When the economy began to suffer in March, renewables financiers, developers and lawyers warned of a possible repeat of 2008-2009 when the Great Recession restricted tax equity and challenged the solar market's growth.
Through the spring and part of the summer, the market seemed to avoid that prediction. As recently as late July, big banks — the largest tax equity players in the renewables space — were predicting a record year of investment. It's possible that the solar industry could still end 2020 having seen more tax equity investment than in any previous year.
Even so, lawyers and developers working in the sector say many players are feeling a pinch.