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50 Lucrative Innovative Renewable Energy Business ideas

Do you want to profit from the fast growing global renewable energy trend? If YES, here are 50 lucrative innovative renewable energy business ideas to start today.

From photovoltaic solar panels to kinetic energy adapters for stationary bicycles that generate electricity from pedalling, entrepreneurs are taking advantage of the green revolution by finding renewable energy solutions.

Since we use energy for almost everything, the recent trend towards greener, more sustainable technology is creating many opportunities for entrepreneurial-minded individuals. But is this just a fad? Or are there viable business opportunities for the long term?

Why Start a Renewable Energy Business?

Firms and investors looking for profits have taken advantage of consumer interest in cleaner energy alternatives and government-incentivized greener business initiatives. Furthermore, political instability in regions like the Middle East have set many nations on a quest for energy independence and security.

Solar, wind and geothermal energy sources can be tapped into from essentially anywhere in the world – at least in varying degrees – thus offering the hope of energy independence and security.

There are innumerable opportunities for implementing an innovative renewable energy solution. However, the best place to start looking is in your own area of expertise. Think about industries you’ve worked in and consider how renewable energy could benefit them. Also, remember that becoming a renewable energy entrepreneur doesn’t mean you have to build your own wind farm or hydroelectric dam.

Think broadly, and remember your areas of expertise. Finally, talk with friends, family, and colleagues as they will help push you towards ideas for things people want or need. Some people build a business around an idea and then try to sell that idea rather than building the business around something people already want to buy. Green consumers are no different.

Below are 50 Lucrative Renewable energy business ideas

50 Lucrative Innovative Renewable Energy Business ideas

  1. Solar Panel Sales and Distribution

Solar energy is really gaining prominence and a lot of people have started using solar energy not only in their homes but also in their factories and offices. Solar energy is cheaper once it is installed, which makes it the favourite renewable energy source for many people.

You can start importing solar panels in wholesale quantities from countries like China and Hong-Kong; where it is majorly produced and sell to solar panel installers and retailers. Manufacturers in the industry are fighting hard for their position in the market, and they are trying to find ways to put their products in front of the customers. A distributorship is an ideal solution to this common need.

  1. Solar Panel Installation

Electricity failure or cut is the common problem in every house around in any locality. Everyone wants relief from this cut, especially during summer days. The need of electricity can become a business opportunity for you where you can provide solutions to their energy needs by providing consultancy and doing customized solar power installation for your clients. Before you can start this business, you would need to undergo some form of formal training in school or informal training from professionals already in the field.

  1. Bio-fuel Production

Of course, protecting our planet is not a day’s job and it’s not something that can be done by only one individual but you can also play your own role too by setting up an eco-friendly business. Yet most entrepreneurs seem not to know how to tap into the green energy industry because they can’t figure the best small green business ideas to pursue.

Setting up such an environmental friendly business would not only make your bank account swell up, it would also give you the opportunity to protect your environment and encourage other people too. You can start to produce your own bio-fuel too and create your own invention that would run on bio-fuel. It could be a generator, a tricycle or even a motor vehicle.

  1. Wind Energy Installation

Many of earth’s resources are depleting and depleting fast and we all have the duties to take steps to conserve our resources and manage them better. Energy is top on the list of resources we have to keep our eyes on. Energy costs have become so high and it has had direct consequences on the costs of goods and services

A lot of people are also embracing wind energy. It’s not uncommon to see an entire community that runs on wind energy. You could set up a wind farm in your area and have people pay you to supply their houses with wind energy. Like solar energy, wind energy is cost-effective.

  1. Solar water pumping system

Water is very essential and everyone knows that water pumping machines sap a lot of energy. You could start a business that helps people install water pumping machines that run on solar power and makes it cheaper and easier to pump water.

Most renewable energy comes either directly or indirectly from the sun. Sunlight, or solar energy, can be used directly for heating and lighting homes and other buildings, for generating electricity, and for hot water heating, solar cooling, and a variety of commercial and industrial uses.

  1. Solar refrigeration system

Solar is the Latin word for sun—a powerful source of energy that can be used to heat, cool, and light our homes and businesses. That’s because more energy from the sun falls on the earth in one hour than is used by everyone in the world in one year. You could also start selling refrigerators that run on solar power. This would be received with open arms by hotels, bars and fast food outlets.

  1. Power Storage (Inverters & UPS)

Uninterrupted power supply systems also known as UPS or inverters are gadgets used to store energy, so that when there is absence of power, the UPS can be used as a back-up source of power. UPS are used in hospitals, schools, information technology companies, individual homes and almost every company out there. You would definitely make good money from selling this hot item.

  1. Photovoltaic system/modules

Another renewable energy source is photovoltaic system which converts solar radiation into electricity through semi-conductors. Businesses and industry also use these technologies to diversify their energy sources, improve efficiency, and save money. Solar photovoltaic and concentrating solar power technologies are also being used by developers and utilities to produce electricity on a massive scale to power cities and small towns.

  1. Consultancy Services

Well, you may not be interested in all the buying and selling or installation business but what about selling your knowledge and ideas to people who are interested in the industry? This could be people who need advice on the best renewable energy source to install in their homes and business premises or people who are just interested in learning about the industry.

Most people are unaware that they can start rendering consulting services based on their specific skill or knowledge and starting such a venture does not require any capital. The most important start up requirement is knowledge, good communication skills, marketing skills and networking skills.

  1. Repair & Maintenance services

These systems though durable, have the tendency to breakdown; so they would need regular maintenance and repair. There’s no doubt that starting a repair and maintenance business which would focus on the renewable energy industry is a smart business idea.

  1. Solar water heating system

This one is especially needed in hotels and homes. Instead of using the conventional electric water heaters, solar water heaters would help conserve energy and save money. A variety of technologies convert sunlight to usable energy for buildings. The most commonly used solar technologies for homes and businesses are solar water heating, passive solar design for space heating and cooling, and solar photovoltaic for electricity.

  1. Electric Vehicles

One major expense that people undergo daily is motor vehicle fuelling. Imagine a world where you didn’t have to fuel your vehicle. You can develop your own electric vehicle or employ people to develop one and sell the idea to you for reproduction. I am certain that a lot of people would receive this innovation with open arms. However, you need to be deep-pocketed to do this kind of business.

And in case you are asking if it’s possible for cars to run on electric, i say yes it is. A little bit of research would clear your doubt. At least 250 million vehicles are in use in the United States today. They include all kinds of passenger cars, trucks, vans, buses, and large commercial vehicles.

  1. Bio-fertilizer

The agricultural industry could also enjoy the benefits of renewable energy through the use of bio-fertilizers. Once you’ve had an idea, made a plan and figured out how to finance your business, you’re on your way to becoming an entrepreneur – though the work has just begun.

Now you’re going to have to convince consumers to spend money on your product or service instead of an alternative. This is not easy, but it can be very rewarding, especially since, with renewable energy, you are sustaining your livelihood as well as that of people all over the world for many generations to come.

  1. Geothermal Energy Auditor

Humans are becoming aware of the need to protect and preserve the environment; thus sparking the rise of the green movement and an increasing demand for eco-friendly products. The business world is also not left out of this trend.

As the business world gets increasingly competitive, companies are concerned with how to cut costs of production and stay ahead of competitors. An energy auditor inspects homes or business premises and advises on the best way to optimize energy resources usually through renewable energy sources.

  1. Research & Products development

When you invest in the renewable energy industry, you are not only investing in a business that would make you money. You are also investing in a business that would help to better the lives of generations to come by protecting the environment and you are also investing in a business that has the backing of the government in terms of taxes and funding.

There are so many equipment that can make use of renewable energy sources and hopefully, there are other renewable energy sources that people are yet to discover. You could start an R&D company with focus on the renewable energy industry. You could even sell your ideas to others, so that they can develop it or you could start developing your own products.

  1. Geothermal Power

Geothermal energy is one of the alternative sources of energy that lots of companies, cities and individuals have adopted. The use of solar has enabled companies to cut costs and gain competitive advantage through reduction of costs.

Statistics all around the world have shown a steady increase in the use of alternative energy over the last five years. This growth is very impressive especially to people who are interested in investing in solar energy business. Geothermal power makes use of heat from the earth as a source of energy.

  1. Financial Consultancy

Investing in the renewable energy industry is no small financial undertaking, which is why investors need financial support most of the time. You could use your knowledge of the financial industry to seek for financial assistance in form of loans and grants for people looking to invest in the renewable energy industry.

Solar is a not only about technology, it is also about knowledge. If you are a solar expert, then you can become a consultant and sell advice to people who want to enter the market, install or finance a solar project, or even manufacture their own solar products.

  1. Cell phone technologies

With Solar Energy – anybody can become a solar developer.   Find a good location, put together a team of experts (I recommend starting with an experienced solar consultant and contractor to handle the installation) develop a good business plan, raise the money, build your project – use your experience and completed projects to leverage yourself into other solar project. You could also develop cell phones that run on solar energy.

  1. Trainer/Teacher

Another business idea is to set up a training institute that teaches people how to install these renewable energy systems and make money for themselves. The proliferation of technological advances and the constant new stream of software applications and hardware devices means that there will always be lots of people in need of training or skills upgrading, so they can get the most benefit from renewable energy and programs. Advertise your service with fliers, in newspaper classifieds, the Yellow Pages, and by networking at business and social functions.

  1. Author-: As an author, you would write educational and informational materials about the renewable energy industry. It could be books, magazines or even start a blog.
  1. Geothermal panel Installation

With the increase in the number of people embracing renewable energy, you can start a geothermal panel installation business to help people install good geothermal energy systems in their homes or business premises. Many technologies have been developed to take advantage of geothermal energy—the heat from the earth.

This heat can be drawn from several sources: hot water or steam reservoirs deep in the earth that are accessed by drilling; geothermal reservoirs located near the earth’s surface, mostly located in the western U.S., Alaska, and Hawaii; and the shallow ground near the Earth’s surface that maintains a relatively constant temperature of 50°–60°F.

  1. Independent Solar Consultant

Solar energy consultants supervise, monitor and make recommendations when a solar installation project is being/about to be carried out. A lot of people would like to know if it makes sense to install solar on their property, and could benefit from a professional opinion that looks at the various options and guides them through the entire process.

Most people are unaware that they can start rendering consulting services based on their specific skill or knowledge and starting such a venture does not require any capital. The most important start up requirement is knowledge, good communication skills, marketing skills and networking skills.

  1. Solar System repair

You can become a solar system repairer to help people maintain and service their solar panels whenever there is a breakdown or malfunction. Solar systems last a long time – but some maintenance is required from time to time, especially on older systems that might need to be upgraded with new inverters, wiring replaced, storm damage repairs, etc.

  1. Solar projects development

There are a lot of inventions that you can make in the solar energy industry. You can start a company that would be involved in researching and developing innovative products that would enhance the use of solar energy power. Are you a bit of an inventor?

There’s a whole bunch of new solar products being developed.   Need an idea?   Take a look at any existing product that needs power to operate and think about how you could use solar energy to provide that power.  For example solar powered cooling systems (I’m already working on that one personally).

  1. Solar product marketer

Becoming a solar product marketer is also a smart business idea. Some of your responsibilities will be to introduce the benefits of switching to solar energy as a source of power to business owners. You may do this as an independent solar product seller or as an affiliate of a solar installation company.

  1. Solar brokerage Firm

A solar broker helps people save money and time when installing solar energy systems. They shop for the best products at the most affordable prices. They serve as a link between a person who want to install solar energy systems and companies such installations. Solar installations are expensive, and there are a lot of different government programs out there.

Also, some banks will lend money for solar installations – so why not provide your services to help clients find the money they need to build their projects.   Just as there are mortgage brokers – why not create your own “solar brokerage service.

  1. Solar Panel Cleaning Firm

Solar panels need regular cleaning and maintenance and this is mostly done by professionals to prevent damage. You can seize this opportunity to offer cleaning services to people who are interested in having their solar panels cleaned the professional way.

Clean solar panels produce more electricity than dirty panels – and many customers would prefer to hire somebody to keep their solar panels clean rather than clean them themselves, especially if the panels are located on their roofs.

  1. Geothermal Products distributor

A utility can use the hot water and steam from reservoirs to drive generators and produce electricity for its customers. Other applications apply the heat produced from geothermal directly to various uses in buildings, roads, agriculture, and industrial plants.

Still, others use the heat directly from the ground to provide heating and cooling in homes and other buildings.You can become a wholesaler of geothermal power products and to companies and individuals who deal with renewable installation.

  1. Solar Training services

Another smart opportunity is to start a solar energy training school for people who want to learn about solar installation or how to start a solar installation business. You can also organize trainings and seminars for people interested in the use of solar energy.

  1. Sales of informational products

Are you very knowledgeable about happenings in the solar energy industry? Do you have information on products and where to find them at cheaper rates? Then you can write an e-book sharing your knowledge with the world or a weekly/monthly magazine to share information with interested people. Solar energy is not only about solar panels.

In fact, there are many applications of solar, and each with their own set of components. Solar PV systems, for example, require over 20 components to function at full capacity! The basic components are panels, inverters, batteries, combiner boxes, charge controllers, transformers, breakers and relays, AC & DC wires, grounding equipment, and mounting structures.

  1. Financing consultant

Some companies may be interested in switching to the use of solar energy but may be restrained by the huge costs of embarking on such a project. You can start a business which is aimed at helping such companies raise the needed funds.

If you have the capability to provide financing or insurance, then you should keep an eye on solar. With the exponential increase of the market, there is an urgent need for financing of solar projects and their long-term (20-25 years) insurance. This is a great low risk opportunity with medium and sustainable returns.

  1. Solar Appraisal Services

This service is very useful in the real estate industry. Your responsibility will be to help value homes with solar energy installations whenever they are to be sold. It is the job of the appraiser to prepare a written description of the property, and draw a diagram of the property that shows structures.

Appraisers must also verify legal descriptions of the property with county or city records, along with an estimated market value. Fair-market values are based on factors such as property condition, the values of homes in close proximity, and building replacement costs, using building valuation manuals and professional cost estimators.

  1. Solar Energy Auditor

As a solar energy auditor, your job will be to visit the homes or business premises of people who are interested in cutting energy costs and switching to solar energy to conduct an inspection in order to recommend ways through which they can improve energy efficiency with the use of solar energy.

Another service that is growing in demand is to conduct energy audits and make recommendations how people can reduce their electrical consumption. If you’ve ever thought about having your own business – you might want to seriously look at the potential of doing something that helps promote solar energy.

  1. Solar Insurance-: Another smart idea is to offer insurance services to house owners and companies who have solar energy systems installed so that whenever there is a need for repair or replacement, it can be done easily.
  1. Agriculture-: You can become a consultant to farmers and teach them how to use solar energy to enhance the growth of crops.
  1. Solar Health Consultant-:  It’s no news that solar energy is beneficial to human health. You can become a health consultant to help people with illnesses or diseases that can be healed with the use of solar energy.
  1. Solar Energy Promoter

Despite the fact that solar energy is getting more popular, there are still lots of people who are know little about how solar energy can help them cut costs. You can start a business that helps to increase awareness for solar energy power and help more people know about the system.

  1. Job placement Services

There are companies who require services of professionals who are very experienced with solar energy to help them manage their solar energy system on a full-time basis. You can start a recruitment agency to help such companies find professionals who are qualified and capable of filing such positions.

  1. Solar energy storage

Starting and managing a solar energy business can offer a rewarding opportunity to take part in this growing industry while offering a service that helps to reduce energy production’s impact on the environment. Solar technology businesses face distinct challenges.

However, including the cost of materials, but savvy entrepreneurs can reap generous profits from the generation and sale of solar energy.Another angle of business you can look into is solar energy storage. This involves creating products that can store solar energy as a backup like batteries or generators.

  1. Solar chargers

Conclusively, you can create cell-phones that use solar energy and solar chargers for phones, laptops and even machine.  This is a great business to start because there is room to make lots of money in this field since it isn’t too saturated.

  1. Invent new solar solutions

If you are an engineer, why not apply your skills to designing solar energy products or projects? Entering the solar industry is not difficult for those with basic electrical and mechanical engineering knowledge. You can learn how to design solar projects and even progress into installing them. Many engineers have turned entrepreneurs and are providing solar power systems to end users.

You can also enter the product design and development segment. You will need a little more electrical knowledge, but with your engineering background it should not be difficult at all. Just note that anything that works on electricity (AC or DC) generated from traditional power sources can work with solar power as well.

  1. Solar mobile power banks

You can create and market power banks that can be charged through solar. It might seem an impossible idea but can be done. You have to do a good research here to be sure that you have all the information that is needed to launch out in this industry.

  1. Non-profit projects

Not everything has to be about money. If you find fulfilment in empowering poor communities and bringing them electricity, or with environmental causes such as reducing fossil fuel emissions to mitigate global warming, then you can start your own non-profit organization.

Many international organizations are looking for partners who can help them spread the message about solar and other clean, renewable forms for energy. Think about it, our planet depends on it.

  1. Produce awareness Products

With everything going on in the solar industry – there is a strong demand for good quality information.   If you are good at research – consider producing research reports, how to eBooks, instructional videos, solar training classes, the list of things you can make is limited only by your imagination.

  1. Start a human resource management business

On one hand, you have a lot of companies in the solar industry that need to hire people … and on the other, you have a lot of people who would like to work in the solar industry.   Start a solar job placement service – offer tips and advice to employers and job seekers alike.

You would be helping a lot of people, including yourself. If you’re a human resources expert, you can solve these problems by offering your expertise as a virtual human resources service. You’ll do it all, from writing employee handbooks to handling personnel forms to setting up and administering 401(k) programs.

  1. Start a School

Have a skill already – like knowing how to install solar panels or solar heaters – teach others. There is a big demand for skilled workers – and you can provide training (either online … or hands on). There is a growing need for skilled installers. That’s just one example; there are many other skills you could teach people.

Other than being a consultant, you can monetize your expertise in other ways: so why not create an information portal online about products and services? Or even start a training school? The market is thirsty for quality information, so do good research, create your own reports, sell your e-books or start filming videos for solar trainings.

  1. Nutritional Advice

Money makes the world go round”: whoever said that first was correct. If we want to solve climate change and change our energy infrastructure, we need to be innovative and entrepreneurial. We need to have green ideas that make more money than their dirty predecessors.

If you look into the world, a very high percentage of the population are vitamin D deficient – and so there is a great need for vitamin D awareness, testing, counselling, vitamin D supplements, etc.

  1. Alternative energy Broker

There is a growing market for companies looking to acquire and develop portfolios of solar projects (at least in Europe).  Typically, they will buy FIT eligible projects that are connected to the grid – but in some cases you can also sell “shovel ready” solar projects with permits.

  1. Solar application and maintenance

Solar applications also include solar thermal systems, street lights, water heaters, cookers, gadgets, home lighting systems, air conditioners, refrigerators, toys and even vehicles. With such a wide variety of choices, why not create a company specializing in one of these applications?

You should also consider the aftermarket products or solar servicing solutions for people who already have a solar installation. While solar panels, and the system at large, require minimal maintenance, they do require proper cleanliness for maximum efficiency.

This is especially true in dusty areas such as near deserts or desert like conditions that are often found in countries like India. Solar installations are also common on large unusable land. So, you can sell your services as a solar cleaner or a solar fixer.

Our sources of energy are becoming more and scarcer and increasingly expensive and eco-friendly green living is becoming more an essential than optional. Correspondingly, starting a renewable product or energy business can be a profitable endeavour that does our environment some good as well. Many renewable energy businesses require no start-up fees or formal training.

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