In 2011, former president Barack Obama proposed that clean or renewable sources would supply 80% of the nation’s energy by 2035. This proposition caused governments to make tax credits and cash assistance more available at the state and local levels as a way to encourage constituents to go green. New York Small Business Administration Deputy District Director Al Titone says that with the government investing in green energy, it will be no surprise if this market flourishes in the future.
Today, almost every state has a program that incentivizes both commercial and residential installations of energy-efficient systems or buildings. There are tax incentives and ample amounts of money up for grabs, leading people to turn to businesses such as window and door manufacturers, solar panel installers, contractors, and more, to implement changes.
If you are looking to harness the growth of this market and explore energy business opportunities, here’s how you can break into this field:
Find your specialization.
Titone says that the modern green energy industry has no one area: it covers an extensive range of micro-sectors. Business is definite in green energy, but one has to do thorough research before jumping in. Put in considerable effort into researching and doing fieldwork. Find a micro-sector that you would feel comfortable working on for a long time, and that you have sufficient knowledge of, to begin with.
Bank on incentives.
State governments are investing on incentives that could lure community members into transitioning to green energy, and you should, too. For enterprises that are even just loosely associated with “green,” these incentives have the potential to create a client base that will purchase and install big-ticket solutions.
The green industry will become more saturated in the years to come, and the Small Business Administration suggests giving your business an edge by becoming certifiably “green.” Discerning residents who use incentives to switch to renewable energy or to enhance their energy efficiency often seek companies that share their values. Receiving certification means that your business is among those that can provide the highest level of energy efficiency. These companies are also the usual preference of federal agencies during bids.
Partner with a reputable organization.
Renewable energy is associated with wind farms and solar panels, but people may be unaware that manufacturing such systems involves serious capital investment. The significant capital needed would require you to collaborate with large companies expanding their green energy portfolio for support.
Another option is to find a green energy franchise that offers solutions at comparably lower prices while still providing comprehensive support for franchisees. SuperGreen Solutions, for instance, offers a strong franchise model that harnesses rebates and tax incentives, as well as a large invoice that creates a major financial impact. They work to help businesses save money on utilities as they protect the environment through sustainable solutions to daily energy needs. They offer options with lower start-up costs for small businesses, while still keeping the profit potential.
SuperGreen Solutions franchisees work directly with an industry leader. The company has made it to the Franchise Direct Top 100 and Entrepreneur hailed them #1 in category in Franchise 500.