Now is the time to go tankless! With several local utility rebates, tax credits, and most significantlya $300 federal tax credit, these financial incentives help offset the initial installation costs of going tankless.
The "Emergency Economic Stabilization Act of 2008," an extension of the "Energy Policy Act of 2005" makes tax credits possible for energy efficient home improvements, including the installation of tankless and solar water heaters in your home.
Tankless water heaters installed between January 1, 2009 and December 31, 2009 are eligible for the $300 federal tax credit. Whole-home tankless water heaters must have a minimum energy factor (EF) of 0.82. All ENERGY STAR qualified whole-home gas tankless and gas condensing models qualify.
How to get your$300federal tax credit--
- Choose a qualifying tankless water heater that suits your needs.
- Manufacturer's Certification Statement is required.
- Save your receipts and Manufacturer's Certification Statement for tax purposes.
- Use IRS Form 5695.
See the DSIRE database of state incentives, or contact your state energy office or local utility service providers for more information about tax credits and rebates in your area.
Not only will you receive a tax break, but you will save even more money through energy savings by installing a tankless water heater!
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Frank doesn't know what he's talking about.
But I do!
Shut Up Fran!
You Don't know what you're talking about.