The U.S Energy Storage Association conducted a survey to analyze the impact of the COVID-19 pandemic on energy storage companies’ projects, employment and revenue. Out of the 101 respondents who participated in the survey, 33% indicated that they expected a reduction of up to 20% in employment, while 63% expected a deep decrease in revenues.
The results from the survey indicate that during the second quarter, the energy industry will suffer a profound revenue downturn. Some of the respondents pointed out that they’ll retain their workforce to better prepare themselves when business resumes.
However, if conditions don’t improve most of them will prefer workforce reductions. The pandemic has definitely impacted the energy storage industry, including the solar battery market, tremendously.
Solar battery is basically a deep cycle battery that stores solar energy. The battery is capable of converting solar energy DC power into AC power that can be used later. Since this type of electricity is more durable, it can be used across various sectors such as residential, commercial and industrial.
There is a wide range of solar battery sizes and storage capacities that end-users can take advantage of on the market. Unfortunately, manufacturers, contractors and end-users of these solar batteries have been immensely affected by the COVID-19 pandemic.
How To Survive During The Pandemic
Embrace innovative technologies
When executing solar battery-related projects or solar panel renovations during this tough period of the COVID-19 outbreak, it’s crucial to maintain physical social distancing. In fact, most governments are consistently advising their citizens to do the same.
With a reliable solution such as Bolster, you can quickly communicate with your clients about all the upgrades and their costs without scheduling face-to-face meetings, which also gives fuller control on the project.
Automate
In today’s fast-paced environment, businesses are automating most of their operations so as to be more efficient and get to market fast. Once you book a solar battery project, there is a lot of paperwork involved especially if you’ll have to track PO’s, process invoices and write cheques.
But, with a frictionless e-commerce platform designed for both contractors and consumers, you can automate all these processes. CostCertified is a patent-pending solution that is specifically designed to ensure quick, accurate construction estimates.
By automating these time-consuming processes, you’ll save some quick bucks and make the entire solar battery project more visible to your clients. You can channel the money you save towards shopping for crucial household supplies and keeping your business afloat during these hard times.
Conclusion
The construction industry as whole is seeing huge impacts from the COVID-19 outbreak, from disputes related to non-payments to delayed material supplies. Contractors, consumers and companies in the energy storage industry have all been experiencing an economic downturn.
To prevent a cash flow reduction and the further spread of the coronavirus, both contractors and consumers should embrace efficient e-commerce platforms. As the virus continues to push the economy towards a recession, you should take every step to build your cash reserves.
