Stove AND water heater tax credits?

[emt1581]

We're moving into our home this week. The one thing we need it a new hot water heater. Plus I plan on buying a wood stove ASAP but we need to sell our current home before such funds are available.

Anyway.... does the credit for buying an energy efficient tankless/heat pump/etc. water heater effect our ability to get the tax credit for a wood stove? I only ask because the credits are worded very similarly..both are for 30% back and I'm pretty sure both expire in January (could be wrong on that one).

Anyone buy/claim both?

Thanks!

-Emt1581

 

[Dakotas Dad]

There is a cap on how much you can claim, but it can be applied, up to the cap, against any energy efficient qualifing upgrades. Insulation and wood stove, wood stove and water heater, etc. There is a sticky at the top of the forum that has some info..

EDIT: BTW, have you talked yourself out of the electric version of the tankless hot water heater yet? It really does look to me like the worst of the three.

 

[emt1581]

There is a cap on how much you can claim, but it can be applied, up to the cap, against any energy efficient qualifing upgrades. Insulation and wood stove, wood stove and water heater, etc. There is a sticky at the top of the forum that has some info..

EDIT: BTW, have you talked yourself out of the electric version of the tankless hot water heater yet? It really does look to me like the worst of the three.

So are the two credits related? I can't see any proof in the terminology in the sticky. But in the end it looks like you can get up to $1500 back which I'd only get if I spent $5000.

I am actually going to get a heat pump water heater...Rheem most likely. I just have to find someone that will install it and not rip me off. I've got a few estimates so far. Should come out to under $3000 up front and I'll get 30% back from the government plus another $300 from my electric company.

Thanks!

-Emt1581

 

[CountryBoy19]

There is a cap on how much you can claim, but it can be applied, up to the cap, against any energy efficient qualifing upgrades. Insulation and wood stove, wood stove and water heater, etc. There is a sticky at the top of the forum that has some info..

EDIT: BTW, have you talked yourself out of the electric version of the tankless hot water heater yet? It really does look to me like the worst of the three.

So are the two credits related? I can't see any proof in the terminology in the sticky. But in the end it looks like you can get up to $1500 back which I'd only get if I spent $5000.

I am actually going to get a heat pump water heater...Rheem most likely. I just have to find someone that will install it and not rip me off. I've got a few estimates so far. Should come out to under $3000 up front and I'll get 30% back from the government plus another $300 from my electric company.

Thanks!

-Emt1581

Yes, they're the same ( the thread he mentioned up top explains that). You can only get a total of $1500 back on all energy efficient appliances etc for both 2009 & 2010 combined. So lets say hypothetically you bought an EPA approved stove in 2009 for 4200 installed, and you buy your water heater in 2010 for $3000 installed. The maximum that you can claim is $5,000 total on your 2009 & 2010 taxes. You more than likely claimed the full $4200 on your 2009 taxes, so you can only claim $800 of the water heater on your 2010 taxes.

 

[CarbonNeutral]

Came to ask exactly the same question (I blew through the $1500 on my stove last year) - what about waiting until Jan 1 2011, or is the rebate set to expire? Will the senate ever pass Cash for Caulkers?

 

[emt1581]

Came to ask exactly the same question (I blew through the $1500 on my stove last year) - what about waiting until Jan 1 2011, or is the rebate set to expire? Will the senate ever pass Cash for Caulkers?

I believe the rebate on the stove does expire Jan 1, 2011. However, IIRC the rebate/credit on the energy saver water heaters (tankless, heat pump) don't expire for a while afterwards. I want to say 2013 but don't hold me to it.

-Emt1581

 

[oldspark]

The 1500 dollar one was a one time deal, I wish they would let us have a 500 dollar one ever year.

 

[CarbonNeutral]

Ah, unfortunately not: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

Geothermal and Solar continue to 2016, the rest expire - hopefully Cash for Caulkers will take over...

 

[emt1581]

Ah, unfortunately not: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

Geothermal and Solar continue to 2016, the rest expire - hopefully Cash for Caulkers will take over...

Hmm...I guess I was mistaken.

I just wish I had a spare 4-5 grand now to spend on a shiny new stove for my living room. But until our current home sells, just isn't going to happen.

-Emt1581