The Road Ahead for Energy Credits in 2026
Although the OBBBA had a much smaller effect on the supply of credits than anticipated, it had a major impact on tax liabilities that resulted in some tax credit buyers lacking sufficient liability to purchase 2025 credits, said Andy Moon of Reunion.
Although the OBBBA had a much smaller effect on the supply of credits than anticipated, it had a major impact on tax liabilities that resulted in some tax credit buyers lacking sufficient liability to purchase 2025 credits, said Andy Moon of Reunion. The impact on 2026 liabilities appears to be less pronounced, and there are more buyers looking to purchase credits, he said. As 2025 progressed and taxpayers began to understand the OBBBA’s full effect on their tax liabilities, the pace of transfer transactions began to increase. Moon said that the third quarter of 2025 saw many 2024 transactions close right before the September 15 partnership filing deadline and the October 15 extended corporate filing deadline. “That trend will probably continue — we expect to see backwards-facing transactions, with more 2025 transactions closing in the first, second, and even third quarter of 2026,” he said. Moon said that the frenzy of credit-buying that occurred in the fourth quarter of 2024, which saw bidding wars and dozens of buyers for attractive projects, wasn’t repeated in the fourth quarter of 2025. “It was busy, but not a frenzy, and as a result pricing in the fourth quarter of 2025 softened,” he said.
