§48E Tax Credit Pricing and Discounts: What Buyers Pay in 2026

§48E credits are sold at a discount to face value. A buyer who pays $0.92 for a $1.00 credit saves $0.08 per dollar of tax. This page shows where published market data puts that discount in 2026, what moves it, and what to ask for in a quote. Prices below are third-party data, not Veritas quotes.

What the market data says (third-party)

Source and date	What it reports
Crux, mid-year report (Aug. 2026)	Market-wide average of $0.913 per dollar for 2026 ITCs (and $0.930 for PTCs), below typical historical ranges of $0.920 to $0.925 for ITCs. Legacy §48 credits, exempt from foreign-entity rules, commanded a $0.015 premium over foreign-entity-exposed ITCs. The premium for an investment-grade seller compressed to about $0.015 from $0.030 in 2025.
Cenet Capital, Q4 2026 report (Oct. 2026)	Early-2026 ITC average of about $0.895; $0.92 to $0.95 for investment-grade sellers. Most clean energy credits trade between about $0.88 and $0.96 per dollar. Cenet's own deal-size bands run from roughly $0.80 to $0.96, and it says the bands are its observations, not a published index.

The two sources measure differently, so do not treat either as a quote. Both agree on direction: prices for newer §48E credits sit below legacy credits, and the spread between strong and weak credits is wide.

What this means in dollars (arithmetic only)

Price per $1.00 of credit	Cost of $1,000,000 of credit	Federal tax saved
$0.90	$900,000	$100,000
$0.92	$920,000	$80,000
$0.94	$940,000	$60,000

These examples assume the credit is fully allowed and used in the year you expect. The price is not deductible, and the discount is not income to the buyer (§6418(b); Treas. Reg. §1.6418-2). If a credit is disallowed or recaptured and you are not made whole, the saving can disappear, which is why the protections below matter.

What moves the price of a §48E credit

• Foreign-entity (PFE/MACR) exposure. Crux says this overtook deal size and seller status as the dominant pricing factor in H1 2026. Credits from facilities that began construction after 2025 must meet material-assistance thresholds (40% for qualified facilities, 55% for storage, in 2026; see our FEOC guide).
• Seller strength and indemnity. An investment-grade seller or a parent guaranty prices tighter.
• Insurance. Cenet reports premiums of roughly 2% to 5% of the insured limit, with coverage often 90% to 140% of the credit, and Crux says insurance still does not cover most foreign-entity risk. Who pays the premium changes your net price.
• Deal size. Cenet notes buyers spend about the same on legal and diligence for a $5 million or $50 million deal, so smaller deals need a bigger discount.
• Documentation. Beginning-of-construction records, prevailing wage payroll support, basis support and a clean registration number.
• Bonus credits. Energy community and domestic content adders need their own evidence (bonus rules).
• Timing. The fourth quarter is crowded. Cenet suggests committing earlier in the year to see more inventory and use estimated-tax timing.

What to ask for in a quote

1. Credit amount, price per dollar, and the year the credit will be claimed.
2. Which test the project used for beginning of construction, and whether foreign-entity (MACR) support is provided.
3. Seller identity, credit support: guaranty, no-fault indemnity, insurance (and who pays for it).
4. Closing conditions, including any change-in-law exit.
5. Payment timing, and how the price changes if the placed-in-service date slips.

Use the savings calculator for a first estimate, and read our general guide to transferable credit pricing.

Educational information only, not tax, legal or investment advice, and no outcome is promised. Rules and figures were checked against the cited sources on October 29, 2026; they change, so confirm with your CPA and counsel before acting. Market figures are third-party data and are not Veritas quotes. See our disclaimer.