Area Energy Tax Credits and Rebates
Federal Energy Tax Creadits
The American Recovery and Reinvestment Act of 2009 signed on February 17, 2009, by President Obama has made significant changes to homeowner tax credits for specified energy-efficient home improvements including qualifying, residential water heaters, gas furnaces, air conditioners, and heat pumps. The tax credit for qualifying energy improvements such as the installation of Rinnai tankless water heaters has been modified from $300 to 30% of the full purchase and installation price up to a maximum credit of $1500. In addition these tax credits for 2009 have been extended through Dec. 31, 2010.
For more information this program, check out the U.S. Department of Energy website.Louisiana Department of Natural Resources
The Louisiana Department of Natural ResourcesŐ Empower Louisiana Energy Star Appliance Rebate Program begins this Saturday, April 24, 2010. The Empower Louisiana rebates for Energy Star-rated equipment will be offered on a first-come, first-served basis through February of 2012, or until the funding awarded has been expended. Louisiana homeowners will receive their rebates for purchase of Energy Star appliances. Products eligible for these rebates include:
- Gas Tankless Water Heaters - $150.00
- Heat pump water heaters - $150.00
- Central Air Conditioners, Heat Pumps, and Furnaces - $500.00
What is a tax credit?
A Tankless Water Heater Tax Credit is not received when you buy the product, like an instant rebate. A Tax Credit on Water Heaters is claimed on your federal income tax form at the end of the year. The credit then increases the tax refund you receive or decreases the amount paid in.
Tax credits vs. tax deductions.
In general, a tax credit is more valuable than a similar tax deduction. A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions, such as those for home mortgages and charitable giving, for example, lower your taxable income. If you are in the 30 percent tax bracket, your income tax is reduced by 30 percent of the value of a tax deduction. But a tax credit reduces your federal income tax by 100 percent of the amount of the credit.
For more information on Federal Tax Credits for Energy Efficiency, click here.If you purchase a Rinnai tankless water heater from us, you or your tax preparer may need a manufacturer compliance statement for filing purposes.
For the Rinnai Compliance Letter click here.Our Work Cloud
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