Key Equipment Finance announced it has teamed up with Entropy Solar Integrators, LLC, a solar financier with an experienced and well capitalized engineering, procurement, and construction (EPC) division, to complete a $602,000 solar installation for Allied Old English, Inc., a premier bottler of branded and private label food products based in Port Reading, N.J.
Key Equipment Finance provided a solar non-tax lease for Allied Old English. Allied Old English will use the tax benefits of the Investment Tax Credit and Depreciation themselves.
“With this solar installation at its New Jersey headquarters, Allied Old English is conserving both energy and dollars,” said Doug Beebe, vice president, energy finance for Key Equipment Finance. “The company is a forward-thinking manufacturer that is realizing the tax benefits of the Investment Tax Credit (ITC) and depreciation to reduce its lease payments.”
Entropy Solar Integrators, based in Charlotte, N.C., with regional offices in White Plains, N.Y. and other locations in the U.S., designed, engineered and built the rooftop solar array totaling 345 kilowatts.
“Entropy Solar Integrators works hard to give our customers and project developers the financial and technical guidance and execution they need for a solar project that is on time and on budget,” said Anthony Conklin, investment acquisition specialist for Entropy Solar Integrators. “We applaud Allied Old English for making renewable energy a part of its facility.”
Allied Old English is consuming the solar power and receives income from the sale of New Jersey Solar Renewable Energy Certificates. The company is projected to generate 423,887 kilowatt hours annually, which equates to about 644,393 pounds of carbon dioxide removed from the atmosphere. Allied Old English estimates the installation will generate approximately $2,502,000 of gross income over its 25-year life span.
“As a third-generation family owned and operated corporation, Allied Old English is always seeking ways to improve the world for future generations, and reducing our carbon footprint is one way to do this,” said Frank Gatti, CFO of Allied Old English. “Our partnership with Key Equipment Finance and Entropy Solar Integrators has enabled us to go green at our headquarters while also reducing our energy costs.”