Tankless Water Heaters

Tax Credit vs Tax Deduction

What Is A Tax Credit? A Tankless Water Heater Tax Credit is not received when you buy the product, like an instant rebate. A Tax Credit on Water Heaters is claimed on your federal income tax form at the end of the year. The credit then increases the tax refund you receive or decreases the amount paid in.

Tax credits vs. Tax eductionsIn general, a tax credit is more valuable than a similar tax deduction. A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions - such as those for home mortgages and charitable giving, for example - lower your taxable income. If you are in the 30 percent tax bracket, your income tax is reduced by 30 percent of the value of a tax deduction. But a tax credit reduces your federal income tax by 100 percent of the amount of the credit.

Latest GREEN News

• You can earn upto $1,500 in tax credit if buying a tankless water heater system The American Recovery and Reinvestment Act of 2009 encourages installation of energy efficient instant tankless water heaters
• U.S. Department of Energy Article on Demand Water Heaters
• Tax Deduction vs. Tax Credit Learn the difference between a tax deduction and a tax credit

Jim's Factoid
Reduce Your Carbon Footprint
"Switching to a tankless heater can annually save as much as 1,500 pounds of CO2. This is roughly equal to not driving your car for seven weeks per year."
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