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

Events Calendar

January

S	M	T	W	T	F	S
			1 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information 2020 Novogradac Events Pass More Information	2 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information 2020 Novogradac Events Pass More Information	3 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information 2020 Novogradac Events Pass More Information	4 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information 2020 Novogradac Events Pass More Information
5 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information 2020 Novogradac Events Pass More Information	6 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information 2020 Novogradac Events Pass More Information	7 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	8 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	9 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information Novogradac 2020 RAD Public Housing Conference More Information	10 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information Novogradac 2020 RAD Public Housing Conference More Information	11 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information
12 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	13 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	14 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	15 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	16 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	17 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information Novogradac Webinar on Opportunity Zones Final Regulations -- (Jan 2020) More Information	18 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information
19 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	20 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	21 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 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) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	23 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	24 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information Novogradac Average Income Set-Aside Webinar: Where are we now? More Information	25 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information
26 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	27 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	28 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	29 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information	30 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information Novogradac 2020 New Markets Tax Credit Conference More Information	31 Novogradac LIHTC 101 : The Basics Webinar (June 2019) - On-Demand More Information Novogradac LIHTC Acq/Rehab Overview Webinar (AUG 2019) - On-Demand More Information Novogradac From Allocation to Form 8609 Webinar (NOV 2019) - On-demand More Information Novogradac 2020 New Markets Tax Credit Conference More Information

Notes from Novogradac

New OZ Guidance Provides Clarity but RETC Investors Must Act Quickly

Monday, May 6, 2019

How Does Renewable Energy Fare under House, Senate Tax Reform Proposals?

Tuesday, November 21, 2017

Nuclear Power Production Tax Credit Extension Bill Potential Vehicle For Orphaned Technologies

Friday, July 21, 2017

Podcast Episodes

January 14, 2020

Posted on January 14, 2020

January 7, 2020

Posted on January 7, 2020

December 17, 2019

Posted on December 17, 2019

Section 45 Reference Rates

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Events Calendar

January

Notes from Novogradac

Podcast Episodes