The global temperature is rising year after year, and the worst part is that it’s not showing any signs of slowing down. Scientist have warned that if we don’t change our ways, there won’t be any more summer seasons, and the world will come to an end. Since the beginning of time, humankind has been struggling with this issue, and for some reason, it seems like nothing is working. If you’re looking for a way to contribute to the solution, you have two options- solar energy or wind energy. While both have great potential, only one will bring you lasting satisfaction. Let’s take a closer look at how to start a wind energy company and the advantages of doing so.
Why Start A Wind Energy Company?
If you’ve been following the news, you’d know that renewable energy sources such as wind and solar power have taken the world by storm. Thanks to companies like Tesla and Tesla Motors, the future of energy seems more promising than ever. With the world shifting towards a more sustainable energy future, the demand for clean power is on the rise. A report from the Global Wind Energy Council (GWEC) stated that by 2025, wind energy will account for 16% of global electricity generation, resulting in over 270 billion kWh of green energy being produced each year.
The GWEC projects that the number of people living in extreme poverty will fall from 56 million to 19 million thanks to the introduction of clean energy. The number of people living in extreme poverty in 2025 is projected to be 19 million, a decline of 55% compared to 2015.
While the global demand for clean energy is increasing, the cost of solar panels has been declining. For example, in 2020 alone, the cost of photovoltaic solar panels fell by 12%, from $11.67/watt to $9.81/watt- which was a change of $1.86/watt or 27% compared to 2019. This is largely because of the growing competition in the solar energy market and the resulting price wars. To be able to compete, manufacturers have to continue bringing down the cost of their products, which in turn, lowers the cost for consumers.
The Advantages Of Starting A Wind Energy Company
If you’ve ever tried to create a profitable business, you know that one of the essential things you need is a good pricing structure. Thanks to some forward-thinking legislation, the U.S. businesses that provide equipment and supplies for the wind energy industry enjoy a competitive advantage over other industries. For example, the federal government offers a tax credit for green equipment which leads to cost savings and additional profit. In addition, as the world’s largest market for wind energy, the U.S. can also reap the benefits of scale.
If you’re looking for a place to sell your excess power, there’s a pretty good chance you’ll find a buyer in the U.S. Not only that, but you’ll also be able to pick up some useful tips from the experts who work at the wind farms. You’ll have the opportunity to speak to the wind experts directly, and get important answers to your questions. This is invaluable knowledge which you won’t find in any other books or courses.
How To Start A Wind Energy Company?
Since the cost of building a solar farm is generally considered to be cheaper than that of a wind farm, many people are choosing to go that route. However, if you’re looking for the long-term benefits which come with generating your own green energy, going green isn’t a bad idea. The main thing is that you do your research before you start making any kind of investment.
While you can’t predict exactly how the market is going to change over the next decade, you can be sure that the demand for clean energy is going to continue rising. As long as there are people who are willing to pay for clean energy, there will be people creating more and more renewable energy.
To give you an idea of how to start a wind energy company, here are a few useful tips:
Don’t Forget The Legal Requirements
When it comes to creating a business, following the rules and regulations is of paramount importance. Even if you plan on establishing a physical office, you’ll still have to follow the rules and regulations of your state or country. Some of the legal requirements that you’ll need to check off before you start applying for financing include-
- Business license
- Tax identification number
- Health insurance (if you have employees)
- Worker’s compensation insurance (if you have employees)
- Disability insurance (if you have employees)
Look Into The Different Financing Options
When you start your own solar energy or wind energy company, the first thing you should do is figure out how much capital you need to put in. This is easier said than done, since the costs of starting a business can be high. One of the main reasons behind this is the high cost of equipment and supplies required for the operation of a wind farm or solar farm. If you don’t have the financial resources, it may be wise to look into different debt financing options, such as bank loans or venture capital. It’s also worth checking out whether or not your local bank has any special financing programs for startups or new businesses.
Have A Backup Plan
When you’re starting a business, especially a small business, one of the primary things you need to do is create a backup plan. This is especially important if you start running low on cash and don’t have enough to pay your bills. No one is indispensable, which means that at any given time, there’s likely to be someone who can step in and help you out. Having a backup plan in place will give you the peace of mind to try new things and make changes as needed. Thanks to technology, making changes quickly and efficiently has become much easier than it was in the past.
Final Takeaway
If you’re looking for a way to be able to provide your family with a better quality of life, you have a couple of options. You can either pursue a career in the field you’re trained for or you can start a business and provide for your family with a new, profitable venture. If you choose to go the entrepreneurial route, you have to understand that there are many different variables which can determine the success or failure of your business. But, as long as you do your research and follow the right tips, you’ll be able to launch a profitable business, provide for your family, and leave a positive impact behind you.