H1 2025 tax credit transfer market — $20B+ across solar, storage, wind, manufacturing
Crux Mid-Year 2025 Report: Market exceeded $20B in H1 2025 (~2x H1 2024). Solar (34%), solar+storage (20%), standalone storage (6%) = 60% of transactions. Wind PTCs fell to 9.5% (from 33% in H1 2024). ITC pricing diverged: investment-grade sellers at $0.03 premium vs. non-IG below 2024 levels. First Solar exceeded $0.97/dollar. Small solar ~$0.87/dollar. Full-year 2025 market forecast: $55-60B.
$20.00B
Deal Value
Other
Technology
Multi-state
Location
Deal Details
- Deal Type
- Market Report
- Seller / Sponsor
- Multiple
- Buyer / Financier
- Multiple
- Deal Value
- $20B+ (H1 2025)
- Stage
- N/A
- ISO/RTO
- Multiple
- Source
- Crux Climate
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