Mass Megawatts’ (MMMW) Brownfield Project to Receive Additional Benefits Under New Climate Bill
Mass Megawatts (OTC: MMMW) announced the potential for a ten percent tax credit under the recently passed Climate Bill for its upcoming 160 kW solar project in Worcester, Massachusetts. The project, designed with a patented solar tracking system, aims to reduce solar power costs and is projected to pay for itself within three to four years. Virtual net metering will secure revenue by allowing flexibility in electricity user assignments, while the solar tracker technology is expected to tap into a growing $3 billion market by 2025.
- Expected ten percent tax credit from the Climate Bill.
- Projected payback period of three to four years based on current incentives.
- Utilization of proprietary solar tracking technology aimed at reducing costs.
- Anticipated growth in the solar tracker market, offering potential sales opportunities.
- None.
BOSTON, Mass., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Mass Megawatts (OTC: MMMW) www.massmegawatts.com is expected to receive an additional ten percent tax credit for its planned 160 kW project using the patent pending solar tracker under the Climate Bill recently passed by the United States Senate. Mass Megawatts can take advantage of the finance incentives of developing on a brownfield area or location with environmental challenges. Although this project is outside the designated opportunity zone which would also provide incentives for low-income communities, larger projects are being planned in the same neighborhood that are inside in geographical location designated as an opportunity zone. Those projects would take advantage of government incentives for selling to low-income electric users. Most importantly, the use of virtual net metering protects the finance interest of the project by having the actual project at a different location than the residence of the low-income customer. If the electricity user cannot pay the electric bill, it would be easier to redesignate another user for maintaining the revenue stream of that solar power unit.
The project is projected to have a pay for itself in about three to four years based on Massachusetts electric prices with current federal and state incentives. The 160-kilowatt project is designed to be able to reduce the cost of solar power by employing a furling technology borrowed from wind technology for protection in the case of high wind events. The technique improves the efficiency of solar arrays without adding significant additional expense. Mass Megawatts is responsible for the site development, fabrication, installation, and the interconnection obligations of the solar project. The solar project is in a low-income area in Worcester, Massachusetts.
The patented pending, Mass Megawatts ‘Solar Tracking System’ (STS) is designed to automatically adjust the position of solar panels throughout the day to receive an optimal level of direct sunlight. Unlike other solar tracking technologies, the Mass Megawatts STS utilizes a low-cost structure that adds stability to the overall system while also improving energy production levels. The STS also uses a proprietary mechanical innovation to limit dynamic and static loading on the tracker, which can occur during periods of high wind and extreme weather. The technology reduces wind-related stresses and system downtime. The STS allows Mass Megawatts to lower the cost of material and reduce the number of solar panels needed to generate the rated capacity. Due to this advantage, Mass Megawatts can deliver more solar power production at a price similar to lower-capacity, stationary systems.
In other news, Mass Megawatts announced plans to have two small solar units to explain the cost and output of the additional solar tracking features. The two units with one unit demonstrating the tracker and another unit being nearly identical without the tracker should help sell the new technology to many potential purchasers who would not easily be convinced to get involved with a new technology.
The key driver to future sales is the use of solar trackers being known to reduce the cost of solar powered electricity. Although Mass Megawatts is aiming to achieving a very small fraction of global demand of this specific solar market segment, the solar tracker market is anticipated to be worth more than
With its patent pending, Solar Tracking System, Mass Megawatts believes it is well positioned for expanded production and supporting its revenue generation goals in the longer term.
Product information and sales inquiries can be made through the company’s contact page at www.massmegawatts.com and the e-mail address on the website.
This press release contains forward-looking statements that could be affected by risks and uncertainties. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power, also known as Mass Megawatts Windpower, to achieve or maintain necessary zoning approvals with respect to the location of its power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power.
Contact:
Mass Megawatts Wind Power, Inc.
FAQ
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