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Energy Efficient Water Heaters Cheaper Than Ever With Environmental Incentives
With a conventional oil-fired, hot water storage unit costing around three times as much as the least expensive new technology in water heating (gas fired tankless water heaters), and water heating accounting for around 25% of a household's energy costs, there is little question that many households could save thousands by switching water heating products. The reason that gas fired tankless water heaters are not more prevalent is the perception that the initial cost is enormous, and the payback time quite long. However, these systems are now cheaper than ever, and federal incentives in countries all over the globe are making them even more affordable.
In the US, the Energy Policy Act of 2005 gave a federal tax credit of $300 to anybody that installed a tankless hot water system in their home. The tax credit was also available for tankless water heating systems installed in 2006 and 2007, however in 2008 the policy was abandoned. The system is back this year, though, with federal tax incentives available for tankless water heating systems installed in 2009, due to the Emergency Economic Stabilization Act of 2008. There are also tax credits available in the US for items like energy efficient non water heating products like insulation, replacement windows, and other high efficiency home heating and cooling appliances.
It always pays to check with your local council, as well as state governments, as to whether there are any extra incentives available for tankless water heaters in your area. For example, the Missouri Gas Energy trust now offers rebates of up to $200 for installing a tankless water heater, $40 for installing an ordinary storage water heater that uses natural gas rather than electricity, $450 for a combination furnace / water heater, $200 for a boiler and $25 for a programmable thermostat. This would bring the price of your tankless water heater down by up to $500 for those in the right area - significant savings.
Puget Sound Energy is another company offering substantial rebates, with up to $2,200 in savings available to PSE customers. Residential users can get a $350 on the price of an energy efficient water heating product like a furnace or heat pump, and $150 for installing a tankless water heater. They are also offering $1600 for improving insulation, and $100 for a premium efficiency clothes washer.
Tankless water heater customer outside the US do not miss out on the savings, either. Home owners who spend at least $2000 on home energy improvements, including energy efficient water heating products like innovative tankless water heaters in the Australian Capital Territory will get up to 25% of their costs back, with a maximum rebate of $500 available. The equipment must be identified during an audit by a member of the Home Energy Advice Team in the territory, the fee for which is also refundable. These homeowners will also be contributing to the knowledge pool regarding energy efficient water heating products, as energy use will be monitored following installation. The Australian federal government, as well as several other bodies, governments and companies around the world, also offer rebates of $1000 or more for installing efficient, but slightly less reliable solar water heating systems.
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