The State of Clean Energy Finance: 2025 Mid-Year Market Intelligence Report

Over the last two years, clean energy has emerged as the dominant form of new energy deployment and attracts the majority of new capital invested in the energy complex. Crux's biannual report serves as the industry's definitive guide to the tax credit transfer market and — for the first time — the state of clean energy lending and tax equity transactions. Based on a dataset of $40 billion in gross market value, the report examines:

  • The tax credit transfer market in the first half of 2025, including average pricing.
  • The tax equity market in 2025.
  • The market for lending in 2025.
  • Crux's outlook for the second half of the year, including forecasts for transaction volume, directional price movements, and policy milestones that could shape market sentiment in the second half the year.

The executive summary is available to download for free. The full version of the report, featuring 85 pages of comprehensive market trends and insights — including pricing curves and insurance trends by technology type — is only available to Crux platform users.

Contact us to get started on the platform today.

To download the executive summary, please complete the form:

Having trouble with the form? Email us at news@cruxclimate.com to receive a free copy of the report.