U.S. Clean Energy Tax Credit Market To Reach $25 Billion in 2024

A flourishing new market has grown out of the key policy changes set forth by the Inflation Reduction Act (IRA) of 2022, making more capital available for clean energy developers. The IRA created a pathway for clean energy developers to sell their federal tax credits to third parties in exchange for cash, thereby accelerating investment. The first transactions under this new provision occurred in January 2023.

Tax credit transfer marketplace operator Crux released a mid-year Market Intelligence Report, noting a larger-than-expected market for tax credit sales in 2024. Crux tracked $6.8 billion specific transactions in the first half of 2024, corresponding to an estimated $9 billion to $11 billion of transactions closed so far this year nationwide. 

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