The solar industry is exploding, and more and more entrepreneurs are looking to break into it to grab a slice of the pie while there is still ample room for new, small players. The most obvious opportunity is in hardware sales – providing the panels, batteries, and other system components necessary to make solar systems work. That certainly represents a profitable niche, but it’s also the direction the majority of new entrants go. Those looking to zig while the crowd zags need to look to alternative opportunities in solar sales, and the following are five of the most profitable examples.
1) Inverter Manufacturing
Inverters turn direct current generated by panels into the alternating current almost everything runs on. Every solar system, save for the smallest, requires an inverter, and inverter manufacturing has become one of, if not the most profitable areas of the solar business. Revenues and share prices of the leading inverter manufacturers in the U.S. have been exploding, representing a significant opportunity in the industry.
2) Solar Auditing
Solar energy auditors provide consulting services to consumers and businesses looking to develop solar systems. Auditors identify requirements and design systems to ensure that the power needs of their clients are met and that the most cost-effective solutions are pursued. In addition to consulting services, most auditors will also either sell the required equipment or take a commission on the sale if made by a third party.
3) Solar System Installation
Installation continues to be one of the most profitable areas of the solar industry, especially as large-scale systems become more common in commercial applications. But even home installations represent significant margins, and with adoption rates growing rapidly, the pool of potential clients for solar installers gets larger and larger every year. Installers can partner with equipment retailers or offer independent services to customers who have procured their own equipment – an increasingly popular option as people look to the web for the best deals on hardware.
4) Solar System Repair
Solar systems are both complex and expensive, and customers that invest the money into wiring their homes or commercial spaces for solar are generally highly invested in ensuring those systems operate at maximum capacity. As a result, whenever something goes wrong, or a panel or system stops producing maximal output, there is a significant opportunity for trained solar repair professionals to step in and save the day. Repair services are often offered by the same companies that do the installation, but repair and maintenance-specific firms are becoming more common.
One of the most profitable and fastest-growing opportunities in solar space is investing in companies that are currently developing both the current and next generations of solar technology. 2018 was a bad year for solar stocks, but 2019 has seen a recovery, with individual stocks and exchange-traded funds seeing strong growth. The Invesco Solar ETF, for instance, saw 24.5% growth in Q1 2019, wiping out all of 2018’s losses in a single quarter.
From hardware manufacturing to installations, and beyond, the solar industry is rife with opportunities for environmentally-minded entrepreneurs looking to break into an industry undergoing rapid growth. But the industry is also incredibly competitive, and success means leveraging every tool possible to gain an advantage. CRMDialer – the ultimate solar industry customer resource management platform – is one such tool, and companies looking to streamline their lead management, improve their sales processes, and develop stronger long-term relationships need to look no further than CRMDialer’s industry-leading productivity tools.