WORCESTER, Mass., August 6, 2019 — Mass Megawatts Wind Power Inc. (OTC:MMMW) hopes to accelerate the development and sales of stationary solar power units and the more cost competitive new patent pending solar trackers with the newly enacted opportunity zone rules related to clean energy. Renewable energy investors related to our products may soon be taking advantage of new opportunity zone incentives.
The proposed and newly enacted rules outlined how the new tax incentives could work for capital-heavy industries like clean energy. The new rules provide some certainty that certain tax benefits including accelerated depreciation. That could encourage new interest in using the incentives for renewable projects. The tax incentives reward investors who place their profits from stock and other assets in designated census tracts.
Under tax code, investors can defer capital gains tax on the profits they invest in state designated opportunity zones for eight years with some of it forgiven if they hold onto the investments for at least five years. If they hold onto the investment for a decade, its appreciation is tax-free. The incentives are subject to geographical limits of designated residential low income areas on solar project locations.
Renewables investors were worried that they would get hit with income taxes on their accelerated depreciation tax benefits upon selling their opportunity zone fund stakes after 10 years. The proposed regulations stipulate that the shareholder’s gains are erased for tax purposes.
Mass Megawatts is finalizing efforts to bring a new Solar Tracking technology with more electric cost savings for its customers in comparison to its stationary units. The patented pending, Mass Megawatts ‘Solar Tracking System’ (STS) is designed to improve solar-energy production while and at the same time reduce material and installation costs. The solar trackers units would cost less than 10 percent more on a given solar project while producing 25 percent more electricity.
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, in order to reduce wind-related stresses and system downtime. The STS allows Mass Megawatts to lower material costs 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.
With its patent pending, Solar Tracking System and Wind Electric Power Generation system, only approximately 65 million shares issued and outstanding, and very little debt, 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 web site.
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.
Mass Megawatts Wind Power, Inc.