Lawyers and VCs have sized up the Inflation Reduction Act by now, and American energy systems will likely never stagnate again. For thinking about investment over the decades that decarbonization will take, take a trip back to another crossroads in the nation's energy history.

Putting the news in context sometimes requires a beat and a pinpoint. In this column, CEFF's editor focuses on how local officials responding to local pressures govern how far and how fast renewable projects can deploy in any economic context.

The future of tax equity may well run through a channel called "direct pay." which could simplify and expand a lot of what makes the tool valuable. As always, some unknowns come into the picture.

At a deal level, tax equity never looked easy. At an institutional economy-nudging level, its harder still. This installment sets out some structural blocks and ways over them.

It's not just limited or general. Parties in a tax credit transaction weigh decisions about exposure, timing, and benefit. This story clarifies the stations along the journey.