We have run a business for over 20 years and it is now located in an OZ. We have capital gains from stock sale that we would like to invest in the business by putting a solar panel on the roof of the building we own in the OZ. Is this possible or is OZ legislation only helpful for new businesses?
You'd need to do more than the solar panel; you'd need to replace basically all of your tangible property with other property, whether by purchase or by lease. This would mean all your office and IT equipment, vehicles, machinery, and the like. The rules are not really meant for businesses that already exist in the QOZ; it's meant for businesses that either startup there or relocate there ("new economics").
You can do it through a ground lease.
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