GeoSpring electric hot water tank

moey Posted By moey, Jul 12, 2013 at 1:23 PM

  1. moey

    moey
    Minister of Fire 2.
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    Jul 12, 2012
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    For those of you in Maine ( perhaps some other states )

    They have at Lowes the GeoSpring Hybrid hot water tank for $999

    http://www.lowes.com/pd_386797-83-GEH50DEEDSR_0__?Ntt=geospring&UserSearch=geospring&productId=3664968&rpp=32

    If you live in Maine you can get a rebate $500 rebate along with a $300 Federal tax credit.

    You also can usually find a 10% off lowes coupon somewhere, they post codes a lot on deal sites if you order online.

    Grand Total would be:

    $999 - $500 ( state rebate ) - $300 ( Federal Tax Credit ) - $100 ( 10 % off coupon ) = $100 + tax

    $100 + tax

    ( if you order with Discover you can get another 5% off from Discover site )
     
  2. Justin M

    Justin M
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    Dec 22, 2008
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  3. BrotherBart

    BrotherBart
    Hearth.com LLC Mid-Atlantic Division 2.
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    Nov 18, 2005
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    Don't forget that you have to deduct the state and/or utility rebates from the purchase price before calculating the Fed tax credit.
     
  4. moey

    moey
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    Jul 12, 2012
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    Never heard of that. Costs are the prices paid at installation, at installation you would not have any rebate from the state or utility. Please correct if Im wrong.

    IRS form

    Costs. For purposes of both credits, costs are treated as being paid
    when the original installation of the item is completed, or in the case
    of costs connected with the reconstruction of your home, when
    your original use of the reconstructed home begins. For purposes of
    the residential energy efficient property credit only, costs connected
    with the construction of a home are treated as being paid when
    your original use of the constructed home begins. If less than 80%
    of the use of an item is for nonbusiness purposes, only that portion
    of the costs that is allocable to the nonbusiness use can be used to
    determine either credit
     
  5. slls

    slls
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    Jun 9, 2008
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    I have seen the ads, really don't understand how it works. 50 gals is a lot of water. I have been running a 30 gal since 08, have saved a lot not burning oil.
     
  6. St_Earl

    St_Earl
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    Sep 9, 2011
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    found what looks to be an excellent in depth review -

     
  7. BrotherBart

    BrotherBart
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    Nov 18, 2005
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    Do what ya gotta do. But your cost is the sales price less any credits you receive from other sources.

    Standard Disclaimer: Contact your tax adviser. Or just wait for the IRS to contact you. ;lol

    Internet tax and legal advise is worth every penny ya pay for it.
     
  8. EastMtn

    EastMtn
    Burning Hunk 2.
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    May 19, 2013
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    Next year I'll be upgrading the water heater in my continuing quest to lower the propane bill. Was thinking about a Phoenix light duty 50 gal made by HTP. Stainless steel to deal with the hard water and no anodes needed. Modulating burner gets 95% efficiency. I've never thought about using an electric water heater. I think I'll look into that Geo hybrid

     
  9. sinnian

    sinnian
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    May 28, 2008
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    Moey do you have a link to the CMP rebate? I couldn't find anything other than their electric thermal storage heat rebate.
     
  10. moey

    moey
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    Jul 12, 2012
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  11. slls

    slls
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    Jun 9, 2008
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    The word heat pump turned me off, they can be trouble, it goes bad and there go your savings.
     
  12. 343amc

    343amc
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    Nov 23, 2005
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    I bought one back in February. It was $999 at Lowes then as well. I got the 10 year extended warranty for $99. I couldn't pass up the warranty for that price.

    My electric bills dropped about $20-25/month. My dehumidifier runs less now which is a bonus.

    Some pressure sensor gizmo took a chit when it was 3 months old. That locked the heat pump out but the elements still worked. Called GE and a tech was out in a few days.

    No extra incentives in MI, just the federal deduction.
     
  13. smwilliamson

    smwilliamson
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    Dec 28, 2009
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    Sounds like it may get a damp basement under control too. I've got some advanced technology for ya...how about capturing the condensing moisture back into the storage tank?
     
  14. TheMightyMoe

    TheMightyMoe
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    Aug 2, 2012
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    Really interested in one, but I don't have hot air to spare.
     
    St_Earl likes this.
  15. Tom Wallace

    Tom Wallace
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    Jan 20, 2013
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    Loc:
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    I bought this model last February from Lowe's. For the record, there is also a $500 rebate from Seattle City Light if that's your electric provider.

    http://www.seattle.gov/light/conserve/resident/hpwhrebate/

    There is the stipulation in the rebate that the installer must have received training from the manufacturer of the water heater. In my case I installed it myself with my step dad and neither of us received said training. However, on the rebate form, in the field for where the installer (me) received training I entered a YouTube URL for a GE video which went over the details of the water heater. About 3 months later, my rebate check arrived.​
    I have no complaints about the water heater. My old one was working fine, but was 18 years old. I decided to upgrade while I still had hot water. Mine's installed in the garage, so I don't mind that the heat pump cools the surrounding area.​
    Also, you can get 5% off if you sign up for a Lowe's card, which I did. I just paid it off at the end of the month and never used it again. So mine was $999 - $50 (Lowe's credit card) - $500 (rebate) for total of $450+ tax.​
     
  16. smwilliamson

    smwilliamson
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    Dec 28, 2009
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    perfect...you probably know more than an average plumber now about that unit
     
  17. Heaterhunter

    Heaterhunter
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    Dec 14, 2010
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    So I installed a similar unit in my house(Steibel Eltron) last fall and went to off on the oil boiler switch. I can't say enough about it. Love the efficiency. My electric bills have gone up $20. The unit will pay for itself in one year with the amount of hot water my family uses and the inefficiency of my boiler. Prior to purchasing/installing I made a few phone calls and was told no credit from CMP(local electric company), the state(Maine), and no fedral tax credit. Did these credits just start back up here in Maine???
     
  18. moey

    moey
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    Jul 12, 2012
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    The federal tax credit has been around for a while I believe. Are you sure your not eligible?

    The rebates for efficiency Maine come and go. They usually list dates only for a couple months so they don't over allocate money.

    I dont have one of these units I have a geothermal system for heat though that makes hot water. Im still contemplating getting one of these units my geo system only makes hot water when its running.
     
  19. jdp1152

    jdp1152
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    Oct 4, 2012
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    If going from electric to heat pump, mass has 1k incentive. I couldn't take advantage, but bought it anyway. So far no issues
     
  20. BrotherBart

    BrotherBart
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    Nov 18, 2005
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    All electric house here. I cannot imagine having a boiler fire up just to heat DHW. Our water heater costs squat on the electric bill. It would take me ten years to make up the difference for a heat pump water heater. Or longer, or never.

    Full discloure: Just two people in the house.
     
  21. slls

    slls
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    Jun 9, 2008
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    30 gal electric, 2 people $61 electric bill last month, hard to beat.
     
  22. iceguy4

    iceguy4
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    Nov 16, 2011
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    I just picked up an AO Smith 60 gallon.. love it so far,...dry basement!!!
     
  23. jdp1152

    jdp1152
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    Oct 4, 2012
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    I can beat that with 3 people and AC for 3800 sq ft, but the up front cost of heating and cooling was far from cheap. 7 years from now however....
     
  24. moey

    moey
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    Jul 12, 2012
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    Ive still thought about installing one of these with our geo system. During the summer ( Maine ) it does not run enough to really make much hot water. This week excluded. I suppose I could set the thermostat at 62 freeze and run my pellet stove then Id have hot water.
     
  25. velvetfoot

    velvetfoot
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    Dec 5, 2005
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    How well does a heat pump water heater in the basement during the winter? My basement walls are insulated.
    Running a dehumidifer in summer isn't cheap.
     

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