increase their yields, earnings and profits, and the products which reduce the need for cleaning, etc.
An entrepreneur can also sell services in addition to selling products, provided by other companies like; solar insurance products, solar cleaning, solar financing, etc.
A person having an intent mind can develop new products like any existing product that needs the power to operate and how solar energy be used to provide solar power.
As people are not that much aware of the benefits of solar. Therefore it is necessary to make the people aware of the benefits of the solar installation. Additionally, people look for a professional opinion that looks at the various options and guides them through the entire process.
It is very much needed to keep the solar panel at its best condition because the clean solar panels produce more electricity than dirty panels. Therefore, many customers prefer to hire somebody to keep their solar panels clean rather than clean them themselves.
Another service that is growing in demand is to conduct energy audits. Basically, here you will make recommendations on how people can reduce their electrical consumption.
Solar systems last a long time. However, it required some maintenance from time to time. Especially on older systems, it might need upgradations with new inverters, wiring replacement, storm damage repairs, etc. Additionally, solar items repairing is one of the most profitable solar business opportunities in India.
The first and foremost step is to get it registered the form of an artificial legal entity like proprietorship under the Shop and Establishment Act, limited liability partnership under the Limited Liability Partnership Act, 2008 or Company under the Companies Act, 2013
It is required to have a GST Registration for all the businesses carrying out a taxable supply of goods or services. All the businesses whose turnover exceeds the threshold limit are required to get register and obtain GST number.
To ensure the good quality of services and to build the customer trust it is required to obtain ISO 9000-2015 Certification.
To make the business renowned and famed it is suggestable to get a trademark registration in the name of the business for its services order to maintain the uniqueness of its services.
Also, Read: Impact of GST on Solar and Renewable Energy.