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Section 45 Reference Rates

Year

Source

Reference Rate

Credit


(placed in service before Jan. 1, 2022)

Credit


(placed in service after Dec. 31, 2021)

Adj. Factor

2024 Wind 3.15 cents/kWh 2.9 cents/kWh 0.6 cents/kWh 1.9499
  Refined Coal N/A N/A N/A N/A
  Closed-Loop Biomass N/A 2.9 cents/kWh 0.6 cents/kWh 1.9499
  Open-Looped Biomass N/A 1.5 cents/kWh 0.3 cents/kWh 1.9499
  Geothermal N/A 2.9 cents/kWh 0.6 cents/kWh 1.9499
  Solar N/A N/A 0.6 cents/kWh 1.9499
  Small Irrigation N/A N/A N/A N/A
  Municipal Solid Waste N/A 1.5 cents/kWh 0.3 cents/kWh 1.9499
  Qualified Hydropower N/A 1.5 cents/kWh 0.3 cents/kWh 1.9499
  Indian Coal N/A N/A N/A N/A
  Steel Industry Fuel N/A N/A N/A N/A

Year

Source

Reference Rate

Credit

Adj. Factor

2023 Wind 3.74 cents/kWh 2.8 cents/kWh 1.8909
  Refined Coal N/A N/A N/A
  Closed-Loop Biomass N/A 2.8 cents/kWh 1.8909
  Open-Looped Biomass N/A 1.4 cents/kWh 1.8909
  Geothermal N/A 2.8 cents/kWh 1.8909
  Solar N/A N/A 1.8909
  Small Irrigation N/A N/A N/A
  Municipal Solid Waste N/A 1.4 cents/kWh 1.8909
  Qualified Hydropower N/A 1.4 cents/kWh 1.8909
  Indian Coal N/A N/A N/A
  Steel Industry Fuel N/A N/A N/A

Year

Source

Reference Rate

Credit

Adj. Factor

2022 Wind 4.09 cents/kWh 2.6 cents/kWh 1.7593
correction Refined Coal N/A N/A N/A
  Closed-Loop Biomass N/A 2.6 cents/kWh 1.7593
  Open-Looped Biomass N/A 1.3 cents/kWh 1.7593
  Geothermal N/A 2.6 cents/kWh 1.7593
  Solar N/A N/A 1.7593
  Small Irrigation N/A N/A N/A
  Municipal Solid Waste N/A 1.3 cents/kWh 1.7593
  Qualified Hydropower N/A 1.3 cents/kWh 1.7593
  Indian Coal N/A N/A N/A
  Steel Industry Fuel N/A N/A N/A

Year

Source

Reference Rate

Credit

Adj. Factor

2021 Wind 3.59 cents/kWh 2.5 cents/kWh 1.6878
  Refined Coal $45.64/ton $7.384/ton 1.6878
  Closed-Loop Biomass N/A 2.5 cents/kWh 1.6878
  Open-Looped Biomass N/A 1.3 cents/kWh 1.6878
  Geothermal N/A 2.5 cents/kWh 1.6878
  Solar N/A N/A 1.6878
  Small Irrigation N/A N/A N/A
  Municipal Solid Waste N/A 1.3 cents/kWh 1.6878
  Qualified Hydropower N/A 1.3 cents/kWh 1.6878
  Indian Coal N/A $2.600/ton 1.2998
  Steel Industry Fuel N/A N/A N/A

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 N/A N/A
  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 N/A N/A
  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
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