Clean Energy Finance Market Booms in H1 2025, Driven by Solar and Storage
The clean energy finance market has seen a significant boom in the first half of 2025, with a near doubling compared to the same period last year. Solar and storage technologies have been the driving force behind this growth.
Solar and solar-plus-storage systems accounted for a combined 54% of transactions, with standalone storage making up another 6%. This shift has been accompanied by a decline in wind's share, which fell from 33% to 9%. The stock market has also seen a rise in hybrid tax equity models, opening it up to new participants and accelerating the adoption of storage and other emerging technologies.
Looking ahead, Crux forecasts a slowdown in the stock market today as companies adapt to new rules, with some tax credits pricing lower than before. However, the market is expected to remain robust, with projections of $5 billion to $7 billion in manufacturer tax credits coming to market. Utility-scale solar projects have been a significant driver of this growth, accounting for nearly 76% of tax credits sold in the first half of the year. The One Big Bill (OBBB) is also expected to cut corporate tax liabilities by 20% to 30% in 2025, with projected savings of $100 billion to $148 billion.
Despite a projected lull in the stock market today, the clean energy finance market is expected to expand to nearly $60 billion by the end of the year, driven by strong demand for solar and storage technologies. The market's evolution, including the rise of hybrid tax equity models and the influence of the OBBB, signals a continued shift towards cleaner energy sources.
