How do I start my own renewable energy business?

Recommended strategies to start your own renewable energy business include learning more about the industry, pinpointing a specific market, receiving certification, and enlisting suppliers.

Breaking into the renewable energy market has some unique challenges. When starting a renewable energy business, it’s important to keep in mind the current needs in the industry as well as its future.

The future of renewable energy

Renewable energy is projected to provide nearly 30% of power demand by 2023, which makes the industry appealing for new businesses. Some signs of this growth include the following:

• Google recently made 18 new energy deals that will help build over $2 billion worth of renewable energy infrastructure worldwide.
• Amazon plans to run on renewable energy alone by 2030.
• In order to continue growing after 2022, the industry will need a modernized grid, a market that values renewables, and tax/policy updates. Numerous policies and incentives are aimed at accomplishing just that.

Large companies are investing heavily in renewable energy, and the nation as a whole seems to be focusing on supporting continued growth.

Tips for getting into the renewable energy market

To start breaking into the market, here are a few pointers to consider:

• Find a niche, such as R&D, sales, installation, or manufacturing.
• Learn about how electric power works.
• Consider offering renewable energy services by contract.
• Become certified in renewable energy by a reputable organization, such as Energy Star or the Building Performance Institute.

8 steps to follow when starting a renewable energy business

To get started actually building a renewable energy company, follow these steps:

1. Pin down the type of service or product you want to offer. Maybe solar installation? Wind farm maintenance? Manufacturing needed parts?
2. Learn as much as you can about the industry.
3. Get familiar with any applicable regulations, requirements, and permits.
4. Investigate and enlist potential suppliers.
5. Pinpoint your target market/consumers. Are you going industrial? Commercial? Residential?
6. Create a business and marketing plan.
7. Secure any necessary capital to get started.
8. Execute your business plan, making any needed updates as you go.

This process can take time, and you’ll want to make sure you complete each step thoroughly before moving on to the next. If you do your homework and execute your plan well, your business should be successful.