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Crux 2023 Clean Energy Transferable Tax Credit Market Intelligence Report

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January, 2024

The 2022 Inflation Reduction Act (IRA) is expected to catalyze $3 trillion of investment in the US over the next 10 years (according to Goldman Sachs), principally through its use of clean energy tax credits, many of which are transferable for the first time. This launched a new market, which rapidly took shape in the second half of 2023, as new tax credit buyers, sellers, and intermediaries transacted billions of dollars of credits.

This report — based on $3.5 billion in 2023 transactions and hundreds of survey responses — is the first of its kind. It offers in-depth market analysis, including average transaction sizes and pricing, trends by technology and credit types, and more. Buyers, sellers, and intermediaries also shared their motivations and challenges for participating, as well as their expectations for 2024.

It is a must-read for anyone actively participating in the market, planning to this year, or simply looking to learn more.

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