Re: Energy policy act of 2005
I believe the only water heaters that qualify for that tax credit are geothermal and ones that beat a specific energy efficiency rating, of which currently only some tankless units successfully do. The cheapest tankless heaters are a good bit more than $300 to buy, and can be pretty expensive to install depending on the location and setup. A tankless heater to service the average 3-4 bedroom, 2-3 bathroom house is going to run close to a grand plus installation.
Sure puts a dent in the cost of it, if you're going to do it anyway though...
"A tax credit of up to $300 for geothermal heat pump water heaters with an evergy factor of at least 2.0 and for natural gas, propane, or oil water heaters with an energy factor of at least 0.8. The only models that meet this standard currently are tankless water heaters and some systems that combine both space and water heating."
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.