Alfred Johnson is the CEO of Crux, a market platform for transferable clean energy tax credits created by the Inflation Reduction Act.
Assertion Supported
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.”
Assertion Partly 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.”
Prediction Not 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 …”
Assertion Supported
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”
Prediction Not 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…”
Assertion Partly supported
Johnson: Clean energy financing reached $200B on $120B CapEx in 2025
“When I tell you that the CapEx number, so the total investment in these projects, was a hundred and twenty billion in twenty-twenty-five, the total financing number is actually north of 200, because some amount of the capital that came in later takes out earli…”