<ul><li>The U.S. EV market showed a 7% growth in 2024, while Solar and Energy Storage sectors had a record year.</li><li>Residential and commercial-scale Solar contributed the most to new grid capacity with 50GW installed in 2024.</li><li>U.S. utility-scale battery capacity grew by 66% in 2024, reaching 26GW.</li><li>Solar and energy storage are expected to lead in new US utility-scale generating capacity in 2025.</li><li>Tax equity financing, combined with IRA transferable tax credits, has energized recent investments in solar and energy storage.</li><li>Tax Equity Financing allows investors with high tax liabilities to invest in renewable energy projects for tax benefits.</li><li>Transferable tax credits like §45 PTC and §48 ITC drive investments by allowing credits to be monetized.</li><li>IRA not only expanded project eligibility but also added the feature of transferability of tax credits.</li><li>Market for IRA tax credits has evolved since 2022, attracting both for-profit companies and banks.</li><li>Despite risks, transferable PTC and ITC are likely to continue driving investments in renewable projects.</li></ul>

Tax Equity and Transferrable Tax Credits Drive Renewable Energy Projects

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