The past decade has been strongly growth-oriented in the solar energy space. Whether it’s a manufacturer of solar panels, a company that installs solar equipment for homes and businesses, or tech firms that are working on improvements in solar efficiency, profits, and job growth have been robust.
That’s despite the many challenges that have thrown roadblocks into the pathway of industry success. While it’s true that selling in the solar sector brings with it greater problems than more traditional business models, growing profits and market share in solar is possible by focusing on key strategies. Let’s look at some keys for nurturing success for owners of a solar panel company.
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Leverage Early Adopters
Building a powerful marketing strategy is Job 1 for any business, but it is especially important for solar panel companies. Solar energy is still perceived as “new,” “risky,” and “unproven” by a large section of the public. That’s why people who buy solar today are important. They are called “early adopters.”
Early adopters are folks more likely to take risks and make bold choices to improve their lives via innovative technologies like solar panels. Identifying early adopters and leveraging them to help sell solar panels to people who are “sitting on the fence” is a powerful way to get more people to “pull the trigger” and “go solar.”
That means a solar company should focus on getting testimonials from satisfied solar panel users so that their friends and neighbors can become more confident about the decision to buy solar. Strive to create marketing vehicles – especially videos that can go viral – which feature highly satisfied solar early adopters talking about the many benefits they received by going solar.
Build Multiple Revenue Streams
Sellers of solar panels can also create new sources of revenue by expanding into associated products and services that support solar. Just two examples:
a. Energy storage solutions. This usually means battery systems that can store solar power when the sun is not shining. The idea is to sell more solar-power storage systems to help customers get enhanced value from their original purchase of panels.
b. Assist with new metering and SREC. Solar panel users can gain advantages by connecting their solar panel product to the existing electrical grid. This is done by something called net metering. Simply put, net metering allows solar panel owners to sell the energy they produce back to their power company or use their amount generated to lower their monthly bills. Company owners can get paid for facilitating net metering. SREC stands for Solar Renewable Energy Credits. Like net metering, solar firms can earn money by assisting their customers with SRECs.
Control Costs and Stay on the Leading Edge
Controlling costs and “running a lean business machine” is a tried, true, and proven aspect of making any kind of business more profitable. In the solar sector, this usually means adapting to what is always rapidly changing technologies and industry trends. New ways to make solar cheaper and more efficient happen frequently.
Thus, it is wise to take advantage of cutting-edge developments to lower input costs, maximize income, and sell more features and products.