Unsweetened Baking Chocolate (Best Option)
1 ounce baking chocolate per 3 tablespoons cocoa powderUnsweetened baking chocolate contains cocoa solids and cocoa butter, making it the closest substitute to cocoa powder in flavor and fat content. Since it has added fat, reducing other fats in the recipe prevents greasy waffles.
To use, melt the baking chocolate and incorporate it evenly into the batter. Monitor batter thickness and adjust liquid slightly if needed.
The final waffles will have a rich chocolate flavor and moist crumb similar to those made with cocoa powder, with a slightly denser texture due to the fat content.