Crux CEO Alfred Johnson discusses pricing data and transaction sizes across the transferable clean energy tax credit market created by the IRA.
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“The mega deals, call it the hundred million dollar plus kinds of deals, are transacting at 94, 95, 96 cents, and the trend of size impacting price is true across credit types.”
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More from Alfred Johnson
AssertionSupported
Johnson: Tax equity market reached $36B in 2025 via hybrid transactions
“So the tax equity market grew from about twenty billion in 2022 to about thirty six billion this past year, which is a really material growth with most of it coming from hybrid transactions that allow for the subsequent sale of the tax credit.”
Alfred JohnsonApr 6, 2026▶ 7:19Frontier Forum: Why clean energy capital boomed in a volatile year [partner content]
AssertionPartly supported
Johnson: 90% of tax credit projects sit in Republican-held congressional districts
“People are looking at 90% of projects with, that are benefiting from the credits being in districts that are represented by Republicans.”
Alfred JohnsonMar 21, 2025▶ 11:18Frontier Forum: How tax credit transfers are reshaping energy finance
PredictionNot checkable as stated
170 new manufacturing facilities will bring large volumes of 45X tax credits
“There's also so much 45 X coming, so there were something like a 170 investments that have been announced in manufacturing and mining facilities of various kinds across 37 states totaling billions of dollars, hundreds of billions of dollars, and so that means …”
Alfred JohnsonMar 21, 2025▶ 30:52Frontier Forum: How tax credit transfers are reshaping energy finance
AssertionSupported
Alfred Johnson: Transferable tax credits average 92-94 cents, beating LIHTC pricing
“The average credit price that we found in the sample was 92 to 94 cents, and this is better average pricing than we see currently in the thirty-seven-year-old Lytec market”
Alfred JohnsonFeb 20, 2024▶ 5:43Frontier Forum: Diving into the booming transferable tax credit market
AssertionSupported
Johnson: 2023 clean energy tax credit transactions will reach $7B-$9B
“If you trust our numbers, then it's something like seven to nine billion that will transact, but it's capped. And there was more demand than supply. There is still more demand than supply on those 23 credits.”
Alfred JohnsonFeb 20, 2024▶ 22:22Frontier Forum: Diving into the booming transferable tax credit market
PredictionNot checkable as stated
Johnson: Annual clean energy tax credit market will reach $100B by 2030
“And in the world where we're at a hundred billion dollar a year Annual tax credit market that is, you know, five years, six years advanced from where we sit today. I think that market will be a lot more standardized. I think technology will sit at the center o…”
Alfred JohnsonFeb 20, 2024▶ 25:36Frontier Forum: Diving into the booming transferable tax credit market
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