Solar Panel Business Overseas

Nikol Tesla was right when he said “…The time will come when the comfort, the very existence, perhaps, of man will depend upon that wonderful agent.” Indeed, we live at such a time, and the quest to get a renewable source of power has quickly followed.

We’ve always looked to the sun for energy, and that includes electricity. The most popular way to tap solar energy is by using solar panels. Since the first commercial solar panel by Charles Fritts in 1883, there have been several modifications to enhance its efficiency.

Now, data from Statista reveals that as of 2018, there are approximately 509.3 Gigawatts solar panel installations around the world. There is no questioning that it would be more even now.

So, is the solar panel business a viable one? Yes, in every way. If you’re looking to start a solar panel business overseas, this article is perfect for you. How do you go about it? Just read on.

How to Start a Solar Business Overseas

Starting a solar business overseas can be a little bit daunting. But, don’t you worry! Here are simple tips to start a solar panel business overseas.

1.     Start Survey

Of truth, some countries favour one business over the other. Locating countries with interest in solar panel technology is principal to the success.

According to Investopedia, several countries are desperate to make solar energy the main source of power. These are places to begin your search. Some of them have made suitable policies to encourage investors in solar panel installations. For instance, the US enacted an Investment Tax Credit (ITC) policy to stimulate the use of solar panels by individuals and corporate bodies.

Meanwhile, there are many more nations with solar energy potentials. Identifying one can be crucial to hitting a gold mine in the solar panel business. A post from the World Bank identified regions with energy potential using solar panels. Taking advantage of this knowledge would undoubtedly make it easy for you to locate the country best for your solar panel business.

That’s not all! It would be ideal to find out what these nations’ policies say about foreign investors.

2.     Clarify your Target Audience

Do you want to work with the electricity generating institution, or do you want to provide service to individuals like households and companies? Your decision will determine your business layout when you eventually get overseas.

Whichever your choice is, people are eager to resolve issues concerning power availability. So, you would be most welcome if your marketing and PR skills are top-notch.

3.     Resolve Immigration Issues

Of course, you know you won’t just cross over the border to talk business without some documents. Every country’s immigration policy differs.

There are visa types, and only one may suit your purpose. Consequently, it is better to seek professional help to resolve these immigration issues. There are immigration lawyers in west London to help you with issues concerning moving overseas for business.

Then, how do you hope to get solar panels for your business? Would you be exporting overseas, or would you manufacture them locally? These answers must come early so that you can plan for foreign trade if the former is your plan.

4.     Register Your Business

Once you’ve eliminated the hurdle of the immigration office, the next thing is to register your business. What type of business structure do you want to operate? You can decide on sole proprietorship or partnership. Each business method has its advantages and drawbacks.

For the former, you’ll have all the profits for yourself, and also the losses too. As for the latter, partnering with someone who knows the ropes of business in the host country can be a plus, even though you’ll have to share the gains.

5.     Obtain Licences and Permits

At least for most countries, you will require some licence to do your business within the state. Failure to obtain these permits could cause authorities to prevent you from operating or slam some fines on you.

It is also at this point that you must clarify the scope of your services. What other way apart from providing the solar panels would you be of help? Are you considering installation and servicing? What is the method of billing you would use? Settling these issues among others is pertinent.

6.     Get an Office

Unlike other forms of business, solar panel business will require you to have a physical presence. Of course, your business will need an address. Getting a place that is suitable for the services you wish to provide should not be a problem. You can get in touch with a local housing agent in the chosen district to help you find a property.

7.     Hit the Market

With the help of some advertising agencies, you can spread information about your solar panel business. We expect that you already have some things lined up in your business plan. Implementing your strategies, bearing in mind the locality, will tell how well your solar panel business will fare. If necessary, get local business consultants to teach you the secrets of trading in the host country.

Final Thoughts

Although the solar panel business is not new, many entrepreneurs are yet to get involved. As all nations of the world seek alternate forms of energy to prevent pollution, the solar panel business will keep growing.

Since the technology behind the solar panel device varies and is still alien to many countries, there’ll always be the need for foreign input. That’s where you come in.