Need to buy some heating oil soon...aggggr

 
ColdHouse
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Post by ColdHouse » Sun. Jan. 15, 2023 5:23 pm

davidmcbeth3 wrote:
Sun. Jan. 15, 2023 4:23 pm
https://www.homedepot.com/p/Rheem-Performance-Pla ... /312742067

in Q/A says $120 yr on electricity / 13 cents Kwh basis = about $300 at 30 cents/kWh. That's $25/mo. Seems to be cheaper than my oil cost. A 240V unit (not an issue - I'd have to move some circuit breakers to get another 240 v line - deal with that spaghetti monster of an electrical panel).

I estimate my $$/yr oil at $900. That's $600/yr savings.

The hybrid heating unit is about $2000 (figure $$ for electrical/plumbing DIY). That's about 3 1/2 yr ROI.

For appliances like this, I seek 2 yr ROI.

If one wants to go the rebate and tax credit route, that ROI becomes about 1/2 yr. Based in $500 ColdHouse noted for unit. Its possible that these credits/rebates are not the same as before.

A regular all-electric heating, per Q/A of all electric one, is $420 / yr. Hits the ROI in 1/2 yr too.
https://www.homedepot.com/p/Rheem-Performance-40- ... /205810725

The hybrid would continue to outperform , cost-wise, after that 1/2 year point in time from the all-electric.

All based on current oil and electrical rates, of course.
$750 State of Connecticut Discount at time of purchase plus Federal tax credit if you have taxable income.
https://energizect.com/explore-solutions/water-he ... er-heaters
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Post by davidmcbeth3 » Sun. Jan. 15, 2023 5:55 pm

https://grotonutilities.com/conservation-resident ... bate-form/

Must be installed by a licensed installer ? That raises the cost.

 
ColdHouse
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Post by ColdHouse » Sun. Jan. 15, 2023 6:08 pm

davidmcbeth3 wrote:
Sun. Jan. 15, 2023 5:55 pm
https://grotonutilities.com/conservation-resident ... bate-form/

Must be installed by a licensed installer ? That raises the cost.
Maybe. But it states reimbursement for full cost less the install. I got a discount at time of purchase directly from the seller. Maybe they changed the process.

 
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Post by ColdHouse » Sun. Jan. 15, 2023 6:11 pm



 
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davidmcbeth3
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Post by davidmcbeth3 » Sun. Jan. 15, 2023 7:44 pm

https://pdf.lowes.com/productdocuments/939495b6-2 ... 596318.pdf

According to Lowes site, 50 gal all-electric/non-hybrid this one uses 3500 kWh / year...at 30 cents a kWh is about $1000/yr...slightly more than heat oil.

So, if going electric, go hybrid. If willing for 5 yr ROI or checking for rebates etc and re-calculate.

 
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Post by davidmcbeth3 » Sun. Jan. 15, 2023 7:49 pm

ColdHouse wrote:
Sun. Jan. 15, 2023 6:11 pm
Eversource deal here: https://www.eversource-ct.com/heat-pump-water-heater/
Looks like about a $750 discount now ... sweet deal Coldhouse got might be gone..

I'm sure if anyone wants a hot shower, one is welcome at Coldhouse's place.
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ColdHouse
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Post by ColdHouse » Mon. Jan. 16, 2023 6:18 am

davidmcbeth3 wrote:
Sun. Jan. 15, 2023 7:49 pm
Looks like about a $750 discount now ... sweet deal Coldhouse got might be gone..

I'm sure if anyone wants a hot shower, one is welcome at Coldhouse's place.

Keanu-Reeves-use-this.png
Don't forget your purchase when filling out Fed income tax.

 
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Post by davidmcbeth3 » Mon. Jan. 16, 2023 4:09 pm

ColdHouse wrote:
Mon. Jan. 16, 2023 6:18 am
Don't forget your purchase when filling out Fed income tax.
https://www.rheem.com/federal-tax-credit/
Rheem discussing fed tax credit, noting IRS form 5695

https://www.irs.gov/pub/irs-pdf/f5695.pdf
https://www.irs.gov/pub/irs-pdf/i5695.pdf
^ Form 5695 with instruction

According to the manufacturer , the fed tax credit program is continuing to the end of 2023. But I am not sure if it covers hybrid electric water heaters that are not solar, wind, biomass, or geo-thermal in nature. And the instructions note a 30% credit is applied to the things covered.

See biomass in the instructions ? kek "Biomass fuel
means any plant derived fuel available on a renewable or recurring
basis." .. that would include coal ?


 
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Post by ColdHouse » Mon. Jan. 16, 2023 4:15 pm

I bought mine from New Britain Plumbing supply. I got the basic Builders grade model. Was less than $1400 before the instant $750 credit. Also no sales tax. 2022 the IRS credit was $300. I am sure heat pump water heater qualifies under new credit.

 
ColdHouse
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Post by ColdHouse » Mon. Jan. 16, 2023 4:18 pm

davidmcbeth3 wrote:
Mon. Jan. 16, 2023 4:09 pm
https://www.rheem.com/federal-tax-credit/
Rheem discussing fed tax credit, noting IRS form 5695

https://www.irs.gov/pub/irs-pdf/f5695.pdf
https://www.irs.gov/pub/irs-pdf/i5695.pdf
^ Form 5695 with instruction

According to the manufacturer , the fed tax credit program is continuing to the end of 2023. But I am not sure if it covers hybrid electric water heaters that are not solar, wind, biomass, or geo-thermal in nature. And the instructions note a 30% credit is applied to the things covered.

See biomass in the instructions ? kek "Biomass fuel
means any plant derived fuel available on a renewable or recurring
basis." .. that would include coal ?
If you are not busy and want to come check out the water heater let me know. I have some 4 year old soup I keep reheating and cooling every few days to keep it fresh so come hungry. Soup is tight!

 
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Post by davidmcbeth3 » Mon. Jan. 16, 2023 4:33 pm

ColdHouse wrote:
Mon. Jan. 16, 2023 4:18 pm
If you are not busy and want to come check out the water heater let me know. I have some 4 year old soup I keep reheating and cooling every few days to keep it fresh so come hungry. Soup is tight!
The wifey's #1 rule is that only she can poison me...so I'll have to decline the sampling of your super-soup.

I'm still gonna check more into the credits & rebates etc, of the hybrid water heater.

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