Section 45 Reference Rates

Year	Source	Reference Rate	Credit	Adj. Factor
2019	Wind	5.18 cents/kWh	2.5/kWh	1.6396
	Refined Coal	$7.173/ton	$7.03/ton	1.6396
	Closed-Loop Biomass	N/A	2.5/kWh	1.6396
	Open-Looped Biomass	N/A	1.2/kWh	1.6396
	Geothermal	N/A	2.5/kWh	1.6396
	Solar	N/A	N/A	1.6396
	Small Irrigation	N/A	1.2/kWh	1.6396
	Municipal Solid Waste	N/A	1.2/kWh	1.6396
	Qualified Hydropower	N/A	1.2/kWh	1.6396
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2018	Wind	4.85 cents/kWh	2.4/kWh	1.6072
	Refined Coal	$7.03/ton	$7.03/ton	1.6072
	Closed-Loop Biomass	N/A	2.4/kWh	1.6072
	Open-Looped Biomass	N/A	1.2/kWh	1.6072
	Geothermal	N/A	2.4/kWh	1.6072
	Solar	N/A	N/A	1.6072
	Small Irrigation	N/A	1.2/kWh	1.6072
	Municipal Solid Waste	N/A	1.2/kWh	1.6072
	Qualified Hydropower	N/A	1.2/kWh	1.6072
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2017	Wind	4.55 cents/kWh	2.4/kWh	1.5792
	Refined Coal	$51.09/ton	$6.909/ton	1.5792
	Closed-Loop Biomass	N/A	2.4/kWh	1.5792
	Open-Looped Biomass	N/A	1.2/kWh	1.5792
	Geothermal	N/A	2.4/kWh	1.5792
	Solar	N/A	N/A	1.5792
	Small Irrigation	N/A	1.2/kWh	1.5792
	Municipal Solid Waste	N/A	1.2/kWh	1.5792
	Qualified Hydropower	N/A	1.2/kWh	1.5792
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2016	Wind	4.50 cents/kWh	2.3 cents/kWh	1.5556
	Refined Coal	$53.74/ton	$6.810/ton	1.5556
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5556
	Open-Looped Biomass	N/A	1.2 cents/kWh	1.5556
	Geothermal	N/A	2.3 cents/kWh	1.5556
	Solar	N/A	2.3 cents/kWh	1.5556
	Small Irrigation	N/A	1.2 cents/kWh	1.5556
	Municipal Solid Waste	N/A	1.2 cents/kWh	1.5556
	Qualified Hydropower	N/A	1.2 cents/kWh	1.5556
	Indian Coal	N/A	2.387/ton	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2015	Wind	4.50 cents/kWh	2.3 cents/kWh	1.5336
	Refined Coal	$57.64/ton	$6.710/ton	1.5336
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5336
	Open-Loop Biomass	N/A	1.2 cents/kWh	1.5336
	Geothermal	N/A	2.3 cents/kWh	1.5336
	Solar	N/A	2.3 cents/kWh	1.5336
	Small Irrigation	N/A	1.2 cents/kWh	1.5336
	Municipal Solid Waste	N/A	1.2 cents/kWh	1.5336
	Qualified Hydropower	N/A	1.2 cents/kWh	1.5336
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2014	Wind	4.85 cents/kWh	2.3 cents/kWh	1.5063
	Refined Coal	$56.88/ton	$6.601/ton	1.5063
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5063
	Open-Loop Biomass	N/A	1.1 cents/kWh	1.5063
	Geothermal	N/A	2.3 cents/kWh	1.5063
	Solar	N/A	2.3 cents/kWh	1.5063
	Small Irrigation	N/A	1.1 cents/kWh	1.5063
	Municipal Solid Waste	N/A	1.1 cents/kWh	1.5063
	Qualified Hydropower	N/A	1.1 cents/kWh	1.5063
	Indian Coal	N/A	2.317/ton	1.1587
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2013	Wind	4.53 cents/kWh	2.3 cents/kWh	1.5063
	Refined Coal	$58.23/ton	$6.590/ton	1.5063
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5063
	Open-Loop Biomass	N/A	1.1 cents/kWh	1.5063
	Geothermal	N/A	2.3 cents/kWh	1.5063
	Solar	N/A	2.3 cents/kWh	1.5063
	Small Irrigation	N/A	1.1 cents/kWh	1.5063
	Municipal Solid Waste	N/A	1.1 cents/kWh	1.5063
	Qualified Hydropower	N/A	1.1 cents/kWh	1.5063
	Indian Coal	N/A	2.308/ton	1.1538
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2012	Wind	5.31 cents/kWh	2.2 cents/kWh	1.4799
	Refined Coal	$55.80/ton	$6.475/ton	1.4799
	Closed-Loop Biomass	N/A	2.2 cents/kWh	1.4799
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4799
	Geothermal	N/A	2.2 cents/kWh	1.4799
	Solar	N/A	2.2 cents/kWh	1.4799
	Small Irrigation	N/A	1.1 cent/kWh	1.4799
	Municipal Solid Waste	N/A	1.1 cent/kWh	1.4799
	Qualified Hydropower	N/A	1.1 cent/kWh	1.4799
	Indian Coal	N/A	$2.267/ton	1.1336
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2011	Wind	4.68 cents/kWh	2.2 cents/kWh	1.4459
	Refined Coal	$55.66/ton	$6.33/ton	1.4459
	Closed-Loop Biomass	N/A	2.2 cents/kWh	1.4459
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4459
	Geothermal	N/A	2.2 cents/kWh	1.4459
	Solar	N/A	2.2 cents/kWh	1.4459
	Small Irrigation	N/A	1.1 cent/kWh	1.4459
	Municipal Solid Waste	N/A	1.1 cent/kWh	1.4459
	Qualified Hydropower	N/A	1.1 cent/kWh	1.4459
	Indian Coal	N/A	$2.2/ton	1.1066
	Steel Industry Fuel	N/A	$2.89/barrel	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2010 2010 Correction	Wind	4.22 cents/kWh	2.2 cents/kWh	1.4342
	Refined Coal	$54.74/ton	$6.27/ton	1.4342
	Closed-Loop Biomass	N/A	2.2 cents/kWh	1.4342
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4342
	Geothermal	N/A	2.2 cents/kWh	1.4342
	Solar	N/A	2.2 cents/kWh	1.4342
	Small Irrigation	N/A	1.1 cent/kWh	1.4342
	Municipal Solid Waste	N/A	1.1 cent/kWh	1.4342
	Qualified Hydropower	N/A	1.1 cent/kWh	1.4342
	Indian Coal	N/A	$2.2/ton	1.0976
	Steel Industry Fuel	N/A	$2.87/barrel	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2009	Wind	4.32 cents/kWh	2.1 cents/kWh	1.4171
	Refined Coal	$39.72/ton	$6.20/ton	1.4171
	Closed-Loop Biomass	N/A	2.1 cents/kWh	1.4171
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4171
	Geothermal	N/A	2.1 cents/kWh	1.4171
	Solar	N/A	2.1 cents/kWh	1.4171
	Small Irrigation	N/A	1 cent/kWh	1.4171
	Municipal Solid Waste	N/A	1 cent/kWh	1.4171
	Qualified Hydropower	N/A	1 cent/kWh	1.4171
	Indian Coal	N/A	$1.625/ton	1.0830
	Steel Industry Fuel	N/A	$2/barrel	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2008	Wind	3.6 cents/kWh	2.1 cents/kWh	1.3854
	Refined Coal	$45.56/ton	$6.061/ton	1.3854
	Closed-Loop Biomass	N/A	2.1 cents/kWh	1.3854
	Open-Loop Biomass	N/A	1 cent/kWh	1.3854
	Geothermal	N/A	2.1 cents/kWh	1.3854
	Solar	N/A	2.1 cents/kWh	1.3854
	Small Irrigation	N/A	1 cent/kWh	1.3854
	Municipal Solid Waste	N/A	1 cent/kWh	1.3854
	Qualified Hydropower	N/A	1 cent/kWh	1.3854
	Indian Coal	N/A	$1.589/ton	1.0591

Year	Source	Reference Rate	Credit	Adj. Factor
2007	Wind	3.29 cents/kWh	2 cents/kWh	1.3433
	Refined Coal	$48.35/ton	$5.877/ton	1.3433
	Closed-Loop Biomass	N/A	2 cents/kWh	1.3433
	Open-Loop Biomass	N/A	1 cent/kWh	1.3433
	Geothermal	N/A	2 cents/kWh	1.3433
	Solar	N/A	2 cents/kWh	1.3433
	Small Irrigation	N/A	1 cent/kWh	1.3433
	Municipal Solid Waste	N/A	1 cent/kWh	1.3433
	Qualified Hydropower	N/A	1 cent/kWh	1.3433
	Indian Coal	N/A	$1.544/ton	1.0293

Year	Source	Reference Rate	Credit	Adj. Factor
2006	Wind	2.89 cents/kWh	1.9 cents/kWh	1.2981
	Refined Coal	$42.78/ton	$5.679/ton	1.2981
	Closed-Loop Biomass	N/A	1.9 cents/kWh	1.2981
	Open-Loop Biomass	N/A	1 cent/kWh	1.2981
	Geothermal	N/A	1.9 cents/kWh	1.2981
	Solar	N/A	1.9 cents/kWh	1.2981
	Small Irrigation	N/A	1 cent/kWh	1.2981
	Municipal Solid Waste	N/A	1 cent/kWh	1.2981
	Qualified Hydropower	N/A	1 cent/kWh	1.2981

Year	Source	Reference Rate	Credit	Adj. Factor
2005	Wind	4.85 cents/kWh	1.9 cents/kWh	1.2528
	Refined Coal	$36.36/ton	$5.481/ton	1.2528
	Closed-Loop Biomass	N/A	1.9 cents/kWh	1.2528
	Open-Loop Biomass	N/A	0.9 cents/kWh	1.2528
	Geothermal	N/A	1.9 cents/kWh	1.2528
	Solar	N/A	1.9 cents/kWh	1.2528
	Small Irrigation	N/A	0.9 cents/kWh	1.2528
	Municipal Solid Waste	N/A	0.9 cents/kWh	1.2528
	Qualified Hydropower	N/A	0.9 cents/kWh	1.2528

S	M	T	W	T	F	S
				1 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	2 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	3 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information
4 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	5 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	6 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	7 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	8 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac NMTC Exit Strategies Webinar - (AUG 2019) More Information	9 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	10 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information
11 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	12 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	13 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac Online LIHTC Property Compliance Workshop - AUG 2019 More Information	14 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac Online LIHTC Property Compliance Workshop - AUG 2019 More Information	15 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	16 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	17 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information
18 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	19 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	20 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	21 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	22 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) More Information	23 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	24 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information
25 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	26 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	27 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	28 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	29 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	30 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information	31 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information

Section 45 Reference Rates

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Events Calendar

August

Notes from Novogradac

Podcast Episodes