FOR IMMEDIATE RELEASE
Energy Bill Offers Homeowners $300 Tax Credit for Tankless Water Heaters
Ambler, PA — January 2, 2006 — With the signing of a new Energy Bill in 2005, homeowners can now save up to $300 on their income taxes simply by installing energy efficient, instantaneous tankless water heaters like the Bradford White EverHot® models.
One of the goals of the new Energy bill is to encourage U.S. residents to better manage their energy consumption. It incorporates numerous incentives for homeowners that take advantage of these new energy-conserving technologies.
In residential applications, water heating accounts for a large percentage of energy consumption. The new Energy Bill offers these types of incentives as a way to promote the acceptance of efficient new technologies similar to those employed by the EverHot® tankless water heaters. The EverHot® models offer a continuous supply of hot water at a desired temperature while reducing energy use and thereby, energy costs.
EverHot® tankless water heaters from Bradford White utilize a series of modulating gas burners that only operate when there is a demand for hot water. The Energy Factor (EF) of the EverHot® water heaters ranges from 0.82 to 0.87, comfortably above the new Energy Bill's minimum tax credit-qualifying requirement of 0.80.
The new bill gives homeowners a tax credit of up to $300 for installing specific energy-saving products. Homeowners will realize the added benefit of reduced utility bills overall simply by switching to the specified technologies.
"Tankless water heating technology may not be the best choice in all water heating applications. However, recent improvements in tankless water heating designs have made them an important option to the energy conscious consumer's overall goal of reducing energy consumption in the home," said Bruce Carnevale, Vice President of Sales at Bradford White Corporation. "One of the barriers to consumer acceptance of tankless water heaters has been their high initial cost, relative to traditional tank-type water heaters, " Carnevale continued. "The $300 tax credit will help to reduce the cost differential."
Additional tax incentives exist for homebuilders that utilize the new technologies and also for commercial applications whether the building is new or under renovation. The tax credit goes into effect Jan. 1, 2006 and will run through Dec. 31, 2007. To view a copy of the bill, visit www.energy.senate.gov or www.house.gov/jct/pubs05.html.
About Bradford White Corporation.
Bradford White Corporation is a full line manufacturer of products like EverHot® tankless water heaters and others for residential, commercial and industrial products for water heating, space heating, combination heating and storage applications. The company is headquartered in Ambler, PA and has manufacturing facilities in Middleville, MI, Niles, MI, Rochester, NH and Mississauga, ON Canada. For more information visit www.bradfordwhite.com.