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A drastic shift toward green solutions has become a pressing priority. Stepping into the eco-friendly zone has certainly transformed our surroundings. It’s a revolution humankind should have adopted much earlier. But better late than never!
Energy is a necessity for mankind; it’s clearly not an option. We are all aware of the long and short of generating energy that produces no greenhouse gases. Immensely advantageous to humanity, our planet, socio-economic landscape, climate and more. Beyond these benefits, intruding into a green revolution has also created a good deal of opportunities.
Clean energy is used for generating electricity, heating water and various other applications leading to thriving business opportunities. The growth of renewable energy in India and globally is accelerating faster than ever.
Let’s begin with the crux of it. There is so much limelight on green energy because of its beautiful advantages. Renewable energy in India is a ‘hot topic’, and here’s why.
Let’s first pay heed to the four common renewable energy sources.
Sunlight is an incredible renewable energy resource; it’s free, sustainable and abundant. Solar energy has the proficiency in providing more than the required energy. The amount of energy it can reach the plant in only one hour is much more than the entire population’s requirement in a year. Sun shines worldwide and converts into electricity through a photovoltaic effect. The solar power module depends on sunlight as its fuel source with a little bit of variations depending on the location, time and season.
A solar plant business has massive scope in India, our country being the fifth-largest producer of it. A larger picture also takes us away from pollutants, making the air clean. But is a solar business profitable in India? We will come back to that shortly.
In simple words, wind energy is derived from the force of the wind. It is plentiful, clean and most importantly, sustainable. It is produced by using a wind turbine, a device that channelises air currents’ kinetic energy into electrical energy. This electricity is harnessed by spinning the blades of the turbine. The generated energy is then transformed into higher voltages and fed into the national grid.
Hydroelectricity is a type of energy derived from the water’s power in motion. Dams are a source of a hydroelectric power plant. The electricity is generated when the water flows through a dam’s turbine and turns the blade to spin. The process generates no pollution and is completely environmentally friendly. With similar technology, hydropower also banks on large water bodies such as the ocean forces. The clean source of energy is versatile, reliable and low in cost. As per a report, about 60% of the total renewable energy generation is from hydropower.
Some facts state that bioenergy accounts for roughly 10% of the total energy supply in the world. It is a type of renewable energy which is derived from biomass. This source produces electricity when organic matter (from living organisms and plants) is burned. Another way of generating biomass energy is by harnessing methane gas or bacterial decay. One of the biggest benefits of bioenergy is diminishing greenhouse gas emissions that contribute significantly to climate change and global warming.
The solar industry in India is booming and how. Market research has valued the solar energy market at $ 52.5 billion in 2018 and predicts a spike by 2026 with an approximate value of $ 223.3 billion. A CAGR of 20.5% is expected from 2019 to 2026. Accelerated growth has opened doors for more solar business ideas and job opportunities. If you are looking for some solar business entrepreneurship opportunities in India, here’s what you can step into.
Solar business ideas with a promising future:
Solar manufacturing companies make available the materials required to take forward a solar project. Besides having a solar panel business, a manufacturer can also deal with solar gadgets like thermal systems, attic fans, cooling systems, and products like batteries, lighting, rechargers, and more. A growing list of solar products may demand a high investment but promise great returns. It’s a lucrative business, indeed.
If technicality is your thrill, becoming a solar system installer will be wise. Also recognised as an EPC company- Engineering, Procurement and Construction. A solar system installation company procures the material from a manufacturer, carries out the engineering work and installs the system for the customer. This field of solar system business requires less investment but great networking skills and more workers.
If solar products interest you but lack the financial capacity to invest, being a product distributor will be a great idea. Sell solar products by investing in the manufacturing process. It is a proven profitable solar panel business idea and requires minimum finances. Conduct an intricate market survey, tie up with a manufacturer and get ready to sell.
Apart from the aforementioned, some solar business ideas are also service related. For instance – solar consultancy, solar energy auditor, solar repairing and maintenance, solar business associate or solar trainer. The increasing popularity and fearsome spiralled energy consumption have created immense scope in the domain.
How to start a solar business in India?
Whether you are putting your foot in the product or service category, here’s a blueprint you must follow.
Coming back to the larger picture on how to set up a business in renewable energy in India. Contradicting some great interest in the realm, indecisive behaviour has also been noticed. A renewable energy business idea is a stepping stone towards abundant success. It is the world’s future; renewables are here to stay.
Find your area of concern and up your skills. A sure-shot way of doing that is enrolling yourself in a well-curated Energy Science major. Atria University has designed a Renewable Energy program masterfully by covering all the critical areas in the emerging field benchmarked by global standards. Specialise in the field you find engrossing and get a deep understanding along with some real-world knowledge.
Thorough market research is the secret behind every successful business. Before you venture out, ensure to investigate the nitty-gritty of it. Conduct a study on the business/service you want to undertake, government policies, legalities, market strategies, competitors and potential consumers. Each aspect will play a pivotal role in shaping your entrepreneurship journey.
Once your list of competitors is ready, scrutinise and strategize. Take note of their game plan (as much as you can). Every business has a shelf life which depends on various factors. Counter in fixed and variable expenses, consumer reach, sales prediction and set targets. Most importantly, make people aware of how going green will enhance their lives.
Any business in renewable energy cannot proceed without the essentials. Get all the certifications and licenses in place. Regardless of your business model, you cannot proceed without the licenses. The Ministry of New and Renewable Energy (MNRE) is responsible for all new and renewable energy matters. A dependable source of funding is the key to advancing in the business.
What’s the last thing a career in renewable energy in India demands? The 3 R’s – register, recruit and reach out. A solid solar panel business requires you to do all the paperwork. Once you are done with that, recruit professionals who are a good fit for your firm. And lastly, reach out to as many as you can. Living in a digital world has made promoting and making a strong online presence easy. So, spare no effort.
In short, renewable energy in India promises a green career graph. It’s definitely a roaring field with wide-ranging opportunities for budding entrepreneurs. If you have even a tad bit of passion for green, you can make this world a better place to live in. How about joining hands for a brighter future for the world? We have taken a bold step in designing the Energy Science major. It’s your turn.
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