How to start Solar Power Plant Business in India

The increase in energy consumption per person has led to an increase in electricity charges per unit. Hence, people are moving to sustainable and better ways like Solar Power Plants. With this in mind, it is the best time to learn how to start solar power plant business in India.

 

Types of Solar Power Plant Business in India

 

• Solar Power Plant Installation Business  

Investment: Rs. 4,00,000 and above

 

• Solar Power Plant Manufacturing Business

Investment: Rs. 5,00,000 and above

 

• Solar Power Plant Sales Business

Investment: Rs. 1,00,000 and above

 

• Solar Power Plant Maintainance Business

Investment: Rs. 50,000 

 

Doing all of them together will not be feasible for the start. So, choose any one and proceed with it.

 

You can expand your business at a later stage when you have a good grab over one.

 

 

Steps to Start a Solar Power Plant Business in India

 

Step 1: Research and Planning

 

The first step to start any business is to research it and make a business plan accordingly.

 

Many businesses fail without a proper business plan or lack in any phase. 

 

Therefore, when you search for how to start Solar Power Plant Business in India, researching and planning help to avoid these hurdles and ensure the smooth working of the business.

 

Now, if you are concerned about what you should research, here are some aspects to consider:

 

• Identify the Market
• Analyse the Location
• Find out your Niche

 

After that comes the planning. Make a business plan according to your research.

 

A business plan should be made after proper research advice and consultation.

 

A business plan must have:

 

• Name of the Company
• Name of the Director
• Vision and Mission 
• Investment
• Shareholders
• Partners (if any)
• Revenue Model
• Income Source
• Expense Estimate
• SWOT Analysis of the Company

 

Step 2: Register your Business

 

As you have a good business plan ready now, it is time to execute the idea.

 

Therefore, get your business legalised by registering it online.

 

For company registration online, fill the form on the right and get your business registered quickly.

 

Also, you can get a free consultation from the experts.

 

The mandatory documents you will have after your company registration are:

 

• Certificate of Incorporation
• AoA (Article of Association)
• MoA (Memorandum of Association)
• GST Certificate
• PAN and TAN

 

Step 3: Acquire Permissions and License

 

For installing the solar panels, the customers have to get permission from DISCOM.

 

Therefore, they have to file an application and submit it with the application fees.

 

Also, it is advisable to have ISO certification to ensure the quality of your service.

 

Step 4: Open a Bank Account

 

After registering your business, open a separate bank account for your business.

 

Make sure all the business transactions are done through it.

 

It will help you in maintaining your books of account.

 

Additionally, you will have a clear estimation of profits.

 

As a result, you can easily keep your personal and business assets separate with a dedicated bank account for the purpose.

 

Documents for Business Bank Account

 

• Incorporation Certificate
• MoA and AoA
• GST Certificate
• Identity and Address Proof

 

If you are a Sole Proprietor, you will only require GST Certificate and Identity/Address Proof.

 

Step 5: Hire your Team

 

A team is like the body parts of a business.

 

No business can operate without disciplined, creative and hard-working people.

 

Therefore, analyse the job roles in your solar power plant business and hire accordingly.

 

Ensure that the people you hire are skilled and knowledgeable in their area of expertise.

 

You can search for resumes on the Naukri Portal or any other job portal.

 

After that, you can shortlist and have interviews scheduled accordingly.

 

Step 6: Make an Online Website

 

It is must for all the business to have an online presence these days.

 

Above all, having an online presence increases the credibility of a business.

 

Further, it also helps you target a larger customer base.

 

Along with that, you must also have a social presence on sites like Facebook, Instagram and Twitter. 

 

It will help you in increasing the reliability as well as the reputation of your business.

 

Step 7: Sales and Marketing

 

To increase the sales of your business, it is crucial to have an extraordinary marketing strategy.

 

Therefore, when you hire your team, make sure to have a good marketer.

 

After that, you can also increase your sales by advertising your company in newspapers, pamphlets and social media.

 

Investment to start a Solar Power Plant Business

 

Although, the investment depends on the scale and type of business.

 

But, few investments are common for all like around Rs. 10,000 for company registration, Rs 20,000/month for office space and Rs. 50,000 for general expenses.

 

Above all, because of the ample rooftop space and more than 300 sunny days a year, people are shifting to solar power plants. 

 

It also means that India is going to witness a Solar Revolution in the next 5 years.

 

To conclude, India will have a Solar Revolution within the next 5 years.

 

In fact, it is ranked fourth in the renewable energy market.

 

Therefore, learn how to start Solar Power Plant Business in India and you would witness your business boom in just the next few years.