Crux’s quarterly market reports serve as updates to our industry-leading market intelligence reports. Available exclusively to Crux clients and partners, these reports cover indicative pricing, quarterly market trends, and policy updates impacting clean energy financing.
To get the full 2Q2025 Market Update, contact us to get started on Crux. Report highlights include:
This is especially true for production tax credits (PTCs). For 2024 tax credits, Crux observed approximately $1.65 of demand for every $1.00 of investment tax credit (ITC) and $0.90 of demand for every $1.00 of PTC throughout the second quarter. Remaining 2024 supply generally consists of smaller credits, leading to weaker demand.
Average pricing for 2025 tax credits was generally in line with 1Q2025. ITC pricing was virtually unchanged, and PTC pricing increased by 0.4% on average. Both 2025 ITCs and PTCs are pricing below average 2024 prices.
The uncertainty around the outlook for select tax credits and around buyers’ future tax liability throughout the quarter may have suppressed demand in Q2.
Nearly $900 million of new §45Z credits came to market in Q2. The market for these tax credits is still in its early stages, and demand is expected to pick up later in the year. The credit category is of increasing interest after Congress extended the expiration for §45Z from 2027 to 2029.
However, the split between those and traditional technologies has leveled off to a 50-50 split. Buyers are showing significant interest in PTCs in 2025, with demand for wind, nuclear, and advanced manufacturing tax credits among the strongest.
Continuing a trend from early 2025, insurance policies are generally becoming more expensive due to higher underwriting costs and reduced insurer appetite. Policy uncertainty could help ease this, but insurers have indicated they are reaching their exposure limits, which could sustain the trend of a tightening market.
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