Solar energy and renewable energy are two of the most promising new technologies to hit the United States this century. Solar power, a favorable transition to the legacy energy industry, aims to reduce environmental impact, cut consumer costs, and provide a fresh source for aged systems. As a result of this expansion, solar has become a very competitive business during the last decade, with each company attempting to outbid the next in order to develop their brand and become the dominant player as the embryonic sector evolves. With this competition, the main task for solar operators is to get a competitive advantage in order to improve efficiency and lower prices.
The Cost of Operations Has Reached An All-time High
Profit has never been a component in the primary business model of the solar sector. In an ideal world, you land a turnkey project, purchase the equipment at wholesale pricing, and install it yourself; by the time you pay your operations crew and overhead, your ROI is razor-thin. You may only profit from the installation on occasion due to the competitive market. In actuality, the PV industry’s average operating margin is between 8 and 10%. (1) Furthermore, while commercial projects have substantially more valuable contracts than residential projects, the sales procedure is significantly longer, and the turnaround time for receiving payment for your services is significantly longer.
Where Can You Find a Competitive Advantage Among Solar Panel Vendors?
So, where can you find that financial edge to provide your PV company with a competitive advantage without sacrificing competitive pricing for your consumers or the long-term viability of your business model? This is where an unexpected ally in billing and payment software might contribute significantly to your ROI. A next-generation payment system that reduces transaction costs, accelerates time to cash, and improves margin efficiency is unlikely to be the first thing that comes to mind, but it might be a game changer in the solar industry.
Affordably Priced Payment Systems Could Be the Solution
Wouldn’t it be great to have the digital payment benefits and efficiencies of cards but at a much lower cost? In this case, some organizations have adopted a distinct payment as a service model. PayStand, for example, provides significant savings for solar companies by leveraging technology to lower your total cost. Many companies can assist you in automating your receivables process by offering an eLockbox and billing gateway, recurring payment capabilities, a virtual terminal for the back-office, invoicing and accounting software integration, and other features. They are designed to reduce your time to cash and increase the efficiency of your organization. Working with these payment system companies will provide you with a powerful personalized solution to your financial demands; considerable savings in your payment flow; lower DSO and cost; and finally, increased margins. In our opinion, this is good news for the solar business.
Who Should You Call If You Need An Installation Right Away?
Orange Electric is an electrical services firm that has discovered that quality is the solution to this competitive advantage dilemma! We provide these solar panel services at reasonable prices and install them correctly and efficiently. You can count on us to connect an efficient and suitable solar panel array with your current electrical infrastructure at your business or industrial site. Our solar panel specialists always adhere to the highest possible safety and quality requirements when doing solar panel services since they are bonded and insured.
Our team has years of expertise providing high-quality electrical services in the area, so we can give precise advice and do the job correctly the first time. What sets us apart is the quality of our customer service! We can help you with all aspects of your electrical needs, whether residential, commercial, or industrial, including service calls.
When you need commercial solar installation in West Jordan, UT, contact Organce Electric today.