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Lowes Discounts, Deals and Coupon Codes

GE GeoSpring Hybrid Water Heater + $300 federal tax credit (price depends on locale)

Joe Squirrel 63 February 13, 2013 at 09:43 AM in Mail In Rebate (5) More Lowes Deals
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This heatpump water heater [lowes.com] is on sale at Lowes currently for $999. Combined with a 10% mover's coupon, you'll be down to $899.10 plus tax.

This isn't much of a deal, but the federal govenment recently extended the $300 tax credit for installing energy efficient appliances in your home. This had previously expired, so the deal wasn't as good. There is a $500 lifetime limit on this tax credit, so if you have filed a Form 5695 before, you'll need to figure that into the equation.

There may also be local utility company rebates and state tax credits. Check your rebates/credits by zipcode HERE. [geappliances.com]

In our case, we had purchased the water heater before the fed tax credit was renewed, but our state offered a credit and our utility company offered a rebate bringing the price down to roughly $400 out the door. With the fed tax credit renewed, we're now down to roughly $100 - not too bad. Plus, we're saving approximately $20 per month on our electric bill, so it will pay for itself in 5 months.

Federal Form 5695 PDF [irs.gov] (this water heater falls under line 24a)

FWIW, the previous version of this water heater was made in Mexico and was prone to failure within 12-18 months. This is a redesigned version made in Louisville, KY. Hopefully, it is more dependable. So far, the reviews look good.

EDIT - Don't forget you can purchase through the cash back site of your choice for 3-5% extra back on the initial cost before rebates!

20 Comments

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#2
If I weren't over the $500 limit, I would jump on this.
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#3
So....if I installed this last year (2012) am I eligible to claim this credit? The form says it's for 2012.

Thanks!
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Hasidic diamond merchant
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#4
Quote from chimp101 View Post :
So....if I installed this last year (2012) am I eligible to claim this credit? The form says it's for 2012.

Thanks!
From the Form 5695 instructions (bolding mine):

Residential energy property costs are costs of new qualified energy property that is installed on or in connection with your main home that you owned during 2012 located in the United States. Include any labor costs properly allocable to the onsite preparation, assembly, or original installation of the energy property.

There are rules for married couples with multiple homes, joint ownership, etc. For the most part, yes, you'll qualify. Read the PDF link in my original post woot
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#5
I currently have an older natural gas heater. I live in Southern California. Anyone know if one of these heaters makes sense?
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#6
Massachusetts has a $750 rebate on this if installed by a licenced plumber. Haven't sent ours in yet as we just had ours replaced but hopefully they are good on their word. Details at Masssave.com
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#7
I currently have a furnance that has a coil or something that heats my water (don't ask, I'm really bad with this stuff hehe). I'm wondering if after installation and a rise in my electric bill, if the cost savings would be recognized by the oil savings as it wouldn't be doing the work of heating my water.
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#8
Quote from blackmonday View Post :
I currently have an older natural gas heater. I live in Southern California. Anyone know if one of these heaters makes sense?
I live in Texas, as far as I can tell no electric heating devices can beat gas heating. Gas is just so darn cheap compared to electric. I own a 15 year old 40 gallon gas water heater, was thinking about switching to those fancy tankless water heaters to save on gas bills. When I told this idea to my plumber he just laughed and told me to check my gas bill carefully. Sure enough, in those non winter months I use about $15 per month while the monthly base fee is about $17. It's gonna take a lot of years to recoup the money you invested, unless you just want to do good to the environment.

But since you live in California, gas might be more expensive, and you might want to check how much you actually use each month.
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Hasidic diamond merchant
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#9
Quote from blackmonday View Post :
I currently have an older natural gas heater. I live in Southern California. Anyone know if one of these heaters makes sense?
In general, NG is going to be much cheaper per BTU than electricity. However, since most of the NG water heater's heat goes up the chimney (much less efficient), the actual cost to operate may be nearly equal.

That was the case for us. I ran the numbers, and a NG water heater would have ended ended up costing $12 more per year than the hybrid. However, the NG has two big points in its favor.

1. Much simpler in design - not as many parts to fail. Replace a thermocouple every few years and you're golden.

2. In the case your power goes out for any length of time, you'll still be able to take a hot shower / bath.

If I would have been able to easily install a NG heater in my home, I would have went that route. As it was, I was able to quickly and easily replace an electric water heater that was already there. To install a NG heater in my home would have required using a power vent model, running gas line, cutting a hole in the side of the house for venting, etc. Since I like to do my own work, I chose the easiest route. Smilie
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#10
That heater looks very tall. My heater says 38 gallons but is only about three feet tall. Any rebates on a heater like that?
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#11
So this isnt a gas/electric hybrid?

we have gas heater now
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Hasidic diamond merchant
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#12
Quote from htowngator View Post :
So this isnt a gas/electric hybrid?

we have gas heater now
This is referred to as a hybrid because GE has mated a heat pump to a standard electric water heater. It can run off the heat pump entirely (generating the largest savings), the electric heating elements entirely (this would yield no savings over a standard electric water heater), or a combination of both.

As far as converting from NG to this, see my reply above.
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#13
Quote from RUsum1 View Post :
That heater looks very tall. My heater says 38 gallons but is only about three feet tall. Any rebates on a heater like that?
This water heater is roughly five feet tall, so you'd have to take that into account. I replaced an 80 gallon water heater with this one, so the heights were nearly the same. As long as there are no obstacles above the water heater you have now, it would just be a matter of re-plumbing.

As far as rebates go, you can check for GE rebates at this LINK [geappliances.com].
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#14
I thought the on demand hot water heaters were supposed to be pretty efficient and cost saving? Guess it depends on what you pay for one...
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#15
Last year this was free after rebate. Loses was always advertising that deal in MA.
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