Energy is the backbone of the modern economy. Without energy, no sector of the economy can perform. Whether it is oil & gas or power, both are critical components for the economic growth and prosperity of a country.
Keeping this in mind, every country wants to be energy-independent. And to become energy independent, governments around the world are creating favorable policies that incentivize big and small businesses to invest in the energy sectors like oil & gas, especially renewable energy.
This is the right time for entrepreneurs to start an energy business that is going to be profitable.
Following are 10 such energy business ideas for renewable as well as non-renewable sector.
Here are they.
- Petrol Pump
The Petrol pump business is a very lucrative energy business idea if you live in a country like India. You
can become a fuel station dealer with a company like Bharat Petroleum Corporation Limited (BPCL), and
set up your own retail outlet in any corner of the country. The company publishes an advertisement
every year.
If you have a property near the highway, then you can make a huge amount of money from your petrol
pump business. In addition to the petrol pump, you can integrate other offerings like a coffee shop,
grocery stores, craft stores, etc.
To apply for the fuel station dealership, you need to meet certain eligibility criteria like infrastructure,
investment amount, security deposit, application fees, etc. - Gas Agency Dealership
The second profitable business idea is a Gas agency dealership. If you take the example of India, there
are 250+ million households that already have LPG (Liquefied Petroleum Gas) connections. On top of
that, there is a huge demand for new LPG connections and refills in the country.
There is no shortage of customers who are either looking for refills or new LPG connections.
Entrepreneurs can seize this opportunity and start their own gas agency dealership business. As a
dealership, you are going to deliver LPG cylinders to the customer’s homes.
To become a gas agency dealership you will require a godown, a showroom facility, delivery vehicles for
distribution and investment amount.
For example, in India, you can apply for Dealership of Bharat Gas Agency, Indian Gas Agency, HP Gas
Agency, etc. - Oil and Gas Transportation
Whether it is a petrol pump or gas agency, they have to be supplied regularly with petrol, diesel, and gas.
And to supply oil and gas, transportation companies play an important role.
To start an oil and gas transportation business, you will require a specific type of tanker for safe
transportation and delivery. Petrol and Gas, both are highly inflammable substances therefore safety is a
very important factor here.
Moreover, different types of gases and oils require different infrastructures. Hence this business
demands substantial capital investment. However, the business is very lucrative.
These were 3 non-renewable energy business ideas. Now let us look at renewable energy business ideas.
- Solar Panel Installation and Sales & Distribution
When it comes to non-renewable energy, solar is one of the most lucrative business ideas.
A Solar panel installer or fabricator installs Photovoltaic or PV panels on the rooftops of the homeowners. As a contractor, you will hire installers and fabricators to run your business.
You can also start solar sales and distribution business where you import solar panels wholesale from
China and sell to solar panel installers and retailers. You can sell solar products like solar PV, thermal
systems, solar attic fans, solar cooling systems, etc.
The best way to start this business is to get a distributorship license. - Wind Mill Installation
After solar, wind is the second most popular renewable source of energy. The wind turbine installation
business requires workers to supply, set up, install and service huge wind turbines that generate
electricity. These turbines are 40 – 70 meters long.
Wind turbine fabrication, installation, and maintenance services are in great demand by wind energy
generation companies.
You can also become a wind farm developer. A wind farm is made up of huge sprawling groups of wind
turbines in high-wind areas. A wind farm developer is going to put together these turbines from the ground
up.
To start this business you have to clear a lot of bureaucratic hurdles. - Geothermal Power Installation
Geothermal power makes all the heat sources from the earth a source of energy. The energy
source can be hot water or steam reservoirs deep inside the earth’s surface. There can be many
potential locations where geothermal power plants can be established.
Geothermal energy can be used in both on and off-the-grid electricity generation. Electricity generated through geothermal can be useful in rural electrification.
However, the cost of starting a geothermal business can be very high. - Bio Fuel and Bio Diesel Production
Due to the high rate of depletion of fossils, energy companies are looking for alternatives. Bio Fuel is one of the best green alternatives to fossil fuels.
You can start a biofuel or biodiesel production unit on a small scale where there is ample availability of key raw materials like vegetable oils.
There is a huge demand for biofuel by not just the automobile industry but also the aviation sector to power their jet engines. Biofuel is the future of the energy sector. - Electric Vehicle Distribution and Selling
Electric vehicles or EVs are gaining popularity in every country. Because of the geopolitical situation and war, oil prices have been rising rapidly. This is forcing people to shift to EVs.
Automobile companies are launching new EV models every year to attract customers. In this scenario, you can open an EV distribution or retail selling store. There is not going to be any dearth of new
customers.
If you are more ambitious then you can start E Rickshaw manufacturing plant. - Rainwater Harvesting
Rainwater harvesting businesses can help companies and communities to reduce their dependence on fossil fuels. By rainwater harvesting companies can use rainwater instead of the main water source.
The main water source isn’t eco-friendly because it requires a lot of fossil fuel for processing and
distribution. But with rainwater harvesting, you get water directly from the rainwater tank.
Your business will help set up the infrastructure to direct the rainwater to the tank by the means of a
catchment area and the number of pipes. - Home Energy Consultancy
Last but not least business idea is home energy consultancy. As a consultant, you will help homes
reduce their energy consumption. You will inform your clients about various renewable energy sources like solar, wind, water, etc. You don’t require much investment to get started. However, you need a lot of experience in the energy sector. You can also offer your services to clients in the private and public sectors.
These were the best profitable energy business ideas. The demand for renewable energy businesses is going to grow in the coming years. This is because countries around the world are committed to cutting down
their carbon emissions. And for doing so they will need help from renewable energy businesses.
