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The Best Business Ideas for the Renewable Energy Industry

This article will inspires you to start your own green business, taking your economic fate into your own hands and creating positive change in the marketplace as well.

Way back in 1931, in conversation with Henry Ford and Harvey Firestone, Thomas Edison quoted

“I’d put my money on the sun and solar energy, what a source of power. I hope we don’t have to wait until oil and coal run out, before we tackle that”

Starting a business in renewable energy can be an exciting and rewarding experience. It offers numerous advantages apart from being your own boss. And let me clarify, it doesn’t mean you have to build your own solar farm, wind farm or a hydroelectric dam.

For budding entrepreneurs, there are numerous opportunities for implementing an innovative renewable energy solution. But is this just a fantasy? Or are these opportunities feasible for the long term?

Off course, these are long-term opportunities because --

• The consumers are concerned about sky-scraping power bills

• The investors are fascinated with the “Go Green” idea

• The Government is keen to incentivize green initiatives

• Many countries are on a quest for energy independence and security due to political instability in regions like the Middle East

Now let’s quickly run over the top 7 business ideas in the renewable energy industry.

1. Solar Panel Sales and Distribution

Clean energy investment rose to $333.5 billion in 2017, the second highest annual figure ever, driven by a surge in solar photovoltaic (PV) installations. As there is a huge gap between manufacturers and customers and this can be filled by distributors hence becoming a solar power authorized dealer/ distributor can be a profitable venture.

“Anyone can stock products and sell them,” says Geoff Stenrick, president and CEO of SimpleRay Solar. “Today’s solar distributor is a partner to the installer, providing many strategic solutions to help their customers succeed.”

You can start importing solar panels in wholesale quantities from countries where it is majorly produced like China and Hong-Kong; and sell to solar panel installers and retailers.

2. Solar Panel Installation Business

Solar photovoltaic power demand has been experiencing exponential growth worldwide making solar panel installation a most demanding service. It has been predicted that by 2050, solar installations will provide one-quarter of the world’s energy needs, and 11% of solar energy will come from panels installed on houses and office buildings. So, investing in a solar panel installation business would be a profitable venture at this time. However, to start this business, you need to undergo some form of formal training in school or informal training from professionals already in the field.

3. Solar-Powered Refrigeration System

The refrigerator which runs on electricity provided by solar energy is known as the solar refrigeration system. Compared to traditional refrigerators, these are an environmentally friendly solution. This kind of refrigeration system has a very high demand in the areas that are not connected to the power grid. So, selling refrigerators that run on solar power can be a great idea which will be widely accepted by hotels, bars, and fast food outlets.

4. Solar PoweredInverters & UPS

Frequent and long power cuts are quite frustrating and the problem becomes more severe during summers. The market is in need of a reliable solution that can act as a backup in case of grid power failure. As compared to traditional inverters solar powered inverters & UPS are independent of the power grid. Also, these do not require any kind of special maintenance. Hence, selling these will surely be a profitable business especially in hospitals, hostels, schools, and individual homes.

The next idea is for those who are not interested in sales or installation business.

5. Solar Consultancy Services

With a professional and experienced team, you can set up a firm to provide consultancy services to the solar power plant developers from project conception to project commissioning, individuals who need advice on the best renewable energy source to install in their homes or students who are just interested in pursuing a course in this industry. You can make a decent amount of money by selling your knowledge and ideas to people who are interested in the industry.

6. Energy Auditing Business

Energy Audit is a professional service that determines where your house is losing energy and wasting money and suggests solutions to decrease this energy loss. An energy auditor inspects homes or business premises and advises on the best way to optimize energy resources usually through renewable energy sources. As governments around the world now making it mandatory for businesses to undergo regular energy efficiency audits in order to get licensed, so this is the right time to get into the energy auditing business.

7. Financial Consultancy

With the exponential growth of the solar market, there is an urgent need for financing of solar projects and their long-term insurance. To maximize the benefits of solar energy, advanced technology must be matched with optimal financing and incentives. Financial consultancies help investors with the best financial model for their project and also assist them to raise the necessary funds. With strong financial relationships and deep knowledge of local tax incentives, financial consultancies also ensure that each customer receives maximum return from solar energy.

To sum up,

As Thomas Edison quoted, putting money in the renewable energy business is the safest investment. By investing in the business of renewable energy you are not only making money but contributing to the betterment of the mankind, the society, the economy, and the environment. But beware, rapidly evolving solar technology, competitive pricing market fueled by low-cost global competition, and ease of access to conventional fossil fuels like coal can make the business environment challenging.

Above all, the purpose of a business is to create a customer and the success (or failure) of a business is directly proportional to the customer satisfaction.

“Know what your customers want most and what your company does best. Focus on where those two meet.”

– Kevin Stirtz

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There are many professional courses in this period, and one of the most talked and mostly opted courses in management studies. This course had originated in the early 20th century after the effects of industrialization. Came into light soon after companies and the industries tried to set up their management in a scientific manner. It helps an individual to learn and practice the ways to manage, lead, command, in a variety of business sectors and internal business portfolios.

A postgraduate programme in enterprise management also known as PGPEM is done with a specialization in a particular field. There are various specializations like Human Resources, Finance, Marketing, Information Technology, etc. This has to be chosen while keeping in mind where and in which field one has the ambition to work in the future. There is no bar of streams chosen in graduation for in case of joining a management study, anyone with a recognized degree can appear for an entrance exam and move forward with a PGPEM.

One has to qualify the entrance exam conducted by various universities for taking admission in PGPEM. There are various exams that are conducted on the National level for admissions in National Universities (IIMs) and various B-Schools. There are competitive exams namely CAT, MAT, CMAT, etc. for IIMs and GMAT which is internationally accepted. Your rank in the exam also plays an important role in choosing the right PGPEM school and specialization.

Specialization is the most important factor while choosing a college for management studies. This factor should always be kept in mind. The college you are willing to join should offer the specialization you are willing to opt for. Like, if a person who is more inclined towards marketing should go into it without any doubt, but it also requires some skills and polish from the professors and trainers. The specialization itself is the main part and the foundation of one’s career. As being given earlier, there are mainly four specializations and there may be more industry-specific specializations in many Institutes and B-Schools like Pharma, Entrepreneurship, Fashion, Digital Marketing, etc. which are more into light these days.

The campus is another important thing that must be taken into consideration while choosing colleges in Andheri or in any other city like Mumbai. Every other college now claims to provide you the best infrastructure and lecture rooms. But one should ensure how good the college is actually is because the campus plays an important role in your psychological and personal development. The campus must have good and comfortable rooms for lectures, soothing sound systems, well-configured computer systems, good internet facility. For people who are planning to go to some other place for studies should also enquire about hostel, food, stores and other basic needs. There should also be good exposure, regular conduct of events, seminars and industry visits, etc.

Student-to-Teacher ratio is one of the basic things which has to be kept in mind while choosing an institution from schooling to post-graduation. Because the concentration of the teacher matters. We always walk on the path which our teachers show us. The role of a teacher/professor doesn’t change even in the higher studies though many may be thinking so. If there is no concentration and attention from the teacher then the student fails to concentrate and cope-up with the subject. If there are few students and a teacher for them then it is easy to interact and know more.

Nothing in this world comes for free and nor is education. Before choosing a college and finalizing it for studies, one should enquire about Fee and allied expenses. Most of the B-Schools charge fees which more than 5-6 Lakhs, which may be unaffordable for some people. And some people may go for education loan and they should plan everything with accord to the fees charged by the institution in which they are planning to study. One should understand the fee structure and loan conditions (if applicable) before proceeding further. The return on investment should also be pondered upon. The fees paid are, in other words, an investment which should be recovered in the near future. The inquiry of the job placements must be done because most of the students of B-schools are ending unemployable or ending up earning 10k-12k per month which is not fair enough.

The clarity in Degree or Diploma certification must be there. There are not many institutions offering PGDEM programs.

The ideal institute should be like the Fazlani academy of business sciences. approved by AICTE & Ministry of HRD (GOI).

It has a good track record of delivering quality education to its students, has expert faculty who can train students to cope-up with the current industry needs. It also has a 100% placement record which is really impressive.

It offers modern computer labs, a spacious library with knowledgeable books on Management studies, various journals, and magazines. It grooms students personally for the future challenges which are to be faced, by improving their soft skills, interaction by various competitions and events. It helps in the improvement of working as a team, doing supervision, enhancing leadership skills and critical thinking. It is India’s only institute which provides placements before admission. Offers four different PGDEM courses such as in marketing, human resource, operations management, and investment banking and securities operations.

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