Having done enough research and sized all the options on the table, you have finally invested. Investing in renewable energy projects is an excellent idea. Most governments across the globe are offering irresistible incentives to investors. Customers are steadily appreciating the fact that these technologies are what the environment needs. Money savings from a renewable energy project is a powerful selling point.Now that you have a range of renewable energy projects going on across the country or continent, what do you do next? For every investor in this industry, there will always be a lingering concern: How do I keep track of the projects for timeliness and adherence to the budget.
We cover the question of solar energy management and wind energy management in this article, trusting that this will help you.
Steps of a Renewable Energy Project
You may wonder why keeping track of a renewable energy project can be hectic. Using a tried and proven method is necessary, considering some basic steps that every project undergoes.
It all starts with the evaluation of project feasibility. This is where you and the management determine if the project makes technical and financial sense. This step advises on whether to continue investing or abandon the project.
Then there is the Engineering, Procurement, and Construction (EPC) management segment. Once the finances are available and the designs prepared/approved, the facility is finally constructed. Keeping track is extremely important here because there is a lot of project data and resource time involved.
Operations and maintenance (O&M) management is also an essential part of any RE project. During the operation stage, a renewable energy project is already feeding the grid. However, this doesn’t mean that operators and investors are done with tracking. They need to keep making crucial decisions. Is the project still within the budget and timelines? Is it on the path to profitability?
The O&M department must remain steadfast to make sure every component is working as expected. Maintenance technicians must put downtimes to a minimum. All these things can be demanding for conventional management approaches. A web-based application with all its flexibility can help investors track projects and make informed decisions.
Tracking Your Renewable Energy Projects the Right Way
Look at your renewable energy portfolio and describe it. Does it qualify as great? Apart from having a sustainable design, the best renewable energy projects have centralized data, an effective financial structure, proper documentation, and a rigorous asset management platform.
If you have ever wanted to get a full glimpse of your business maintenance, assets, and costs for better business decisions, the answer is asset management software. When your assets are voluminous, you essentially have a couple of options. You either scale your workforce to track everything or invest in a digital solution that handles thousands of tasks.
Are interested in the performance of a particular project on the other side of the continent? You need to have a place you can look at instantly. During the progress of your RE projects, you need to consult with stakeholders or local community leaders. You should be able to collect data from various solar and wind farms so you can report costs and other progress parameters.
Having clear communication and understanding is essential, especially during the initial stages of a renewable energy project. RE owners and managers have to deal with many tasks connected to the time and budget of the project.
The reason we advocate for the software route is that the data is aggregated. Every part of the portfolio is visible on one dashboard. This is different from manual retrieval of data, or a scenario where you are using dozens of systems just to know the number of employees who reported yesterday.
What’s in QBI Solutions?
Tailored for asset managers and performance analysts among others, QBI offers full control to the asset manager. Energy invoicing, accountancy, performance data, inventory, and maintenance activities are all under the same management environment.
A lot of information is automated including tasks, due dates, and recurrent deliverables. The dashboard provides valuable monthly data such as health and safety incidents, financials, and performance.
Our platform further boosts performance analysis through deep dives into time-series collected from the different equipment, our events generation engine, or our CMMS ticket integration module.
QBI Solutions is also capable of giving insight into energy losses (controllable, uncontrollable, environmental…) whether you need them in terms of income or kWh.
As you seek to keep track that your renewable energy projects are on time and within budget, you need a partner that has been there before. Whether you are in business development, YIELDCO, IPP, or utilities, our experts have a product, service, and pricing option for renewable asset management. Over 800 projects use QBI software to track their renewable assets every day.
Get in touch and request a free demo today!
QBI offers an end-to-end process optimization and information integration platform that allows our clients to manage their assets and operate optimally in all stages of the project: development, construction, asset management, and M&A. It is designed by, and for, renewable energy professionals, and is flexible and configurable by country, state or region, and technology, regardless of the energy source. Your projects, associated tasks, documentation, dashboards and other project-related information are centralized and digitized.
Additionally, we can connect to any peripheral information system, thus optimizing the use of your infrastructure and assets, reducing operational costs, driving energy efficiency initiatives and improving the financial return on your investment. If you want to join the more than 17 GW of Controlled Capacity managed through QBI, then we have all the information you need in our website.