The Green Energy Industry: 5 Tips on Starting a Renewable Energy Business

Let’s talk about renewable energy. I believe that this industry will continue to grow in market capitalization, as well as impact, regardless of the low oil prices today. Why? Because it offers too many undeniable upsides: It’s cleaner, renewable, and will be much cheaper in the near future.

Indeed, the industry for renewable energy is showing no signs of slowing down. The ‘2015 Sustainable Energy in America Fact Book’ by Bloomberg New Energy Finance reveals that over 90% of new power infrastructure built since the year 2000 has been for natural gas and renewable products, and $386 billion has been invested into eco energy since 2007.

So, what should you do if you want a piece of this lucrative market? Here are 5 tips on starting a new eco energy business in the U.S.

1. Conduct Market Research

There’s no doubt that green energy businesses are booming. But before you establish your products, it’s important to identify the wants and needs of your audience. Targeting businesses and/or households requires a different approach and you need to understand what is affordable to your target market. Affordability is key; for example, solar panel start up fees can be costly whilst Hydropower is considered to be the least expensive of the renewable energy options.

2. Obtain Operating Licenses and Permits

No green energy supplier can legally operate without the required permits. To ensure that you stay within the boundaries of the law, make sure you do your research on licensing. To do this, you should check with your city council or county commissioners to determine what needs to be done in order to start supplying to the public.

3. Be Fully Insured

Energy insurance (available from Catlin Group) will cover you under all green energy concerns including traditional oil and gas risks, alternative or renewable fuels, photovoltaic energy (solar), geothermal and wave current energy, biofuels and biomass. Suitable for utility suppliers, contractors, manufacturers or consultants, an energy insurance policy will keep you protected against all risks and claims.

4. Market to All Customer Groups

With the growing demand for green energy in 2015, green energy suppliers have the opportunity to target every market; utility companies, small to medium enterprises, big corporations, and households. Each target market will require a focused marketing strategy so ensure that you have a Marketing Manager in place to handle your campaigns.

5. Leverage Government Incentives

Don’t miss out on opportunities to provide government subsidized energy services to businesses or households. Keeping up to date with government incentives (such as the Energy Trust of Oregon Green Energy Assistance) will mean that you can take advantage of the thousands of people getting help with funding. To keep up to date with the latest government funding for renewable energy, visit the Energy.Gov website and add it to your RSS.

Takeaway

Innovations after innovations are introduced to the market in the green energy arena. Those have resulted in rapid technology advances, which will make renewable energy more accessible and affordable.

In my opinion, it’s the best industry to start a business today, and I predict that the pioneers today will be the market leaders of the future.

So, ecopreneurs – go get started today, and make awesome things happen!