- Federal tax credit applies to products that are purchased and installed between Jan. 1, 2015, and Dec. 31, 2016
LOUISVILLE, Ky.—April 5, 2016—The GE GeoSpring™ water heater is now more affordable than ever. A Federal Tax Credit for ENERGY STAR® heat pump water heaters has been reinstated for products that are purchased and installed between January 1, 2015, and Dec. 31, 2016.
Many homeowners don't realize their water heater is the second biggest energy-consuming appliance in their home.1 The GE GeoSpring hybrid electric water heater is one of America's most efficient 50-gallon and 80-gallon water heaters—70 percent more efficient than a standard electric water heater2—and saves the average household between $160 and $490 every year on their electric bill.3
"With GeoSpring's advanced heat pump technology, the savings of using our ENERGY STAR product will pay back the difference in less than three years for a household of four.”3 said François Lebrasseur, marketing manager, Water Products. “This Federal Tax Credit, along with any additional State Tax Credits and/or Utility rebates, provides a tremendous amount of savings.”
To take advantage of the $300 Federal Tax Credit, homeowners need to simply file IRS Form 5695, line 22a, with their 2015 or 2016 tax filings, along with the product purchase receipt and a copy of the GeoSpring Manufacturer's Certification Statement. The Federal Tax Credit can be combined with other Utility rebates and State Tax Credits available. It applies to existing homes, with an exclusion on new construction. Consumers need to consult a tax consultant for specific requirements and details.
Tallying up the savings and gathering information on GeoSpring is easy using online resources:
The GeoSpring is available at retailers and distributors nationwide. For more information on features and availability, visit geospring.com.
1. Water heating at http://en.wikipedia.org/wiki/Water_heating and DOE.
2. Based on DOE test procedures and comparison of a 2015 standard electric tank water heater using 4646 kWh per year vs. the GeoSpring hybrid electric water heater using 1407 kWh per year.
3. energystar.gov/index.cfm?c=heat_pump.pr_savings_benefits, accessed February 2016
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