In just a few short years, solar power has evolved from a far-off concept as futuristic as hovercrafts to a very real solution to help solve the global energy crisis. Giant conglomerates, billionaires and savvy investors have been funneling millions of dollars into solar power – and many have yielded handsome profits. The promise of government rebates and income from utility companies provides a worthy incentive to anyone with a little surface area and a lot of sunshine. However, while solar power may sound like an investor’s dream come true, there is much more to consider. In order to determine whether or not a photovoltaic project will be successful, it’s important to first understand solar feasibility.
Solar feasibility, at the most basic level, is the degree to which a solar power project will be successful, and is determined through a process called due diligence. Before taking the plunge into a PV solar systems project, and spending thousands on equipment, a good investor will invest in due diligence services. For a small fee, experts will visit the project site and conduct numerous tests and examinations with the end goal of determining the likelihood of a successful and timely return on the investment – or, the solar feasibility.
Some companies will complete due diligence services for a fraction of the cost of others, and yield even more thorough results. This is the case with Innovative Solar Systems, who will carefully review all aspects of the project and provide investors with a full solar feasibility report. This helps property owners decide whether their project is “shovel ready” – meaning it is entirely feasible and likely to be a great success – or more work will need to be done before the project can be completed.
In rare cases, the due diligence analysis may determine that the project will yield little to no return on investment and may need to be scrapped altogether. While this can be a disappointment, it is much less disappointing than discovering this truth after investing significant amounts of money on equipment and installation.
Innovative Solar Systems covers the following areas in their due diligence service:
For more information on solar feasibility and due diligence, be sure to contact Innovative Solar Systems today.