tax credits

[kirkmears]

not so easy money... (http://energystar.custhelp.com/cgi-bin/energystar.cfg/php/enduser/std_adp.php?p_faqid=3863&p_created=1196360838)

i had to replace a hot water heater this past year, hopefully turbotax figures this all out...

then i realized mine probably doesn't even meet the requirements :(

[dboat]

not so easy money... (http://energystar.custhelp.com/cgi-bin/energystar.cfg/php/enduser/std_adp.php?p_faqid=3863&p_created=1196360838)

i had to replace a hot water heater this past year, hopefully turbotax figures this all out...

then i realized mine probably doesn't even meet the requirements :(

I would contact Barack OBama or Tim Geitner. I am sure they can help you out.. in fact, Tim is a specialist with TurboTax.. :evil

Dana

[mikelemoine]

not so easy money... (http://energystar.custhelp.com/cgi-bin/energystar.cfg/php/enduser/std_adp.php?p_faqid=3863&p_created=1196360838)

i had to replace a hot water heater this past year, hopefully turbotax figures this all out...

then i realized mine probably doesn't even meet the requirements :(
If it's a standard electric unit or instant unit that uses heating elements (vs heat pump style), then it doesn't qualify.

Based on the research I did, the credits typically apply to the higher end products (IE: super low e windows, heat pump water heaters, etc). These high end products typically still cost a lot more after the rebate than the mid level units, and the cost savings in energy isn't enough to justify the upcharge. The main reason for choosing these products is the desire to save energy and be greener than your neighbor. I researched new windows and it would have taken almost 10 years of savings to pay for the initial up cost even with the rebate. In our case, the window guy also pointed out that the gas filled windows that qualified tend to leak down after some years and then get condensation inside (gets cloudy and loses some R-value). Needless to say, we decided to forego the rebate and save the up front money. We're in Florida so the numbers might be different for people in colder climates.

If you're heater doesn't qualify, you probably saved more up front costs so don't feel too bad. You can wrap your heater and hot water pipes for a few bucks and get the energy savings, and still feel good about saving the world....