Insights and News

Since transferable tax credits started transacting in 2023, the market has matured rapidly. One indication of maturity is the strong pricing signals the market observed for clean energy tax credits, signaling market confidence and strong demand among tax credit buyers. But what drives tax credit deal pricing?

John Hensley, SVP markets and policy analysis for the American Clean Power Association (ACP) joins Crux to discuss ACP's recent report on the benefits of clean energy tax legislation. They discuss the methodology behind the report, the findings, and the benefits of transferability across sectors and regions.

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.

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.

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.

Learn the key differences between investment tax credits and production tax credits in this comprehensive guide. Understand how these tax credits work, eligibility requirements, and more.

Crux General Counsel Jake Wolf talks with Sam Kamyans, a partner in the Tax Practice Group at Kirkland & Ellis, about potential impacts of tax reform in the next administration on energy tax credits, safe harboring, and potential impacts on transaction structures that aim to monetize these credits.

Transferability is driving the domestic energy and manufacturing renaissance. Consumers and businesses all across America benefit from this key innovation, which is making energy more affordable and abundant and securing our supply chains for generations to come.

Crux is launching the Transaction Hub, a centralized place for developers and manufacturers, tax credit buyers, and advisors to manage, track, and execute transferable tax credit transactions.

Crux co-founder and CEO Alfred Johnson sat down with a panel of energy, tax, finance, and legal experts to discuss how tax reform under the next administration will likely impact energy tax credits.

The market for energy and manufacturing tax credits has seen immense growth in 2024, leading to increased competition. Sellers have more choices, so standing out is imperative for tax credit buyers. Crux has identified several ways that buyers can help differentiate themselves and win in a competitive process.

Crux helped Rivian structure two tax credit deals in the absence of technology-specific guidance from the Internal Revenue Service, ultimately driving a competitive process and making Rivian's entry into the transferable tax credit market a success.

Summarizing the final guidance from the Treasury for 45X advanced manufacturing PTCs. The final guidance should simplify the process for US manufacturers and producers of critical minerals to access 45X tax credits. 

Download Crux's third quarter market update to obtain updated tax credit pricing by technology type, details on market supply, demand, and our outlook for the rest of 2024. 

Experts from the law firm Vinson & Elkins partner with Crux to prepare a detailed guide to the IRS's pre-filing registration portal. Learn how to access the portal to register transferable tax credits generated by eligible projects and facilities, as well as how to properly account for transfers in the context of tax filings. 

Crux facilitated one of the industry's first advanced manufacturing tax credit transactions in late 2023. Here's how the deal got done.

Beginning in 2025, clean energy projects have access to the new 48E clean electricity Investment Tax Credit and 45Y clean electricity Production Tax Credit. The legacy Section 48 ITC and Section 45 PTC credits will no longer be available to projects that start construction after December 31, 2024, and will instead be replaced by the tech-neutral tax credits. Going forward, developers of new projects need to understand the details of the new tax credits, and tax credit buyers should understand the different qualification parameters under the tech-neutral tax credit regulations.

On September 18 the IRS published proposed regulatory guidance addressing outstanding questions related to the 30C alternative fuel vehicle refueling tax credit. 

Crux is launching the Cruxtimate, projected market prices for clean energy tax credits. The Cruxtimate is derived from a model that takes into account a dozen factors that influence tax credit pricing. 

45X advanced manufacturing tax credits are a valuable new incentive for domestic clean energy manufacturers. Learn how to make the most of these incentives through the transferable tax credit market. 

Two years ago, federal tax policy kicked off a wave of new investment in clean energy and domestic manufacturing supply chains. We highlight 10 important milestones that the clean energy sector has achieved since the passage of the law. 

Biofuel projects are newly eligible for federal clean energy tax credits and poised to comprise a growing share of the market.

Takeaways from Crux's Mid-Year market report, derived from $6.8 billion in reported transactions in 2024 tax transferable tax credit deals.

The market for transferable tax credits is taking off and becoming more transparent and competitive. As competition increases, standing out is imperative for sellers. There are common actions every project developer and manufacturer can take to make their credits more appealing, ultimately generating more bids and maximizing their value. 

Crux facilitated the competitive solicitation of bids for an electric utility customer, leading to the successful closing of their first transferable tax credit transaction in just a few weeks. 

Crux surveyed three dozen leading tax, legal, and financial advisors and insurers. The white paper, based upon their feedback, details the emerging standards and practices for transactions in clean energy tax credits.

Crux interviewed Jeff Fitzgerald and Brandon Hill with CLA regarding accounting treatments for transferable tax credit transactions

The IRS introduces a new elective safe harbor for clean energy project developers to demonstrate compliance with the domestic content bonus adder, which offers an additional 10% bonus on the value of their tax credits. 

Crux interview Kirkland & Ellis' Sam Kamyans, an expert in transferable tax credit transactions, regarding the common risks and strategies tax credit buyers employ when pursuing a deal for the first time. 

Featuring a detailed outlook of the supply of clean energy tax credits by Evercore ISI. They forecast that as much as $47 billion of transferable tax credits may be sold in 2024.

Finalized guidance for transferable tax credits paves the way for a growing market for clean energy tax credits.

A deep dive into the benefits of tax credit transferability for the fastest-growing part of the energy complex.

The market for clean energy tax credits is off to a strong start in Q1. Download our quarterly market update for insight into key pricing and commercial themes.

Wendolyn Holland, former senior advisor for commercialization in the Office of Energy Efficiency and Renewable Energy at the DOE, unpacks the recent announcement of $10 billion in tax credit allocations under Section 48C.

An outline of the measures of economic return companies commonly use to maximize and measure the impact of a tax credit purchase.

Clean energy finance and tax equity deal terms and structures are evolving rapidly to take advantage of transferability. Crux interview the legal team at White & Case on what they're seeing in the market as new projects seek to raise capital. 

What are commercial and industrial solar projects and how do they differ from utility-scale? We unpack the important differences in C&I projects and why they are so attractive to certain buyers.

Learn more about how we’ll use this new capital to fuel rapid growth of the largest ecosystem for transferable credits and make significant investments in our team and software.

This round brings Crux’s total funding to over $27 million, reaffirming Crux’s key role building critical financial infrastructure for the energy transition.

Commentary by Itai Grinberg, Professor, Georgetown University College of Law

Access the 5 biggest takeaways from our inaugural market intelligence report, reflecting information collected from $3.5 billion in 2023 transferable tax credit transactions.

The hotly-anticipated guidance should help pave the way for producers of clean hydrogen to access a valuable production tax credit.

Just as the launch of the Treasury pre-registration portal will kick off a new phase for the market, it will also kick off a new phase of our product development.

The guidance clarifies the definitions, credit values, and other applicable details for manufacturers of qualifying solar, wind, battery, and inverter equipment as well as manufacturers of 50 critical minerals. Here's what you need to know.

What are 45X and 48C tax credits? We’re unpacking how these credits work, their unique circumstances, and why they’re so desirable amongst buyers. 

5 key takeaways from the release affecting the offshore wind and biogas industries, stand-alone energy storage, and clarifying recapture for the prevailing wage and apprenticeship bonus.

Issues that routinely arise in the course of transferable tax credit deals and how buyers can strategically mitigate these risks.

Many individuals are interested in participating in the market for clean energy tax credits, both to invest in sustainable energy and manage federal taxes. While individuals can participate in the market, that opportunity is currently limited.

Developers with credits for sale in 2024 and beyond should test the market early. Putting feelers out to assess market appetite and price for tax credits is a low risk process.

Section 48e of the IRA promotes cost-saving clean energy investments in low-income communities through the introduction of new bonus credits. Learn more about qualifications and how to apply.

As 2023 comes to a close, we are seeing a surge of activity in the transferable tax credit market. Here is an outline of the major milestones in a transaction timeline, providing a realistic picture of the time to transact going into year end.

Key themes arising in the transferable tax credit market: the role of intermediaries, upwards pricing, supply-demand dynamics, and important Q4 deadlines.

Why we believe that intermediaries and advisors will be critical to the success of the transferable tax credit market and have built an ecosystem to support their work, as well as the needs of buyers and project developers.

Heading into Climate Week, we share an update on our robust platform, growing pool of partners, and the support we uniquely provide to intermediaries to power the clean energy transition.

As TTC transactions begin to accelerate, here’s what buyers, sellers, and intermediaries can expect in their first transaction with Crux, from initial onboarding through closing the deal.

This ultimate guide to transferable tax credits explains everything developers, tax credit buyers, and intermediaries need to know about transferability.

A debrief of three key market themes that have grabbed headlines in recent months: interconnection, IRS guidance, and interest rates.

We’re highlighting some recent conversations with clients – CFOs and tax executives across industries – as their five steps to evaluating and pursuing their first TTC transactions.

An inside look at the rapidly-evolving transferable tax credit (TTC) market, including trends, timelines, and pricing, informed by our team’s daily engagements with buyers, sellers, and syndicators of TTCs. 

Key takeaways from the Organization for Economic Coordination & Development's (OECD) new guidance regarding treatment of the Inflation Reduction Act (IRA) transferable tax credits under the global minimum tax structure.

Key takeaways from our June 20 webinar on Treasury’s newly-released guidance on transferability with tax, legal, and energy experts from Allen & Overy, M&T Bank, and Foss & Co.

New Fundraising, led by Ardent Venture Partners, Brings Crux’s Total to $8.85 Million Raised And Adds Leading Strategic Investors.

Treasury just released new guidance on the transferable tax credits created by the Inflation Reduction Act, opening the door for this new market to scale rapidly and make sustainable finance more efficient & interconnected.

We hosted a webinar on April 26 to discuss the growing market for transferable clean energy tax credits alongside tax, legal, and energy experts from Allen & Overy, KPMG, and Boundary Stone Partners.

Our perspectives on transferability, how this new market is emerging, and what Crux can do to make transferring tax credits more efficient.

Over the next decade, experts have estimated total investments in clean energy & manufacturing projects will be as much as $3 trillion. We’re launching Crux to make financing for these projects more efficient and interconnected.

Crux is announcing the launch of a new ecosystem for energy finance — one that will accelerate clean energy and manufacturing projects, beginning with transferable tax credits.