Water Heaters
HIGH EFFICIENCY WATER HEATERS
Think Green, Save Green
If you´re like most homeowners, saving money on utility bills is a top priority for you. Bringing an environmentally friendly, high efficiency water heater into your home can be a great start. Recently, Congress increased residential tax credits for energy efficient improvements. A number of high efficiency water heater models are now eligible for a tax credit of up to 30% (with a cap of $1,500) of the purchase and install price.
Did you know?
All manufactures require annual maintenance be performed on your water heater by draining the tank to clean out any sediment in the bottom to allow heat transfer to be more efficient. At Airflow Service Company we replace the factory installed drain valve with a FULL PORT drain valve. This valve has a ¾ inch opening allowing full flow of water to flush the sediment from your tank. When replacing or installing a new water heater we go the extra mile by upgrading the inlet water shut off valve with a ¾ turn ball valve to make it easier to shut the inlet water off.
How is the tax credit calculated?
There are important limitations on this tax credit. First, this is a single tax credit that can be used on a variety of "qualifying energy improvements" and "property expenditures." You may claim a maximum of 30% (with a cap of $1,500) of all of your "qualified energy improvements" or "property expenditures." That means, if you purchase and install a qualifying furnace and claim $700 of the tax credit for the purchase and installation of your furnace, you have only $800 of the tax credit left to claim on your other qualifying expenditures. However, you can use the entire credit on a single product and installation. Second, the credit is limited to $1,500 for tax years 2009 and 2010 combined. If you claim all $1,500 on qualifying expenditures in 2009, you have used up the tax credit and cannot claim anything on your 2010 tax return; if you use only $900 in 2009, you may still claim the remaining $600 in 2010 for qualified products.
How do I get my tax credit?
To get your tax credit, you must purchase and put an eligible high efficiency water heater into service in your primary residence between January 1, 2009 and December 31, 2010. Save your receipt and use IRS 2009 Tax Form 5695 (available in late 2009 or early 2010) to claim your credit on your 2009 or 2010 tax return.
Which models are eligible?
High efficiency water heaters and tankless units that boast thermal efficiency of 90% or higher or an EF value of .82 or higher as well as heat pump water heaters. For more information and for eligible models that qualify, please call the experts at AirFlow Service Company!.
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