Tax equity for solar projects has gotten a lot of attention this year. When the coronavirus pandemic caused economic panic in the spring, the industry quickly concluded that external sources of tax equity for solar projects would vanish. This insight argues that the supply and demand picture for tax equity financing is more nuanced. The forces shaping current tax equity transactions – increasing competition for a limited resource, barriers to entry for new suppliers, and strong investor preferences – have always been there, but 2020 has exacerbated them. And finally, the result of the general election in November has substantial implications for the tax equity market.