GE’s GeoSpring Hybrid Water Heater Earns Tax Credit
April 13, 2016
A Federal Tax Credit for ENERGY STAR heat pump water heaters, which includes the GE GeoSpring water heater, has been reinstated for products that are purchased and installed between January 1, 2015, and Dec. 31, 2016. Many homeowners don’t realize their water heater is the second biggest energy-consuming appliance in their home. The GE GeoSpring hybrid electric water heater offers efficient 50-gallon and 80-gallon water heaters—70 percent more efficient than a standard electric water heater—and can save the average household between $160 and $490 every year on the electric bill.
“With GeoSpring’s advanced heat pump technology, the savings of using our ENERGY STAR product will pay back the difference in less than three years for a household of four,” said François Lebrasseur, marketing manager, Water Products. “This Federal Tax Credit, along with any additional State Tax Credits and/or Utility rebates, provides a tremendous amount of savings.”
To take advantage of the $300 Federal Tax Credit, homeowners need to simply file IRS Form 5695, line 22a, with their 2015 or 2016 tax filings, along with the product purchase receipt and a copy of the GeoSpring Manufacturer’s Certification Statement. The Federal Tax Credit can be combined with other utility rebates and state tax credits available. It applies to existing homes and excludes new construction. Consumers should consult a tax consultant for specific requirements and details.