There is no doubt that renewable resources are the need of the hour. Relying on non-renewable resources without thinking of the consequences can be dangerous for the environment. That is why business owners need to understand how relying on and promoting solar energy (a renewable resource) can help.
Businesses must implement rooftop solar projects since most MSMEs pay a large amount of money for power consumption. Thus MSME loans can be financial aid to procure solar energy that businesses can benefit from.
Read this article and understand how solar energy can create new opportunities for businesses.
Reduction in overall costs
One of the most significant benefits that solar energy provides is that it cuts down overall costs considerably. Yes, in addition to saving the environment from multiple levels of pollution (such as air pollution, water pollution, noise pollution, etc.), it also benefits the economic conditions of any given business. Let us see how solar energy does that.
We know that every business relies heavily on electricity. The air conditioner, fans, lights, etc., all run on electricity. Plus, we should remember that it is not only the big businesses that require large amounts of electricity. Although not as much as large-size businesses, MSMEs also depend on electricity for smooth functioning.
Solar energy, unlike traditional resources of electricity, is affordable as well as environment-friendly. According to reports, moving towards solar energy can reduce the cost factor by a minimum of 26% by 2025. The report also stated that this figure might move up to 59% with the right policies in place.
With a decrease in the overall costs, business owners can focus on other aspects to expand their businesses.
Solar energy is highly reliable, unlike traditional sources of electricity
It often happens that we face power outages and lose precious time. That usually happens with traditional means of electricity. But, that is not the case when it comes to solar energy. Solar energy, unlike conventional means of electricity, offers continuous access to electricity. It is rare for solar panels to cause trouble.
Also, these panels require minimum interference and maintenance. All one has to do is set them up in a place that receives sufficient sunlight. Thus, the rate of interest on solar panels becomes very high.
It is understandable if you have some doubts about the effectiveness of solar energy. After all, solar energy is accessible during the daytime only. Yet, it is not a cause to worry because there are a lot of solutions available.
One of those solutions includes opting for special solar cells, called thermophotovoltaic cells. These can supply electricity at night by storing energy during the daytime.
Hence, it does not matter whether it is daytime or not; with solar energy, you can ensure that your business does not go out of power at any point in time.
Enjoy tax rebates with solar energy
Did you know that there are special tax rebates for businesses that utilise solar energy? It is a move on the part of the government to help people move towards renewable resources and sustainable development.
Therefore, it is not only the environment that would benefit from solar energy. Business owners can use solar energy to enjoy tax benefits with solar energy. They can use those savings to develop their businesses and take them to new heights.
Set an example for others and boost your presence in the market
When you choose to utilise solar energy for your energy requirements, you set an example for others. Other business owners (and people otherwise) can also follow in your footsteps and become environment-friendly by choosing solar energy.
That is not all! When your customers see that you are not relying on conventional resources, such as fossil fuels, you give them a reason to appreciate your business manners. They can see that you genuinely care for the environment and them, in turn.
It can improve your credibility amongst the customers. Those customers can even promote your business amongst their friends and family; thus, your presence in the market can grow multifold.
In this way, you create several potential opportunities for your business, not only amongst customers but other businesses also. That is, other business owners might also want to tie up with you, seeing your concern for the environment and business practice.
Become self-sufficient with the aid of solar energy
With the use of solar energy, you will be self-sufficient. With solar energy, you can use electrical energy as you want. You do not have to depend upon commercial or government setups to provide you with electricity.
Furthermore, it is impossible to tell when there might be a power outage. As a business owner, you would never want your business to suffer because of a power failure.
Also, some places like coastal areas are at a greater risk of a power failure because of their proximity to seas/oceans. That makes them vulnerable to sea storms. Such business owners can ensure that the collapse of the electrical grid does not affect them by going for solar energy.
Thus, you can continue doing business without worrying about the loss of electricity at any point in time.
Stay a cut above the others by choosing solar energy
Did you know that businesses that rely on solar energy rank higher than those that depend upon conventional means of energy? After all, we are in a race against time to save our planet from further damage.
That makes people/customers trust the businesses using solar energy (or other renewable and non-polluting resources) more than the others.
Therefore, businesses depending on solar energy are likely to be in business more than their competitors. Hence, you can create an array of opportunities for your business by relying on solar power for electricity.
If you are looking for business loans, or other MSME loans to buy solar panels or other solar-powered products, contact us today!
Frequently Asked Questions
Since solar projects need no fuel, almost all cost is in buying and installing the panels, and a per MW cost of Rs. 8 crore makes a tariff of Rs 7-8 per KWh from solar possible.
Here is how to start a solar energy business:
1) Start as a Solar Dealer.
2) Upgrade to Solar Distributor.
3) Start as Solar Installer / system integrator/ EPC contractor.
4) Initiate as Solar Service Centre.
5) Begin Solar Panel Manufacturing.
6) Be a Project Developer.
7) Be a Solar Influencer.
Starting your own solar energy business can be a very exciting venture and is an excellent way to enter an emerging industry with fantastic income potential.
Opening a solar panel business usually requires a significant initial investment.
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