Solar Farm Business Plan Template
Written by Dave Lavinsky
Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their solar farm business. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a solar farm business plan step-by-step so you can create your plan today.
Download our Solar Farm Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your solar farm business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a solar farm, or grow your existing solar farms, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your solar farms in order to improve your chances of success. Your solar farm business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Solar Farms
With regards to funding, the main sources of funding for a solar farms are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a solar energy farm business.
The second most common form of funding for a solar farms is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund a solar farms. They might consider funding a solar farms company with a locations across the country, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.
How to Write a Business Plan for a Solar Farm
Your business plan should include 10 sections as follows:
Executive Summary
Your executive summary provides an introduction to your solar farm business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the type of solar farms you are operating and the status; for example, are you a startup, do you have an existing solar farms that you would like to grow, or are you operating a network of solar farms?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the solar energy industry. Discuss the type of solar farms you are running. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing strategy. Identify the key members of your team. And offer an overview of your financial plan.
Company Analysis
In your company analysis, you will detail the type of solar farms you are running.
For example, you might operate one of the following types:
- Crystalline Silicon Power Plant: this type of solar farms uses Crystalline Silicon PV technology.
- Thin-Film Solar Power Plant: this type of solar farms uses cadmium telluride (CdTe) solar panels.
In addition to explaining the type of solar farms you operate, the Company Analysis section of your business plan needs to provide background on the solar farm business.
Include answers to question such as:
- When and why did you start the solar farm business?
- What milestones have you achieved to date? Milestones could include sales goals you’ve reached, number of new attractions, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry or market analysis, you need to provide an overview of the solar energy industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the solar energy industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy particularly if your research identifies industry trends.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the market analysis section:
- How big is the solar farms industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your solar farms service. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section of your solar farm business plan must detail the customers you serve and/or expect to serve.
These are the main customers for the industry: Solar Power Utilities, and Federal Government.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of solar farms you operate. Clearly, commercial utilities would want different products and services, and would respond to different marketing tactics than government entities.
Try to break out your target market in terms of their location, and their wants and needs. With regards to location, include a discussion of the demand for solar energy for utilities’ renewable power portfolio standards. Because most solar farms primarily serve customers living in their same region, such information is usually available on local or county government websites.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your solar farm business faces and then focus on the latter.
Direct competitors are other solar farms projects.
Indirect competitors are other options customers may use that aren’t direct competitors. This includes traditional energy suppliers, other alternative energy providers, and other power plant contractors, such as fossil fuel and other renewable energy power plant contractors. You need to mention such competition to show you understand that not all energy needs will be met by a solar farms.
With regards to direct competition, you want to detail the other solar farms with which you compete. Most likely, your direct competitors will be solar farms located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of customers do they serve?
- What types of renewable energy technology do they use?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you use cutting-edge solar technologies?
- Will you provide options or automations that your competitors don’t offer?
- Will you make it easier or faster for customers to engage your services?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a solar farm business plan, your marketing plan should include the following:
Product: in the product section you should reiterate the type of solar farms that you documented in your Company Analysis. Then, detail the specific services you will be offering.
Price: Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place: Place refers to the location of your solar farms. Document your location and mention how the location will impact your success. For example, is your solar farms located in a high-sunlight exposure area, or in a desert, etc. Discuss how your location might allow you to serve a greater volume of customers.
Promotions: the final part of your solar farms marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in trade magazines
- Attending trade shows
- Attending networking events
- Joining local organizations
Operations Plan
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your solar farms, such as researching and writing grants, maintaining solar panels, staying abreast of new technology developments, processing paperwork, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sign your 100 th contract, or when you hope to reach $X in sales. It could also be when you expect to purchase additional solar panels, or when you expect to launch a new solar farm location.
Management Team
To demonstrate your solar farms’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in renewable energy or in power generation. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in renewable energy and/or successfully running small businesses.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $1,000,000 on building out your solar farms, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $1,000,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a solar farms business:
- Location build-out including design fees, construction, etc.
- Cost of equipment
- Payroll or salaries paid to staff
- Business and liability insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your solar farm design blueprint or location lease.
Putting together a business plan for your solar farms company is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the solar farm industry, your competition and your potential customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful solar farms.
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Solar Farm Business Plan FAQs
What is the easiest way to complete my solar farm business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Solar Farm Business Plan.
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World’s largest solar farm is now in Tamil Nadu
India has overtaken California and now has the largest solar farm in one location in the world. It was built in a record eight months, despite monsoons and floods. The vast 2,500 acre site in Tamil Nadu is the size of nearly 60 Taj Mahals, while the area of the solar panels alone could hold 476 football pitches. And, during the construction, just the storage area was the equivalent of 6 Sydney Opera Houses.
The southern Indian solar farm can generate 648 megawatts of clean, green electricity. By 2022, India aims to power 60 million homes by the sun. This will help propel India as a world leader in renewable energy generation.
The plant comprises of 380,000 foundations, 2,500,000 solar modules, 27,000 metric tonnes of structure, 576 inverters, 154 transformers and 6,000 km of cables (that’s almost the equivalent distance of India to Australia). The overall cost of the mega-structure was approximately U.S. $679 million.
Chairman of the Adani Group – the company who owns the solar farm – Guatam Adani says, “We have a deep commitment to nation-building. We plan to produce 11,000 MW of solar energy in the next five years, putting India on the global map of renewable energy.”
The huge number of solar panels is cleaned daily by a robotic system, itself charged by its own solar panel.
The solar farm is part of the Indian government’s ambitious targets to reduce carbon emissions by 33-35% and to produce 40% of its power by non-fossil fuels by 2030.
- largest solar farm
- Solar farm in India
- Tamil Nadu solar farm
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Solar Farm Business Plan Template
Solar farm business plan.
You’ve come to the right place to create your Solar Farm business plan.
We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their solar farms.
Below is a template to help you create each section of your Solar Farm business plan.
Executive Summary
Business overview.
Helios Solar is a startup Solar Farm company located in northern New Mexico. The company was founded by husband and wife team Derek and Meri Smith. Derek has deep experience in the construction industry, and Meri has a background in accounting. The combination of these skills positions the couple to succeed in building and maintaining a solar farm. What’s more, Derek and Meri already own a 250-acre tract of land in sunny New Mexico.
Product Offering
Helios Solar has designated 50 acres on which it will install crystalline silicon solar panels with sun tracking technology. It will begin as a 5MW farm, with ample land for capacity growth. The company will keep abreast of solar technology innovations as it grows.
Customer Focus
Helios Solar will offer wholesale electricity to established utility companies in New Mexico and surrounding states.
Management Team
Helios Solar will be owned and operated by Derek and Meri. Derek will oversee the physical operation of the farm, while Meri will oversee the administrative side.
Derek Smith has a background in construction, and is a graduate of Solar Energy International, and subsequently earned a North American Board of Certified Energy Practitioners (NABCEP) certification as a PV Commissioning & Maintenance Specialist.
Meri Smith is a graduate of the University of New Mexico with a Bachelor’s degree in Accounting. She has been working at a local accounting firm for over a decade as a CPA. Meri’s experience in accounting has given her the skills to manage the company’s finances, and the knowledge to steer the company to financial stability and success.
Success Factors
Helios Solar will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly qualified PV experts
- An ideal location in New Mexico, with ample room for expansion
Financial Highlights
Helios Solar is seeking $2 million in debt financing to launch its solar farm. The funding will be dedicated towards installing solar panels and payroll of the staff until the farm reaches break even. The breakout of the funding is below:
- Hardware (modules, inverters, mounts, etc.): $1.7 million
- Office equipment, supplies, and materials: $10,000
- Overhead expenses (payroll, rent, utilities): $200,000
- Marketing costs: $10,000
- Working capital: $10,000
To supplement its funding requirements, Helios Solar intends to apply for government grants and take advantage of incentive programs for the installation of solar equipment.
The following graph below outlines the pro forma financial projections for Helios Solar.
Company Overview
Who is helios solar.
Helios Solar aims to deliver utility-scale solar power, starting with a 5MW capacity. The husband and wife team is highly qualified and experienced in PV maintenance, accounting, and financial reporting.
Helios Solar History
Helios Solar is owned and operated by Derek and Meri Smith, a former construction manager and certified PV Commissioning & Maintenance Specialist (Derek), and CPA (Meri). Derek has worked for a large construction company and oversaw a variety of construction projects in the Albuquerque metro area. Derek’s tenure with the construction company, as well as his education in PV maintenance, combined with Meri’s financial acumen has given them the skills and knowledge required to venture out and start their own company. Derek and Meri have been awarded contracts with two large utility companies, which guarantees Helios Solar stability while they work to increase capacity.
Since incorporation, Helios Solar has achieved the following milestones:
- Registered Helios Solar, LLC to transact business in the state of New Mexico.
- Has cleared and prepared a 5-acre parcel of land for PV installation, and constructed an office building nearby.
- Reached out to numerous utilities in order to start getting wholesale contracts.
- Began recruiting PV maintenance workers, and office personnel to work at Helios Solar.
Helios Solar Services
Industry analysis.
The Solar Power industry is expected to grow over the next five years to over $18.3 billion.
The growth will be driven by the large expansion of government spending is set to support the industry as the push toward renewables accelerates. Electric power consumption is expected to increase slightly, but is expected to continue its shift toward renewable sources and away from fossil fuels.
The Solar Power industry in the United States is growing rapidly, underpinned by a combination of favorable government incentives and consistent technological advancements. Furthermore, solar power falls into the emergent green energy sector and benefits from rising public and private support.
Costs will likely be reduced as PV panels continue to gain efficiency and manufacturers compete to drive down the price of producing the panels. Solar Farms have also benefited from attractive tax credits and requirements for downstream utilities to diversify energy holdings and integrate renewable energy into their portfolio.
Customer Analysis
Demographic profile of target market.
Helios Solar will target utility companies in New Mexico, Colorado, Utah, and Arizona.
The precise data for these target states are:
Customer Segmentation
Helios Solar will primarily target the following customer profiles:
- Non-profit utility companies
- Corporate utility companies
- Government administered utilities
Competitive Analysis
Direct and indirect competitors.
Helios Solar will face competition from other companies with similar business models. A description of each competitor company is below.
Sunrise Solar Power Plant
Sunrise Solar is a 794 MWp (614 MWAC) photovoltaic power station in California, near the Mexican border. The facility was developed and constructed in three phases.
The first phase was commissioned in 2014, and supplies 266 MW under a 25-year agreement. The third phase was commissioned in 2018, and provides 328 MW using 2.8 million thin film panels. Phase two was commissioned in early 2020, and provides 200 MW.
The plant users more than 3 million thin-film CdTe photovoltaic modules and 138 skids which rotate on a north-south axis tracking the path of the Sun, and produces enough energy to power 72,000 homes.
Sun Mountain Solar Facility
The Sun Mountain Solar Facility is an 802 megawatt solar photovoltaic power plant. The plant entered service on December 1, 2010. It is co-located with three other solar projects in the region, thus forming a more than 1 gigawatt (GW) solar generating complex.
100 GW·h/year from phase 1 has been sold under a 20-year power purchase agreement (PPA). Power generated from phase 2 has been sold under a 25-year power purchase agreement (PPA).
This solar complex creates enough electricity to power 200,000 homes. It sits on 4,000 acres of land and has about 4.3 million solar panels. The facility has been built in phases and the first one came on line in 2010, with the rest following in 2012, 2015, 2016, and 2021.
Badlands Solar Park
Badlands Solar Park is one of the largest solar parks in the US. The park is spread over a total area of 7,000 acres, and has a total capacity of 2,000 MW. It is expected to eventually have a total capacity of 3,000 MW. The project is a joint effort between state-owned energy companies, which provide electricity across the country. Construction on the Badlands Solar Park began in 2016.
It was built in four phases:
- Phase I – 420 MW of capacity
- Phase II – 250 MW of capacity
- Phase III – 500 MW of capacity
- Phase IV – 250 MW of capacity
Competitive Advantage
Helios Solar will be able to offer the following advantages over their competition:
- Local, family-owned operation, with highly-qualified PV experts
- Helios Solar stays abreast of all technology developments, takes care of all maintenance and property improvements, and delivers an accurate and complete set of financials each month.
- Helios Solar offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Marketing Plan
Brand & value proposition.
Helios Solar will offer the unique value proposition to its clientele:
- Highly-qualified team of PV experts that provide a comprehensive set of solar services (financial, accounting, marketing, maintenance, and improvements).
- Unbeatable pricing to its clients – Helios Solar does not mark up its services at a large percentage. They will offer the lowest pricing in the region.
Promotions Strategy
The promotions strategy for Helios Solar is as follows:
Professional Associations and Networking
Helios Solar will become a member of solar associations such as Solar Energy Industries Association (SEIA), American Council on Renewable Energy (ACRE), and Solar Energy International (SEI). They will focus their networking efforts on expanding their brand recognition and relevance.
Print Advertising
Helios Solar will invest in professionally designed print ads to display in programs or flyers at industry networking events.
Website/SEO Marketing
Helios Solar will maintain a well-organized and informative website, which will list all their services. The website will also list their contact information. The company will also hire a digital marketer to enhance their website presence with SEO marketing tactics so that Helios Solar’s website will be well-positioned at the top of internet search results.
Helios Solar’s pricing will be moderate and on par with competitors so clients feel they receive value when purchasing their services.
Operations Plan
The following will be the operations plan for Helios Solar.
Operation Functions:
- Meri Smith will be President of the company. She will oversee the office and manage client relations.
- Derek Smith will be CEO of the company. He will oversee field operations: performing installation, maintenance, and upgrades to the solar array.
Milestones:
Helios Solar will have the following milestones complete in the next eight months.
5/1/202X – Finalize construction of office space
615/202X – Finalize property preparation and solar array planning
8/1/202X – Installation of racks and mounts
12/1/202X – Installation of solar array
12/15/202X – Begin networking at industry events
1/1/202X – Helios Solar opens its office for business
Financial Plan
Key revenue & costs.
The revenue drivers for Helios Solar are the electricity fees they will charge to utility companies for their services. Most other solar energy wholesale companies charge $83 per MWh; Helios Solar will initially charge $80 per MWh.
The cost drivers will be the overhead costs required to maintain and upgrade solar arrays. The major expenses will be payroll, and hardware purchases.
Funding Requirements and Use of Funds
Key assumptions.
The following outlines the key assumptions required to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.
- Number of MWh Per Year: 1,750
- Average Fees: $27/MWh
Financial Projections
Income statement, balance sheet, cash flow statement, solar farm business plan faqs, what is a solar farm business plan.
A solar farm business plan is a plan to start and/or grow your solar farm business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your solar farm business plan using our Solar Farm Business Plan Template here .
What are the Main Types of Solar Farm Businesses?
There are a number of different kinds of solar farm business , some examples include: Crystalline Silicon Power Plant and Thin-Film Solar Power Plant.
How Do You Get Funding for Your Solar Farm Business Plan?
Solar farm businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Solar Farm Business?
Starting a solar farm business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Solar Farm Business Plan - The first step in starting a business is to create a detailed solar farm business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your solar farm business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your solar farm business is in compliance with local laws.
3. Register Your Solar Farm Business - Once you have chosen a legal structure, the next step is to register your solar farm business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your solar farm business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Solar Farm Equipment & Supplies - In order to start your solar farm business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your solar farm business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful solar farm business:
- How to Start a Solar Farm Business
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Back to All Business Ideas
How to Start a Solar Farm
Written by: Carolyn Young
Edited by: David Lepeska
Updated on March 2, 2023
Investment range
$1,020,400 - $2,070,700
Revenue potential
$240,000 - $600,000 p.a.
Time to build
3 – 5 years
Profit potential
$216,000 - $540,000 p.a.
Industry trend
- Decide if the Business Is Right for You
- Hone Your Idea
- Brainstorm a Business Name
- Create a Business Plan
- Register Your Business
- Register for Taxes
- Fund your Business
- Apply for Licenses/Permits
- Open a Business Bank Account
- Get Business Insurance
- Prepare to Launch
- Build Your Team
- Start Making Money!
Solar power is worth $185 billion globally and still seeing explosive growth. With your own solar farm — a large field of photovoltaic panels linked to the grid — you could generate good money while also doing good for the environment.
The initial investment of about $1 million is considerable, but there is an alternative: if you own or buy a sizable piece of land, you could lease it to your local utility company, which would then build and maintain the solar farm and pay you a share of the revenue. After some years, you might be able to take financial control of the farm and expand further.
Either way, starting a solar farm is challenging and requires time and hard work. Starting off with the right knowledge is crucial, and this step-by-step guide provides all the information and insight you need to begin building your solar empire.
Looking to form an LLC? Check out the Best LLC Formation Services .
Step 1: Decide if the Business Is Right for You
Pros and cons.
Every business has pros and cons that you should consider before deciding if it’s right for you.
- Eco-friendly – Solar power is good for the environment
- Good Money – Profit margins in solar are high
- Minimal Work – A solar farm need servicing just 3-4 times per year
High Startup Costs – Building a farm costs $1M and up
Solar industry trends
Since the US instituted a major tax credit for solar projects in 2006, the US solar industry has grown 100-fold, according to the Solar Energy Industries Association.(( https://www.seia.org/initiatives/solar-investment-tax-credit-itc ))
In terms of trends, the storage capacity of solar batteries has increased in recent years, which helps stabilize the solar grid on your farm and reduce wasteful production. In addition, a rising number of US households are installing solar panels. Shipments of solar modules for residences increased a stunning 33% in 2020, according to the Energy Information Administration. Homeowners can also sell excess energy from their solar panels to the power company, as 40 states allow homeowners to do so.(( https://www.eia.gov/todayinenergy/detail.php?id=49396 ))
Industry size and growth
- Industry size and past growth – Research firm IBISWorld values the US solar farm market at more than $11 billion, a 26% increase from its value a decade ago.(( https://www.ibisworld.com/industry-statistics/market-size/solar-farm-developers-united-states/ ))
- Growth forecast – The US solar energy market is predicted to grow at least 17% per year through 2027, according to Mordor Intelligence.(( https://www.mordorintelligence.com/industry-reports/united-states-solar-energy-market ))
- Number of businesses – There are nearly 7,500 solar farm developers in the US.(( https://www.ibisworld.com/industry-statistics/number-of-businesses/solar-farm-developers-united-states/ ))
- Number of people employed – US solar farms employ more than 42,000 people.(( https://www.ibisworld.com/industry-statistics/employment/solar-farm-developers-united-states/ ))
Trends and challenges
Trends in solar farms include:
- Increasing use of solar batteries with higher storage capacity
- More US households installing solar panels
- Strong demand for clean, renewable energy
- Growing concern over climate change
Challenges in solar farms include:
- High initial investment in solar panels
- Supply chain issues to impact solar panel production
Consumer spending
- Average consumer spend – An American family spends $1,450 a year on electricity.(( https://www.forbes.com/advisor/home-improvement/average-cost-of-solar-panels/ ))
- Potential customer base – Almost half of Americans were considering solar panels.(( https://www.forbes.com/home-improvement/features/will-americans-go-solar/ ))
- Average prices – A solar panel in the US costs $20,498 on average.(( https://news.energysage.com/how-much-does-the-average-solar-panel-installation-cost-in-the-u-s/ ))
Price differences across the country
- More expensive – A 10-kw solar panel is most expensive in Washington D.C., Indiana, New Mexico, New York, and Rhode Island, with the price ranging from $31,500 to $34,100.
- Less expensive – The lowest prices for a solar panel are in Arizona, Florida, Nevada, Delaware, and Utah, with prices ranging from $23,300 and $26,300.(( https://news.energysage.com/how-much-does-the-average-solar-panel-installation-cost-in-the-u-s/#cost ))
What kind of people work in solar farms?
- Gender – 77% of solar energy engineers in the US are male, while 23% are female.(( https://www.zippia.com/solar-energy-engineer-jobs/demographics/#gender-statistics ))
- Average level of education – 65% of solar energy engineers hold a bachelor’s degree.(( https://www.zippia.com/solar-energy-engineer-jobs/demographics/#degree-level-types ))
- Average age – The average age of a solar energy engineer is 43 years old.(( https://www.zippia.com/solar-energy-engineer-jobs/demographics/#age-statistics ))
How much does it cost to start a solar farm business?
Startup costs for a solar farm range from $1 million to $2 million and more. The lower end is for a one-megawatt farm, which is the minimum you need for the power company to be interested, and assumes you already have 6-8 acres of land. The higher-end is for a two-megawatt farm and includes a down payment for the land purchase. If you instead decide to lease your land to a utility company, they will pay for the farm’s development and your costs will be next to nothing.
How much can you earn from a solar farm business?
The per-acre profit of a solar farm runs between $20,000 and $40,000, with an average of $30,000. After costs your profit margin should be about 90%.
Development
If you have a 20-acre property and you develop only eight acres into a solar farm, bringing in $30,000 per acre. Your annual revenue will be $240,000, and your profit will be $216,000. As you gain more customers, you could fully develop the entire 20 acres. You’ll be earning $600,000 in annual revenue and $540,000 in profit. You could expand your farm over time by using your profits to purchase more land and add to your grid, thus increasing your income substantially.
If you lease your land, you can probably earn $2,000 per acre per year. With 8 acres at $2,000 per acre, you’ll make $16,000 in annual revenue and at least $14,000 in profit. If you lease out the entire 20 acres, you’ll make $40,000 in annual revenue and $36,000 in profit. It’ll be a good source of passive income.
What barriers to entry are there?
There are a few barriers to entry for a solar farm. Your biggest challenges will be:
- Costs to develop a solar farm are high
- A sun-drenched swathe of land
- Permission from the utility, which can take years
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Step 2: hone your idea.
Now that you know what’s involved in starting a solar farm, it’s a good idea to hone your concept in preparation to enter a competitive market.
Why? Identify an opportunity
You should research whether your land is right for a solar farm. You should look for:
- Minimum of 6-8 acres, flat and no flood-risk
- At least four peak sun hours daily
- No regulations in terms of conservation
- Within a few miles of the power grid
What? Determine your products or services
You need to determine if you want to lease your land or develop your solar farm. By leasing your farm, you can start with minimal cost, but make far less money. With a farm, your revenue potential is much higher, but your upfront costs are significant.
How much should you charge for solar?
The price you charge for power will be dictated by how much the power company is willing to lease your land for. A good lease could mean $2,000 per acre per year. Strong revenue for a developed solar farm is $30,000 per acre per year.
Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.
Who? Identify your target market
Your target market will be power companies and solar developers. You should find them via internet search and contact them directly via phone or email.
Where? Choose your business premises
You will probably want to run your business from home to keep costs low. If you choose to have an office, you can find commercial space to rent in your area on Craigslist , Crexi , and Commercial Cafe .
When choosing a commercial space, you may want to follow these rules of thumb:
- Central location accessible via public transport
- Ventilated and spacious, with good natural light
- Flexible lease that can be extended as your business grows
- Ready-to-use space with no major renovations or repairs needed
Step 3: Brainstorm a Business Name
Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.
Here are some ideas for brainstorming your business name:
- Short, unique, and catchy names tend to stand out
- Names that are easy to say and spell tend to do better
- The name should be relevant to your product or service offerings
- Ask around — family, friends, colleagues, social media — for suggestions
- Including keywords, such as “solar” or “solar power”, boosts SEO
- Choose a name that allows for expansion: “Jim’s Bakery” over “Jim’s Cookies”
- Avoid location-based names that might hinder future expansion
- Use online tools like the Step by Step business name generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.
Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.
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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that set your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.
Step 4: Create a Business Plan
Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:
- Executive Summary: Brief overview of the entire business plan; should be written after the plan is complete.
- Business Overview: Overview of the company, vision, mission, ownership, and corporate goals.
- Product and Services: Describe your offerings in detail.
- Market Analysis: Assess market trends such as variations in demand and prospects for growth, and do a SWOT analysis .
- Competitive Analysis: Analyze main competitors, assess their strengths and weaknesses, and create a list of the advantages of your services.
- Sales and Marketing: Examine your companies’ unique selling propositions (USPs) and develop sales, marketing, and promotional strategies.
- Management Team: Overview of management team, detailing their roles and professional background, along with a corporate hierarchy.
- Operations Plan: Your company’s operational plan includes procurement, office location, key assets and equipment, and other logistical details.
- Financial Plan: Three years of financial planning, including startup costs, break-even analysis, profit and loss estimates, cash flow, and balance sheet.
- Appendix: Include any additional financial or business-related documents.
If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.
Step 5: Register Your Business
Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.
Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!
Choose where to register your company
Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as sunnier states could offer real advantages when it comes to solar farms.
If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.
Choose your business structure
Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your solar farm will shape your taxes, personal liability, and business registration requirements, so choose wisely.
Here are the main options:
- Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
- General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
- Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
- C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
- S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just needs to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.
We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using Northwest Registered Agent’s online LLC formation service . They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.
Form Your LLC
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We recommend ZenBusiness as the Best LLC Service for 2023
Step 6: Register for Taxes
The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.
Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.
The IRS website also offers a tax-payers checklist , and taxes can be filed online.
It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.
Step 7: Fund your Business
Securing financing is your next step and there are plenty of ways to raise capital:
- Bank loans : This is the most common method, but getting approved requires a rock-solid business plan and strong credit history.
- SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
- Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
- Venture capital : Offer potential investors an ownership stake in exchange for funds, keeping in mind that you would be sacrificing some control over your business.
- Friends and Family : Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
- Crowdfunding : Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
- Personal : Self-fund your business via your savings or the sale of property or other assets.
Bank and SBA loans are probably the best options, other than friends and family, for funding a solar farm. You might also try crowdfunding if you have an innovative concept.
Step 8: Apply for Licenses/Permits
Starting a solar farm business requires obtaining a number of licenses and permits from local, state, and federal governments.
Solar farms are subject to strict review processes through federal, state, and local regulators. They also require permission from a power company. The process for approvals usually takes 3 to 5 years.
Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits.
You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more.
You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.
This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.
If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.
Step 9: Open a Business Bank Account
Before you start making money you’ll need a place to keep it, and that requires opening a bank account .
Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your solar farm as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.
Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.
Step 10: Get Business Insurance
Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.
Here are some types of insurance to consider:
- General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
- Business Property: Provides coverage for your equipment and supplies.
- Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
- Worker’s compensation: Provides compensation to employees injured on the job.
- Property: Covers your physical space, whether it is a cart, storefront, or office.
- Commercial auto: Protection for your company-owned vehicle.
- Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
- Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of any of the above insurance types.
Step 11: Prepare to Launch
As opening day nears, prepare for launch by reviewing and improving some key elements of your business.
Essential software and tools
Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.
You can use industry-specific software, such as quickbase , 3 megawatt , or enact , to manage your solar installation and measure energy generated.
- Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero .
- If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.
Some of your business will come from online visitors, but still, you should invest in digital marketing! Getting the word out is especially important for new businesses, as it’ll boost customer and brand awareness.
Once your website is up and running, link it to your social media accounts and vice versa. Social media is a great tool for promoting your business because you can create engaging posts that advertise your products:
- Facebook: Great platform for paid advertising, allows you to target specific demographics, like men under age 50 in the Cleveland area.
- Instagram: Same benefits as Facebook but with different target audiences.
- Website: SEO will help your website appear closer to the top in relevant search results, a crucial element for increasing sales. Make sure that you optimize calls to action on your website. Experiment with text, color, size, and position of calls to action such as “Schedule Now”. This can sharply increase purchases.
- Google and Yelp: For businesses that rely on local clientele, getting listed on Yelp and Google My Business can be crucial to generating awareness and customers.
Kickstart Marketing
Take advantage of your website, social media presence and real-life activities to increase awareness of your offerings and build your brand. Some suggestions include:
- Signage – Put up eye-catching signage on your website.
- Flyering – Distribute flyers in your neighborhood and at industry events.
- In-Person Sales – Offer your services at local markets and trade shows.
- Sponsor events – You can pay to be a sponsor at events that are relevant to your target market.
- Post a video – Post a video about your solar farm. Use humor and maybe it will go viral!
- Email marketing/newsletter – Send regular emails to customers and prospects. Make them personal.
- Start a blog – Start a blog and post regularly. Change up your content and share on multiple sites.
- Press releases – Do press releases about your products and services.
- Paid ads on social media – Choose sites that will reach your target market and do targeted ads.
- Pay – per-click marketing – Use Google AdWords to perform better in searches. Research your keywords first.
- Influencer marketing – Pay people with large social media followings to promote your solar farm. You can find micro-influencers with smaller followings and lower rates.
- Make a podcast – This allows you to make a personal connection with your customers
- Do a webinar – Share your solar energy expertise online with a video seminar.
- Create infographics – Post infographics and include them in your content.
Develop your website
Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism. They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.
You can create your own website using services like WordPress , Wix , or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.
Focus on USPs
Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your solar farm meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.
Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your solar farm could be:
- Stable supply of clean, renewable energy
- Efficient solar storage solutions
- Maintenance-free and environment-friendly
Step 12: Build Your Team
If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a solar farm business would include:
- Maintenance Workers – Maintain your solar panels and grid
- General Manager – Oversee maintenance, accounting
At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need.
Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.
Step 13: Start Making Money!
Solar power is the future of energy and it’s good for the planet since it’s clean and renewable. By starting a solar farm, you’re doing your community a service and making money at the same time.
The US solar market is worth more than $11 billion and growing rapidly, which means your solar farm should provide sizable profits with little effort once it’s up and running. Alternatively, leasing your land for a solar farm costs essentially nothing but will add a nice stream of passive income. Now that you have the information you need, you’re ready to start building your solar empire!
Solar Farm Business FAQs
If you develop a solar farm, once it’s up and running, you should make $30,000 per acre per year. If you lease your land for a solar farm, you can make $2,000 per acre per year.
You will need to contact federal, state, and local regulators to start the permitting and approval process, which can take 3 to 5 years. You will also need to contact the local power company for approval.
The general rule is 6 to 8 acres at minimum. This is enough to develop a 1-megawatt solar farm.
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A business plan provides a snapshot of your solar farm business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans. Why You Need a Business Plan
India unveils $30 billion plan to upgrade grid for clean power The project will connect solar plants in the sun-drenched deserts of Rajasthan and Gujarat and wind farms in Tamil Nadu to the national network, power ministry said in a statement.
The solar farm is part of the Indian government’s ambitious targets to reduce carbon emissions by 33-35% and to produce 40% of its power by non-fossil fuels by 2030. By Shruti - Advertisement - Tags India largest solar farm Solar farm in India Tamil Nadu solar farm Previous article Akai to relaunch in India as a premium brand
Solar Power Project Scheme. Objective. For establishment of new solar photovoltaic power plants set up by existing/ new units / commercial establishments. Purpose. To establish solar photovoltaic power plants both grid connected and off‑grid solar power plant, either on roof top or over land for captive consumption of entire power generated ...
Helios Solar is seeking $2 million in debt financing to launch its solar farm. The funding will be dedicated towards installing solar panels and payroll of the staff until the farm reaches break even. The breakout of the funding is below: Hardware (modules, inverters, mounts, etc.): $1.7 million Office equipment, supplies, and materials: $10,000
The per-acre profit of a solar farm runs between $20,000 and $40,000, with an average of $30,000. After costs your profit margin should be about 90%. Development If you have a 20-acre property and you develop only eight acres into a solar farm, bringing in $30,000 per acre. Your annual revenue will be $240,000, and your profit will be $216,000.