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Tax Equity & Transferability Powers the Next Wave of Standalone Storage in US Prior to the Inflation Reduction Act (IRA), Section 48 investment tax credit (ITC) did not apply to standalone storage projects. The IRA added Section 48(a)(3)(A)(ix) to create ITC for standalone energy storage technology, enabling tax equity financing for standalone projects.
YEAR ON YEAR MARKET COMPOSITION BY TECHNOLOGY TYPE
Leading bank investors - U.S. banks - JP. Morgan, Bank of America, Wells Fargo, US Bank, and Credit Suisse - have traditionally dominated the tax equity market and remain the most active players. The IRA also introduced the tax credit transferability mechanism, which has been a game-changer for standalone storage, allowing project developers to sell their tax credits to third parties, without requiring investors to take long term ownership in the project. Standalone storage deal structures in the first half of 2025 were split nearly evenly between tax equity (49.5%) and direct transfer deals (46.5%) Standalone storage deals made up 20% of the volume in first half of 2025
Source: Crux State of Clean Energy Finance: 2025 Mid-Year Market Intelligence Report
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