Clean energy tax credits have nearly doubled in the last year, hitting $20B in the first half of this year, according to Crux’s Mid-Year Market Intelligence Report. (CTVC)
The tax credit transfer market grew from about $9B in the first half of 2024 to more than $20B during the same time in 2025. For context, the 2024 full-year total was about $30B. This indicates growth in some of the newly eligible, more emerging sectors like geothermal and nuclear.
Storage surged: Solar+storage and standalone storage represented 26% of credit transactions in early 2025 (vs. 9% in early 2024). Wind collapsed from 33% to 9.5%.
Advanced manufacturing credits alone supplied 21% of the market in the first half of the year, with $5–7B more expected in H2.
