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Solar company's business planning may pay off for New Jersey

Anytime an out-of-state business decides to move into the New Jersey market, there are risks. Shrewd business planning can help improve that business' chances. A solar utility company that recently moved into our state's energy market is hoping its business plan will help make the company successful for years to come.

Energy prices in New Jersey are notoriously high. Therefore, when SolarCity decided to expand its operations, it came to our state. It hopes to draw customers by providing a quality product at reasonable prices. The company's operations work much like a fossil fuel based utility company which the company hopes will be more attractive to consumers.

The difference between other utility companies and SolarCity comes when it comes to billing. Customers sign 20 year contracts at either graduated rates that increase over time or at a fixed rate. Some of this contract can be prepaid by the customer, which could help keep monthly charges low. In addition, if a customer doesn't use all of their generated energy for the month, it can be reabsorbed into the grid creating a credit for the customer.

Even though the company isn't yet seeing profits consistently, its outlook is promising. The company is still growing rapidly and hopes that trend will continue. A company that has thoroughly researched the ins and outs of its proposed business may end up conducting its business planning to include pitfalls. By doing so, a company can essentially ensure that it will be able to ride out the difficult times that may come in favor of consistent growth.

Source: nj.com, "Solar utility company with Cranbury-based office looks to capitalize on pricey energy market," Brendan McGrath, May 26, 2013

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