Name: Transferability does not spell the end for tax equity investing
Brand: Wood Mackenzie
SKU: 156774
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Author: Wood Mackenzie

Insight 09 August 2023

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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For years, the best way for investors to use energy transition credits was to bring in a tax equity investor. But a new option became available with the passage of the Inflation Reduction Act — tax credit transfers. Transferability is a win for tax investors and taxpayers, but it is not always a good option for project developers. In this insight we look at the options available to developers and investors to monetize tax credits, and whether the government is getting the most from these incentive programs.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive Summary
    </li>

<li class="list__item-toggle font-semibold">
        If it can’t be used, it has no value
    </li>

<li class="list__item-toggle font-semibold">
        Tax equity investing, simplified
    </li>

<li class="list__item-toggle font-semibold">
        Transferability: lower cost, lower benefit
    </li>

<li class="list__item-toggle font-semibold">
        Determining the best option: time and project size
    </li>

<li class="list__item-toggle font-semibold">
        Are incentives better than subsidies?
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<li class="list__item-toggle font-semibold">
        An imperfect solution
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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Project tax benefit: US$100 million solar investment in 2023</li><li class="list__item push-quarter--bottom">Standalone operators can't fully capture tax incentives</li><li class="list__item push-quarter--bottom">Value allocation in example tax equity partnership</li>
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        <ul class="list list--bullets panel-toggle" id="865b3ca924344b41881036dd1fac1945">
            <li class="list__item push-quarter--bottom">Operator value leaks: tax equity partnership</li><li class="list__item push-quarter--bottom">Operator value leaks: transferable tax credit</li><li class="list__item push-quarter--bottom">Comparison of investment scenarios for the operator investor</li><li class="list__item push-quarter--bottom">Bonus depreciation phase-out impact on tax investor IRR</li><li class="list__item push-quarter--bottom">When bonus depreciation expires, operators will still be unable to efficiently use depreciation</li><li class="list__item push-quarter--bottom">Operator value gain: optional direct payment of tax credit</li>
        </ul>
        
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Appendix 1.xlsx</p>
<p class="uppercase delta">
    <span>XLSX</span>
    <span>41.89 KB</span>
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</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Transferability does not spell the end for tax equity investing</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>1.17 MB</span>
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