August 2024 marked the two year anniversary of the Inflation Reduction Act (IRA), which catalyzed a substantial influx of private capital into U.S. clean energy infrastructure and manufacturing. Nearly $500 billion has been invested in these sectors in the past two years, driven by expanded tax credits that incentivize clean energy and advanced manufacturing projects.
Crux is publishing our third quarter installment of our industry-leading transferable tax credit market reports. The Third Quarter 2024 Market Update highlights market trends and data from the third quarter, including the market’s rapid growth and increased diversity. Crux estimates that $7-7.5 billion worth of tax credit deals closed in the third quarter alone, bringing 2024 year-to-date deal volume to $16-$18.5 billion. Key themes from the third quarter include an uptick in market liquidity, competitive bidding leading to increasing prices for 2024 credits, and compressed transaction timelines. As supply tightens, buyers are looking to forward commitments for 2025 tax credits, offering capital flexibility to energy developers.
The third quarter market update is based upon commercial activity on the Crux platform and any publicly available information regarding tax credit transactions. Download the report to gain insight from:
Download the Third Quarter Market Update
In addition to our regular cadence of market reports, Crux is continuing to expand applications of our database to drive transparency, standardization, and efficiency in transferable tax credit transactions. For example, our market database also powers the Cruxtimate, the most accurate and intelligent price forecasting tool available in the tax credit market. Each credit listed on Crux receives a bespoke price estimate based upon a variety of factors, such as technology type, tax credit type, deal size, and credit rating. Historically, Crux has found that 85% of all bids received by a listed project fall within the Cruxtimate range. Get in touch with us today to learn more about how Crux’s market data can inform your activity in the tax credit market.
January 9, 2025
All market participants are welcome to participate in Crux's ongoing data collection, which will enable us to share additional data offerings, real-time reports, in-depth white papers, and new platform tools.
Read MoreJanuary 8, 2025
The US Department of the Treasury released final guidance on the tech-neutral tax credit regime that took effect on January 1, 2025. Crux breaks down key takeaways from the final rules as well as how they differ from the proposed rules.
Read MoreJanuary 7, 2025
Orrick's John Eliason, a premier tax partner who advises investors and developers, and Alejandra Garcia Earley, an accomplished tax equity finance and tax credit purchase lawyer, join Crux to discuss the primary factors that tax buyers need to know about residential solar energy tax credits.
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