Listen: Rooftop solar on edge: navigating the tax credit drop

US President Donald Trump's federal budget bill, signed in July 2025, accelerated the end of Section 25D residential clean energy tax credits, which had been set to extend into the mid-2030s. With the phasing out of Section 25D at the end of 2025, the US residential solar sector must once again adapt to dramatic shifts to the tax credit landscape, a phenomenon known as the "solar-coaster."

In this episode of the “Energy Evolution” podcast, host Dan Testa discussed the implications of these changes with S&P Global Energy renewable energy reporter Kirsten Errick. Cinthya Peña, a renewables market analyst at S&P Global Energy Horizons, and Maheep Mandloi, director of clean energy equity research at Mizuho Americas, also shed light on how this tax credit cliff could alter the market.

Private Credit Outlook 2026

Private credit enters 2026 facing its most challenging environment since the 2008 financial crisis. Global economic uncertainty around trade, investor jitters over runaway spending on AI and damaging headlines tied to late-cycle excesses in broader credit markets mean fund managers and allocators must tread carefully.

Cracks are emerging in corporate credit. A series of high-profile leveraged loan defaults in late 2025 and the rising use of payment-in-kind toggles in direct lending point to mounting stress. A new cohort of distressed and opportunistic credit funds, which have raised more than $100 billion over the past two years, is poised to capitalize on any resulting volatility.

Private credit is changing rapidly. The market of 2030 will look materially different from that of 2020. After years of allocating predominantly to US direct lending, allocators are broadening their horizons by geography and sub-strategy. The surge in European fundraising in 2025 is unlikely to be short-lived as allocators increasingly turn to the region for diversification and alpha.