By Lal Singh Not all Section 45z credits are created equal. Crux’s deal data shows the broader §45Z pricing range landing between $0.88 and $0.93 per dollar of credit, but where a specific credit sits inside that band depends heavily on what kind of fuel generated it and how well the producer can document their emissions profile.
Sustainable aviation fuel producers are consistently sitting at the top of that range. The reasons aren’t complicated once you understand what SAF brings to a transferable credit transaction that other clean fuels don’t.
The Credit Value SAF Producers Generated in 2025
Under the original IRA structure that applied through 2025, Section 45z gave SAF a preferential rate. The base credit was $0.35 per gallon, climbing to $1.75 per gallon for producers meeting prevailing wage and apprenticeship requirements. Non-SAF fuels topped out at $1.00 per gallon with PWA.
That $1.75 maximum was the highest per-gallon credit value under any §45Z pathway. SAF producers who met labor requirements generated credits at nearly double the rate of renewable diesel or ethanol producers.
Those 2025-vintage credits are still transacting in 2026. The OBBBA eliminated the special SAF rate starting with fuel produced after December 31, 2025. SAF producers now earn the same maximum $1.00 per gallon as everyone else. That 43% reduction is significant, but it’s actually made 2025-vintage SAF credits more valuable, not less. Scarcity does that.
Why SAF Credits Command Premium Pricing
Several structural factors push SAF toward the top of the Section 45z pricing range.
Third-party verification is the first. SAF producers must provide CORSIA certification demonstrating compliance with supply chain traceability and emissions requirements. That’s independent verification most non-SAF §45Z fuels don’t carry. For corporate buyers running diligence, CORSIA reduces uncertainty around the emissions rate underlying the credit, which translates into tighter pricing and faster closings.
Production scarcity is the second. SAF represents roughly 2% of U.S. jet fuel consumption according to EIA projections for 2026, against total civil aviation fuel consumption of approximately 25.4 billion gallons annually per FAA estimates. Limited supply means buyers competing for a small pool, which naturally supports pricing at the top end.
Insurance is the third. According to Crux, virtually all clean fuel deals in 2024 included full-wrap insurance policies. The seller procures coverage that protects the buyer from credit disallowance, taking emissions-rate risk off the buyer’s plate entirely. That layer of protection makes SAF credits transactable at tighter discounts than uninsured credits from other fuel pathways.
The ILUC Exclusion Quietly Helped SAF Too
One of the OBBBA’s less-discussed changes to Section 45z was excluding indirect land use change emissions from carbon intensity calculations. SAF pathways using agricultural feedstocks, including HEFA-based production from soybean oil or used cooking oil, benefit from lower CI scores when ILUC penalties are excluded. Lower CI scores mean higher credit values per gallon.
For corporate buyers evaluating SAF credits through a clean energy tax credit marketplace, that dynamic makes SAF an attractive segment. The producer’s CI score is verifiable, the credit value per gallon is high, and the documentation trail is robust enough to support premium pricing.
What 2026 Looks Like for SAF Producers
SAF producers generating credits on 2026 production are capped at $1.00 per gallon with PWA. But the structural advantages supporting premium pricing haven’t gone away. CORSIA verification is still required. Production volumes are still small. Insurance is still standard. And the aviation industry’s own decarbonization commitments, driven by CORSIA compliance obligations and corporate sustainability mandates, continue creating offtake demand that supports stable production.
Feedstock rules tightened too. All §45Z fuels must now use feedstocks from the U.S., Mexico, or Canada. For SAF producers already sourcing domestically, that’s not a burden. For those who relied on imports, it’s a supply chain restructuring that could temporarily constrain volumes, reinforcing the scarcity premium.
Conclusion
SAF sits at the top of the Section 45z pricing range because CORSIA verification, limited production volume, high per-gallon value, and standard insurance coverage create a profile buyers are willing to pay up for. The OBBBA reduced the maximum rate by 43% starting 2026, but it didn’t eliminate the fundamental advantages that make SAF credits more tightly priced than other clean fuel pathways.
For corporate buyers, SAF credits represent one of the cleanest diligence profiles in the §45Z market. For producers, premium pricing rewards premium documentation. CORSIA certification and verified CI scores aren’t just compliance requirements. They’re pricing tools.
The market knows the difference. That’s why SAF consistently closes at the top of the range.