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Get Federal Tax Credit on Tankless Water Heaters Now Through December 31, 2007
Southlake, Tex. (PRWEB) November 7, 2007 -- The Energy Policy Tax Incentives Act of 2005 expires Dec. 31, 2007, and with it goes the opportunity to get federal tax credits for purchase and installation of energy efficient appliances. One of the highest rewards comes from tankless water heaters, both for tax purposes and for actual energy cost reductions.
The law allows a $300 tax credit on personal income tax returns if a homeowner installs a high-efficiency gas, oil, or propane water heater with an energy factor of at least 0.80 before Dec. 31. Most tankless water heaters meet or exceed this standard. A tax credit is usually more valuable than a deduction because a credit allows taxpayers a dollar-for-dollar reduction of taxes owed.
The cost of heating water is greater than most suspect. Energy experts say in most homes it accounts for the highest percentage of utility bills - about 30 percent. Traditional tank-type water heaters cost more to operate because they store hot water for when it eventually will be needed. As the water cools, the heater continually recycles to keep the water at a pre-set temperature.
Tankless units heat water on demand, so they only run when someone turns on a hot water tap. There's no tank full of water to cool off, only to be re-heated over and over. Master plumber Bill Stevens, of Berkey's Plumbing, Heating and Air Conditioning, explains how this helps.
"The greatest demand for hot water comes in the morning when a family gets ready for work and school, "Stevens said. "You drain the tank, it fills back up and the heater is running full blast as you walk out the door. Throughout the day, the water cools and is reheated over and over, running up utility bills. The gas and electric companies love it!"
Stevens says tankless water heaters (http://www.berkeys.com/Water-Heaters.aspx) offer a number of advantages for homeowners, including: ? an endless supply of hot water; ? water is heated on demand, only when you turn on the tap; ? no energy - and money - lost in storing hot water; ? high-efficiency performance cuts water-heating costs up to 50 percent ? small size - about the size of a briefcase - permits installation virtually anywhere, indoors or out; and ? more durable, so tankless water heaters last longer.
No special forms or paperwork are required to claim the 2007 tax credit. Taxpayers simply claim the credit on the line provided for it on Form 1040 and keep receipts for purchase and installation of the water heater. Improvements must be installed in or on the taxpayer's principal residence in the United States.
For additional information, please visit: www.energy.gov/taxbreaks.htm. Consumers who have further questions regarding the Energy Policy Tax Incentives law should consult with qualified tax advisors.
About Berkey's: Berkey's Plumbing, Heating and Air Conditioning has specialized in the needs of homeowners in Southlake, Grapevine, Colleyville and Flower Mound for more than 32 years. Berkey's reputation for prompt, honest service from licensed and factory trained technicians assures customers the best in professional service and equipment. To learn more, call Berkey's at 1-877-BERKEYS, or visit our Website at http://www.berkeys.com
Contact: Lee Pogue Berkey's Plumbing, Heating and Air Conditioning 817-481-5869
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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