Solar power and renewable energy are two of the most promising new technologies to sweep the country this century. Solar energy, a beneficial shift to the legacy energy sector, aims to reduce environmental effects, minimize consumer costs, and supply a new source to aging systems. With this growth, solar has become a highly competitive business over the last decade, with each company seeking to outbid the next to establish brand recognition and become the dominant player as the embryonic industry evolves. With this rivalry, the major challenge for solar operators is how to get a competitive advantage in order to enhance efficiency and cut prices.
Operations Costs Are at an All Time High
The reality is that profit has never been a factor in the solar industry’s basic business model. In an ideal world, you land a turnkey project, buy the equipment at wholesale prices, and install it yourself; by the time you pay your operations team and overhead, you have a razor-thin ROI. Because of the competitive market, you may only profit from the installation at times. In fact, the average operating margin for the PV business is between 8 and 10%. (1) In addition, while commercial projects have far more valuable contracts than residential projects, there is a considerably longer sales procedure and a much longer turnaround time in getting cash for your services.
Where to Find Your Competitive Advantage Among Solar Panel Seller
So, where can you locate that financial edge to provide your PV company with a competitive advantage without losing competitive price for your customers or business model durability? This is where an unexpected ally in billing and payment software can make a significant contribution to your ROI. A next generation payment system to cut transaction costs, accelerate time to cash, and increase margin efficiency. It is unlikely to be the first thing that comes to mind, but it might be a game changer for the solar business.
Affordable Payment Systems Could Be The Answer
Wouldn’t it be wonderful to have the digital payment benefits and efficiencies of cards but at a considerably cheaper cost? This is where some businesses have implemented a distinct payment as a service strategy. PayStand, for example, offers significant savings for solar firms by leveraging technology to reduce your entire cost. Many can help you automate your receivables process by providing an eLockbox and billing gateway, recurring payment capabilities, a virtual terminal for the back-office, invoicing and accounting software connection, and other features. They are intended to shorten your time to cash and boost your business’s efficiency. Working with these payment system firms will provide you with a powerful tailored solution to your finance demands, significant savings in your payment flow, reduced DSO and cost, and finally increased margins. That is fantastic news for the solar industry, in our opinion.
Who To Call If You Need An Installation ASAP
At Orange Electric, we are an electrical services company that has figured out that quality is the answer to this competitive advantage problem! We offer these solar panel services at affordable prices and install them correctly without hassle. You may rely on us to integrate an effective and compatible solar panel array with the existing electrical infrastructure at your commercial or industrial location. Because they are bonded and insured, our solar panel specialists always adhere to the highest possible safety and quality standards when conducting services related to solar panels.
Our team has years of experience delivering high-quality electrical services in the area, so we can provide accurate advice and get the job done right the first time. The quality of our client service is what distinguishes us! We can assist you with all elements of your electrical needs, whether they are residential, commercial, or industrial, as well as service calls.
When you need commercial solar installation in West Jordan, UT, contact Organce Electric today.