Are you interested in starting a business in the renewable energy industry? Then below are the top 20 business ideas in the renewable energy industry.
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.
In order to solve this problem, researchers went to work and discovered alternative sources of energy which are not only cheaper but cause less pollution and protect the environment. This is why they are popularly referred to as green energy sources.
Renewable energy refers to a source of energy which can be regenerated and is gotten from direct and indirect sources. The direct sources include photoelectric and thermal sources of power while the indirect sources are gotten from natural elements like the sun, wind, biomass or heat.
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. So, let’s quickly run over the top 20 business ideas in the renewable energy industry.
Top 20 Small Business ideas in the Renewable Energy Industry
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 favorite 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.
2. Solar Panel Installation-: 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.
Training may cost you some money but once you have the skills, there’s no limit to how much you can make from this business; which involves helping people install solar panels in their houses, offices or factories so that they can tap energy directly from the sun.
3. Bio-fuel Production-: Someone brought a stove to my office some months ago. Very small and cute looking stove. I was about to dismiss her saying “I have got a gas cooker at home, why would i need a smoky stove?” But she said this was different and i should allow her demonstrate. She said it was a bio-fuel stove.
The stove runs on a fuel made from waste. I was really impressed and i had to buy one. The fuel is so cheap and to think that it’s actually made from waste? And to crown it all, the cute little stove doesn’t emit smoke like the conventional stove we have around here.
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.
4. Wind Energy Installation-: 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.
5. 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.
6. Solar refrigeration system-: 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.
7. 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.
8. Photovoltaic system/modules-: Another renewable energy source is photovoltaic system which converts solar radiation into electricity through semi-conductors.
9. 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.
11. 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.
12. 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.
13. Electric Vehicles-: One major expense that people undergo daily is motor vehicle fueling. 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.
14. Bio-fertilizer-: The agricultural industry could also enjoy the benefits of renewable energy through the use of bio-fertilizers.
15. Energy Auditor-: An energy auditor inspects homes or business premises and advises on the best way to optimize energy resources usually through renewable energy sources.
16. Research & Products developer-: 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.
17. Geothermal Power-: Geothermal power makes use of heat from the earth as a source of energy.
18. Financial Consultant-: 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.
19. Cellphone technologies-: You could also develop cellphones that run on solar energy.
20. 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.
21. Author/Promoter-: I put author and promoter together but they are two different business ideas but you can merge the two together. 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 while a promoter would be involved with increasing awareness for the renewable energy industry as well as the products available.