Insights Newsletter #16
Check out the latest solar energy updates, reports, and tools to help your business succeed!
Happy Friday!
Welcome to Solar Business Insights, a newsletter curated for solar professionals. We find the latest news, reports, and trends to help your business grow & succeed.
Wanna connect and chat with other solar professionals? Join our exclusive Solar Business Insights Community on Slack!
Enjoy!
**If you answer other, please contact us to let us know how we can support you.
Past Poll Results:
In the Insights Newsletter #15, we asked, “Are you concerned about your company’s cash flow in 2024?”
73% responded yes
27% responded no
I’m not surprised at the higher percentage responding ‘Yes,’ but the bigger question is what are doing about it?
For those concerned about your company’s cash flow, what needs to change in your business? Let us know in the comments!
For those who answered no, submit your tips for success in the comments or send us a message.
Solar Energy News
Solar and battery storage are set to dominate new electricity generation capacity this year, with solar expected to increase by a record-breaking 36.4 GW, according to the US Energy Information Administration.
This means 81% of new US electric-generating capacity will be made up of solar and battery storage.
This growth, nearly doubling last year's increase, underscores the industry's remarkable momentum. Additionally, the EIA forecasts significant expansion in battery storage, potentially doubling existing capacity if planned additions proceed as scheduled.
With demand soaring, businesses have a prime opportunity to ride the wave of renewable energy. This surge also sparks innovation and investment in groundbreaking technologies.
But in all this excitement, businesses need to keep an eye out for changes in regulations and market trends to navigate smoothly through the shifting landscape and ensure long-lasting success.
Business Strategy
One key to success as a solar business is organization. When you have multiple systems and software, it’s easy to get tangled up and neglect key items. Streamlining your solar business with an Enterprise Resource Planning (ERP) software can increase employee productivity and help you save money on overhead costs.
Not all ERPs are created equally. A solar-specific ERP, like SolarSuccess, is built to meet the needs of the solar industry by incorporating specific functions and workflows to support your team.
What can I do with a solar ERP?
Save money on overhead costs
Simplify and automate tedious processes
Manage solar projects end-end with ease
Use solar-specific custom KPIs, dashboards & alerts
& much more
How do I know if I need a solar ERP?
You use too many systems & tools
Your decisions are not based on real-time data
You overspend on overhead costs
Your processes aren't automated
You get poorly rated customer reviews
SolarSuccess helps solar businesses save up to $5,000 a week! If you are one of the businesses worried about your cash flow in 2024, this kind of savings could be a gamechanger. Don't wait, book a demo today.
Solar Adoption
EY recently released its Energy Transition Consumer Insights Report which indicated there is an opportunity to connect the dots between customers' interest in sustainability and their actual commitment to making it happen. The study showed that only a third of consumers are actively taking steps to enhance the sustainability of their lifestyle, meaning 70% of consumers still need convincing.
What’s the struggle? Changing consumer behavior is a very challenging task.
Here are a few key points:
65% of respondents said they know how to make sustainable energy choices
70% said they are not willing to spend money or time doing so
18% said they would adopt energy products if they were easier to purchase and install
67% aren’t planning to invest in new energy projects like solar or EVs over the next 3 years
What can solar businesses do? Consider taking the following proactive steps.
Spread the Word: Educate about solar benefits and address any worries consumers might have.
Customize Solutions: Tailor solar options to fit different needs and budgets, making it easier for everyone to go solar.
Make It Affordable: Offer payment plans or discounts that can help more people afford solar power.
Get Involved Locally: Team up with communities to host or support events to increase awareness.
Push for Change: Support policies that encourage solar adoption.
Our Next Steps
Thank you for your support of the Insights Newsletter. Our goal has always been to provide helpful and valuable resources for your solar business. While we remain committed to this mission, we are transitioning to a new format. We will keep you updated as we take our next steps.
For now, stay connected in the Solar Business Insights Slack Community. By joining, you can connect and chat with solar industry professionals to grow your network and find collaboration opportunities.
As a result, our team will not be continuing the newsletter for now. If you are interested in acquiring our solar newsletter, please contact us.
Thank you for your support and encouragement along the way so far. It means the world to us.
Solar Energy Conferences 2024
RE+ Northern California: March 12-13
Santa Clara, California
Florida Solar & Storage Summit: April 29 - May 1
Orlando, Florida
RE+ Southeast: May 17-18
Atlanta, Georgia
Solar & Energy Storage Summit: June 12-13
San Francisco, California
The purpose of this newsletter is to stay informed on business in the solar industry. Advice or opinions may be included, but any actions taken are at your own risk. This page may include referral links or sponsored advertisements at no added cost to you. Any purchases made help support the creation of the Solar Business Insights newsletter. Please contact us with any questions.
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