Providing solar to one of New Jersey’s best diners
Olga’s Diner, a cherished landmark in Marlton, made a bold step toward sustainability by partnering with SolareAmerica to install a 243-kilowatt (kW) rooftop and parking canopy solar system.
The system was designed to optimize rooftop and parking space while maintaining the visual integrity of the property. It will significantly offset the diner’s energy usage, reduce operating costs, and lower its carbon footprint.
Key highlights of the project
By completing the project before the end of 2022, Olga’s Diner qualified for a 26% Business Energy Investment Tax Credit (ITC), allowing them to offset a significant portion of their federal tax liability. Any unused credits can roll forward for up to 20 years.
Additionally, the diner capitalized on 100% bonus depreciation under the Tax Reform Bill, enabling them to deduct the full cost basis of the system in the first year, further enhancing their financial return.
Olga’s is also generating value through New Jersey’s Transition Renewable Energy Certificates (TRECs) program. For every megawatt-hour of clean electricity their system produces, the diner earns a TREC currently valued at approximately $152, with a 15-year term and no de-escalation, creating a consistent revenue stream.
To learn how SolareAmerica can partner with your organization, contact us today.
