Sunny outlook | A conversation with Steve Fennell, owner of Saco Solar Store in Saco
Photo/Heidi Kirn
Steve Fennell
Saco Solar Store
Opened: September 2008
Employees: 2
Startup costs: $100,000
Revenue, year one: $110,000
Projected revenue, year two: Did not disclose
Contact info: 283-1413
Rt. 1, 743 Portland Road, Saco
www.sacosolarstore.com
What is the Saco Solar Store?
We’re focused on renewable energy products for people in the southern Maine area. We start with education on efficiency and conservation and work with customers to establish goals and objectives in achieving a better level of sustainability for their lifestyles. We have a retail showroom, offering an array of renewable energy products, and handle installations of those alternative energy systems. With 20,000 cars driving by each day, we find the interest is great. We’re accomplishing our initial goal of educating folks about renewable energy — mainly solar and small wind.
Why did you start the company?
I was a commercial printer, and after doing over 60,000 commercial print orders over the past 30 years or so, I decided it was time to try something else. After reading about some neighbors in Scarborough feuding with another neighbor who installed solar arrays on their property, it occurred to me that folks need more education about renewables. My son, Scott, was being deployed to Iraq and part of the reason he was going there was due to our dependence on fossil fuels, which I felt strongly about. One thing led to another and we invested in the southern Maine territory for the USA Solar Store chain, which we consider ourselves fortunate to have found at the time.
How do you market your business?
Scott came back from Iraq and volunteered his time to support the store by helping us with a very well-designed website. Also, it is great having this location on Route 1. I couldn’t afford to spend a lot on media stuff, so this more than makes up for that. We’ve also done a fair amount of press releases and advertising in local newspapers, trade magazines and home shows.
How do you finance this business?
We cashed in what was left of our mutual funds and life’s savings as well as some of the equity in our property. I’m very happy to have teamed up with Saco & Biddeford Savings because they believed in what my wife, Cathy, and I were doing. It has not been easy, but with their support, we are pulling through.
What has been the biggest challenge running this business?
We opened the location when oil was $4-plus per gallon and rising. The banking crisis hit and oil prices dropped drastically. We put the lull in demand to good use and it didn’t last too long. Now, we’re much better organized. We’re prepared to offer solutions to people and we look forward to helping many more people going forward.
In order for a Maine family to get the state energy rebates (up to $2,000) for solar [devices], they need to have a North American Board of Certified Energy Practitioners certified installer sign off of an installation, and there are very few people in Maine who are NABCEP-certified for solar installations. Give me a room full of master electricians for a half hour and I’ll convince them that if they know the National Electric Codes, they can help us do solar installations.
What has been successful about your business strategy?
The first two years in business have been filled with many interesting projects and we’re finding a renewed interest in what we’re doing as people realize that fossil fuel prices are not going down again. Our buying power has improved with more USA Solar Store locations opening throughout the country. We are, in some cases, able to purchase direct from the manufacturers. The renewable industry has gone through some tough times, but I think it is here to stay, and those that can pull through will be players in this growing industry. Sales indications are pointing to growth and a healthier economy.
What are your goals for the future of this business?
Increase sales and keep our customers from relying on fossil fuels. I sincerely hope that we can straighten out our economy and that people will see the benefits of installing renewables without the fear of inflation.
Interview by Kayla Collins
New Ventures profiles young businesses, 6-18 months old. Send your suggestions and contact information to editorial@mainebiz.biz.
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