The Future of Solar Asset Management: How Software is Changing the Game!

Environment sustainability, carbon footprint, greenwashing, and there are numerous other terms that denote the need for a healthier Earth. Not only this, but the need for renewable energy is expanding, and solar power is one of the most popular sources. 

While solar panels were only installed by government projects initially, small and large businesses are now contributing to the environment by installing solar systems for electric power. 

It is equally significant to mention that solar panel installation is not enough! A management system is required to boost the efficiency and mechanism of solar power. 

Notably, there are a number of solar asset management software, and some of the best ones will be highlighted in this article! 

So, let’s get started.

Introduction To Solar Energy Asset Management Software 

Solar asset management is a constant process of operating, tracking, and sustaining solar photovoltaic (PV) systems to ensure functioning at their best potential. 

Not only this, but solar asset management also generates a higher return on investment (ROI) for PV mechanism owners. 

HOW?
Well, optimization of energy reduction and elimination of maintenance expenses does the trick by expanding the PV equipment lifespan. 

Furthermore, the data analytics is monitored by the solar asset managers for real-time tracking and successful achievement of the desired objectives. Therefore, any setbacks are immediately monitored and rectified for seamless functioning. 

The Need for Solar Asset Management Software 

Undoubtedly, the renewable energy industry has changed in an exceptional manner over the past few years and then entered asset management software. 

Leveraging asset management software allows owners and renewable energy plant owners to make informed decisions for the optimization of assets. 

Not only this, but the management software also supports invoicing, loans, warranty, event management, and more under one roof. 

Other than this, listed below are the benefits of incorporating solar energy management software for your business: 

1. Boosted Return-On-Investment

The expected return on investment is directly related and relies on the functioning of the solar asset.  Notably, solar panels face wear and tear over time, and gradually lose effectiveness. Therefore, to get back in the game and generate the maximum revenue, timely monitoring of the solar assets is a must, which includes cleansing and maintaining the panels, troubleshooting, etc. 

2. Performance and Reliability

Once again, asset management software plays a vital role in ensuring the structured performance and reliability of the assets. There are a few crucial parameters that must be considered, including the power output, system availability, etc., to confirm a frictionless functioning. 

It is also essential to have an action plan handy that keeps track of regular maintenance. 

3. Reduced Risk of Financial Losses

Every business opportunity is followed by a financial risk; however, there’s a way out by considering the solar projects. All it takes is regular monitoring and taking proactive steps to address any potential issues. 

Misconceptions About Solar Asset Management Software 

Before diving deep into solar asset management software development, you must take note of the following misconceptions that exist in the market: 

1. Only Physical Assets are to Be Managed

Many people are misconceptualized that asset management is only related to physical assets to be supervised. 

NO, IT IS NOT THAT!

Sure, the process was earlier limited to monitoring and maintenance of physical assets. However, the advancement of the mechanism introduced much more than that, including operations, energy invoicing, accounting, cash management, investor and bank reporting, and more. 

2. Monitoring and Asset Management are the Same

As mentioned earlier, asset management is not only about physical assets. Similarly, asset management software does not play the role of maintenance alone. 

Monitoring systems are responsible for providing an overview of the collected data; however, it also infuses a number of data sources to provide a complete picture to the asset managers. Furthermore, asset managers can analyze the data and make informed decisions for a cost-effective approach. 

Technologies That Work Best with Solar Asset Management 

There are a number of technologies that can be amalgamated with solar asset management software for improved functioning. These technologies are listed below:

1. Internet of Things

IoT describes the connection of physical objects that can be incorporated with solar asset management software to allow real-time observation of solar panels, energy consumption, and collect other relevant data. 

Leveraging the Internet of Things also ensures quick and worthy decision-making that minimizes downtime and improves overall functioning.

2. Drones

Drones come equipped with sensors and cameras that can help in the inspection of solar panels, and eliminate the need for human interference. It also enables recurring inspections, initiating quicker issue detection. 

3. Artificial Intelligence

AI is not new and works exceptionally for various industries. Undoubtedly, solar asset management is no exception, and artificial intelligence plays a critical role in efficiently analyzing the bulk data collected by IoT. Furthermore, the tech provides insights and other essential information which helps in the identification of potential issues before they turn into massive roadblocks. 

4. Blockchain

Blockchain technology is known for providing security and transparency of transactions. Talking about solar assets, blockchain can be used to maintain secure records of solar asset performance, which can build solid trust amongst stakeholders. 

Top-Notch Solar Asset Management Software 

Indeed, asset management demands accurate management software to keep track of the system’s performance. Therefore, we have prepared a list of the best software that’ll provide you with flawless solutions. Take a look!

1. PowerHub

If you’re looking forward to commercial asset management, PowerHub is your pick! The tool provides flexibility and customization and boosts system efficiency. Furthermore, PowerHub is a technical management tool for multiple renewable energy generating sites. 

It is a perfect tool for performance monitoring and automates workflows. Not only this, but it is also the best choice for financial performance monitoring, including budgeting, billing, etc. 

2. ACTIS

ACTIS is categorized as one of the first solar asset management software programs, and is an extremely reliable tool for asset managers. Again, the tool is known for monitoring and optimization and is a one-stop-shop for solar PV plants. 

ACTIS also performs incorporation of charts and reports for time efficiency. Additionally, the tool can be used with accounting software for the analysis of financial data. 

3. Drive By Power Factors

Being a cloud-based platform, Drive builds a connection between operation, technology, and people. The objective of this software was to provide asset managers with accurate and detailed observation of the operation and plant functioning. 

If you’re an asset manager, this tool will enable you to keep track of multiple applications for efficient performance. 

The tool is well-known for real-time analysis, and can be used for troubleshooting issues and rectifying them. 

4. Solar-Log Software

Powered by tech, Solar Log is a device that supervises PV systems. It is a compact version that can be seamlessly incorporated with into an existing solar management system. The tool is also efficient in providing direct marketing solutions, and transfers data automatically to the team. 

It is a flexible model that allows you to pick different functions for PV plants depending on energy requirements. 

5. 3 Megawatt 

It is one of the best renewable asset management software that you may want to pick for your system, which covers wind, solar, biomass, and hydro assets. 

Again, it is a cloud-based platform that provides multiple solutions in one platform personalized as per one’s needs. 

Notably, the software has set the industry standard as it saves time, enhances working efficiency, and eliminates risks. 

6. Arbox

Other asset management software includes Arbox, which covers solar and wind systems. The tool is designed to manage operations, finances, reporting, and whatnot. 

It is a one-stop-solution for all your technical management issues, and excels due to its automation, data storage, and portfolio intelligence. 

What is your idea of asset management software development? If you’re considering the idea, it’s time to get connected with solar asset management companies for further assistance.  

In a Nutshell 

Do you want to stay competitive in the market and acquire a higher rate of returns? Then, it’s time to emphasize the elimination of costs while skyrocketing profits.
Fortunately, technology provides you the opportunity to climb the success ladder. 

The future of solar asset management is bright, thanks to the power of software. The technology available today allows for real-time monitoring, optimization, and predictive maintenance of solar assets, reducing downtime and maximizing energy production.

Moreover, the software can enable greater transparency and accountability in the solar industry, which can help to build trust and attract more investment. As renewable energy becomes increasingly vital to meeting the world’s energy needs sustainably, the software will continue to play an essential role in ensuring the efficient and effective management of solar assets. 

Get in touch with a top mobile app development company to discuss the potential business idea further!