High Efficiency Water Heaters

Up to $1,500 in Water Heater Tax Credit

High efficiency water heaters are not just environmentally sound—over the course of their life-cycles, they can also help homeowners save a lot of money. Due to a recent extension of residential tax credits for energy-efficient improvements, several American 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 installation price. This includes the wonderful new GO HOT tankless hot water heating systems exclusively from Ben Franklin Plumbing of Denver that will give your family an unlimited of hot water and save money on utility bills.

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 set to expire on December 31, 2010, and the purchase an installation must occur before that date.

How Do I Get My Tax Credit?

To get your tax credit, you must purchase—and put an eligible American water heater into service in your primary residence by December 31, 2010. Save your receipt and use IRS 2009 Tax Form 5695 to claim your credit on your 2010 tax return.

Which Models Are Eligible?

There are several tank and tankless models eligible for the tax credit, and Ben Franklin Plumbing of Denver sells and installs many of these models. Qualifying hot water heaters that boast thermal efficiency of 90% or higher or have an EF value of .82 or higher are eligible for this offer.