Water Heater Tax Credit: Save Money and Be More Efficient with a Tankless Water Heater from Ben Franklin
Homeowners can enjoy up to a $1,500 tax credit on their 2010 federal taxes plus significant rebates from Xcel Energy and the State of Colorado by upgrading to a qualifying tankless water heater this year
DENVER, Colo. – Benjamin Franklin – The Punctual Plumber of Denver is a registered contractor for water heaters that not only cut heating bills, but for a limited time offer significant federal tax credits as well as energy-saving rebates from the State of Colorado and Xcel Energy.
The largest cost savings, tax credits and rebates are available through the installation of a tankless water heater, and Ben Franklin Plumbing owner Steve Jusseaume recommends those manufactured by Rinnai, which qualify for all savings programs and supply an endless source of hot water at a fraction of the cost of traditional tank water heaters.
The Rinnai tankless system is able to service three water outlets simultaneously while maintaining a constant hot water temperature. Rinnai tankless water heaters supply hot water at the rate of up to 9.8 gallons per minute, while offering 30% more efficiency than a natural-gas fueled tank water heater and 50% more efficiency than an electric water heater. The units are compact and wall-mounted, with many models no bigger than 23 inches tall, no wider than 18.5 inches, and no deeper than 9.8 inches.
The United State federal government has established an energy efficiency program for homeowners which offers up to $1,500 in tax credit on the purchase and installation cost of qualifying water heaters, including the Rinnai models available at Ben Franklin Plumbing. This is a tax credit, not a deduction, which means it can reduce a tax bill up to the full $1,500. Homeowners must purchase and have installed the qualifying water heater by December 31, 2010 to claim the tax credit. Check http://www.energystar.gov/index.cfm?c=products.pr_tax_credits for full details.
In addition, Xcel Energy, the largest public energy utility in the state, is offering a rebate of $100 on qualifying tankless water heaters, and from $40 to $80 on qualifying standard natural gas fueled water heaters, purchased and installed through the end of this year.
The State of Colorado, through the Governor’s Energy Office, is in the process of implementing a mail-in rebate program for residents who replace older, inefficient appliances, including water heaters, with ENERGY Star qualified appliances. No details have been announced, however officials said that the program is slated to begin in March 2010 with total funding of $4,739,000; once the money is gone, the program is over.
Each of these programs have their own set of rules and levels of energy efficiency that meet their criteria for tax credit or rebate. Ben Franklin Plumbing’s Jusseaume says his company is well versed in the qualifications and can provide homeowners with all of the necessary documents and forms for customers to claim their benefits.
“Between the tax credit and the rebates, not to mention just the cost savings from using newer, more energy efficient water heaters, homeowners can virtually recoup the entire cost of a new Rinnai tankless water heating system in a relatively short period of time,” says Jusseaume. “Plus, the level of comfort and convenience offered by these tankless water heater solutions add even more value to the decision to go tankless.”
Tankless water heaters installed by Ben Franklin Plumbing of Denver save on precious fuel costs because they don’t continuously heat water all day long when it’s not being used, like traditional water heaters which heat the water in them while you’re at work and even while you’re sleeping. Using the Rinnai tankless water heater, you only pay to heat water when you need it, and for as long as you want it.
Another benefit of a Rinnai tankless water heater is that it shuts off automatically when the water supply is closed, and they have a life expectancy of 20 years versus the 10 years a traditional water heater is expected to perform.
Conserving energy and water are among the many services Ben Franklin Plumbing Denver performs in households in Arvada, Aurora, Brighton, Broomfield Castle Rock, Centennial, Cherry Hills Village, Commerce City, Denver, Englewood, Glendale, Golden, Greenwood Village, Highlands Ranch, Lakewood, Littleton, Lone Tree, Morrison, Northglenn, Parker, Sedalia, Thornton, Westminster, and Wheat Ridge.
“Being informed is always optimum,” says Steve Jusseaume. “Being proactive is even better.”
Benjamin Franklin – The Punctual Plumber serves the Greater Denver area, providing every plumbing need, from the smallest leak and repair, to emergencies, remodels, upgrades and new plumbing solutions. Founded more than 30 years ago as Deer Creek Plumbing Inc., the family owned plumbing business in the 2005 joined the #1 residential plumbing service company in North America, becoming a Benjamin Franklin franchisee.
“What sets us apart from the competition is our ‘one of a kind’ warranties and guarantees,” says Jusseaume. “Like our Punctual Promise: ‘If there’s any delay, it’s you we pay,’ which means that if we are late for your appointment we pay you $5 per minute up to $300. Plus we have a 100% Customer Satisfaction Guarantee: If you’re not happy with our service, you don’t pay us. It’s that simple.”
For more information on tankless water heaters, as well as the federal tax credit and rebate programs, call Benjamin Franklin Plumbing of Denver at 303-340-3400 or visit www.benfranklinplumbingdenver.com.