Key Equipment Finance teamed up with Entropy Solar Integrators LLC to complete a $602,000, 345 kW solar installation for Allied Old English Inc., a bottler of branded and private-label food products based in Port Reading, N.J.
Key Equipment Finance, a bank-held equipment finance company and an affiliate of KeyCorp, provided a solar non-tax lease for Allied Old English; Allied will use the tax benefits of the investment tax credit and depreciation, itself.
“With this solar installation at its New Jersey headquarters, Allied Old English is conserving both energy and dollars,” says Doug Beebe, vice president of energy finance for Key Equipment Finance. “The company is a forward-thinking manufacturer that is realizing the tax benefits of the investment tax credit and depreciation to reduce its lease payments.”
Entropy Solar Integrators, a solar financier with an engineering, procurement and construction (EPC) division, designed, engineered and built the rooftop solar array.
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 kWh annually, Allied 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,” concludes Frank Gatti, chief financial officer of Allied Old English.
