A Holly Springs furniture company is going green in a big way, and getting some national attention for it.
OFM Inc. is installing 1,042 solar panels on the roof of its 124,000 square-foot office and warehouse by the end of the year.
The 250-kilowatt system cost the company about $1.3 million, but the project is subsidized by the government and completely financed by a bank, reports Fast Company magazine. The electricity generated will be sold back to Progress Energy and the solar farm will pay for itself in five years.
"The banks loved this project, and they don't love much these days," OFM founder and CEO Abel Zalcberg told the magazine.
The solar farm will produce more than 300,000 kilowatt hours of electricity per year. OFM’s 20-year contract with Progress guarantees 18 cents per kilowatt.
"That’s about $60,000, just for being there," Zalcberg told Fast Company. In this time of economic uncertainty, "I could retire on that money."
Zalcberg also plans to build two more solar arrays over the next two years, convert to LED lighting and switch to renewable and recycled materials, the magazine reports. The family owned company was founded in 1995 and employs about 30 people.
OFM makes and distributes office furniture for businesses, schools and other customers.
OFM's sun project follows solar farms at other Triangle companies, including SAS in Cary and GlaxoSmithKline in Research Triangle Park. The projects help companies tout their environmental sides and represent money making opportunities thanks to tax breaks and other financial incentives.
Read the full Fast Company story about OFM online here.
