Section 45 Reference Rates

Year	Source	Reference Rate	Credit	Adj. Factor
2020	Wind	4.16 cents/kWh	2.5/kWh	1.6687
	Refined Coal	$48.58/ton	$7.301/ton	1.6687
	Closed-Loop Biomass	N/A	2.5/kWh	1.6687
	Open-Looped Biomass	N/A	1.3/kWh	1.6687
	Geothermal	N/A	2.5/kWh	1.6687
	Solar	N/A	N/A	1.6687
	Small Irrigation	N/A	1.3/kWh	1.6687
	Municipal Solid Waste	N/A	1.3/kWh	1.6687
	Qualified Hydropower	N/A	1.3/kWh	1.6687
	Indian Coal	N/A	$2.570/ton	1.2851
	Steel Industry Fuel	N/A	N/A	N/A
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 Digital Events Pass More Information Novogradac 2020 Credit and Bond Financing for Affordable Housing Virtual Conference More Information	2 Novogradac Digital Events Pass More Information Novogradac 2020 Credit and Bond Financing for Affordable Housing Virtual Conference More Information	3 Novogradac Digital Events Pass More Information
4 Novogradac Digital Events Pass More Information	5 Novogradac Digital Events Pass More Information	6 Novogradac Digital Events Pass More Information Novogradac Online LIHTC Property Compliance Workshop - (Oct 2020) More Information	7 Novogradac Digital Events Pass More Information Novogradac Online LIHTC Property Compliance Workshop - (Oct 2020) More Information	8 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Webinar More Information Novogradac 2020 NMTC Application Recording More Information	9 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	10 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information
11 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	12 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	13 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	14 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	15 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	16 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information Novogradac Combining 9 Percent and 4 Percent LIHTCs Webinar (Oct 2020) More Information	17 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information
18 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	19 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	20 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	21 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	22 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information Novogradac 2020 Opportunity Zones Fall Virtual Conference More Information	23 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information Novogradac 2020 Opportunity Zones Fall Virtual Conference More Information	24 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information
25 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	26 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	27 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	28 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information	29 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information Novogradac 2020 New Markets Tax Credit Fall Conference More Information	30 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information Novogradac 2020 New Markets Tax Credit Fall Conference More Information Novogradac Reviewing Audits of Lower-Tier LIHTC Partnerships Webinar (Oct 2020) More Information	31 Novogradac Digital Events Pass More Information Novogradac 2020 NMTC Application Recording More Information

Section 45 Reference Rates

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit

Adj. Factor

Year

Source

Reference Rate

Credit