Federal Tax Credits
Q: What does the stimulus package mean for me if I’m considering buying a Boiler or High Efficiency Water Heater?
The total cost of the unit and installation is reduced by 30 percent, up to $150 for a boiler or $300 for hot water heater. If you are purchasing a solar water heater, you will receive 30 percent of the total cost with no cap. For instance, if the cost of the Solar Water Heater and installation amounts to $12,000 then based on the stimulus package your savings would equal $3,600. There may be more savings depending on where you live. By visiting www.dsireusa.org and clicking on your state, you may find other rebates and incentives.
Q: What does the stimulus package mean for me, if I already own a Boiler or Water Heater?
If you purchased a boiler or water heater that was “placed in service” during 2010 credit must be filed with 2010 taxes by April 18, 2011.
Q: What if I want to purchase and install more than one Boiler or Water Heater?
If you intend to purchase multiple Water Heaters or Boilers you will get the 30 percent credit, up to $150 for a boiler or $300 for hot water heater with a maximum “Lifetime” credit of $500. Once you have reached the maximum credit of $500, you will not be eligible for any further grants. When purchasing more than one Solar Water Heater you will receive the 30 percent credit off the total cost without a cap.
Q: Does this work for all Gas Boilers or Water Heaters?
he regulations state that Boilers must have an AFUE rating of 95 percent or greater. Water Heaters must have an energy factor of .82 or a thermal efficiency of 90 percent or greater. Most of HTP Water Heaters and Boilers qualify for this rebate.
for further information visit: www.energystar.gov
back to Heat Transfer Federal Tax Credit Information
