Although the PTC is a federal tax incentive, the benefits were mostly accrued in states with deregulate electricity markets. Most recently the PTC was set at $23 per MWh. This means that deregulate electricity states received as much as $464,450 in a given month due to the policy, relative to the control group of regulated states. This is likely driven by the fact that deregulate markets are better able to bring new projects on line before reaching each PTC expiration date