Latest News

Availability of tax credits

With the extension of the availability of tax credits, it is now a good time to promote propane-burning furnaces and water heaters to your customers. The American Recovery and Reinvestment Act of 2009 provides a 30 percent tax credit (maximum of $1,500 total) to homeowners replacing electric water heaters and furnaces with new propane-burning models. Purchases of new propane-burning water heaters and furnaces placed in a new construction are also included. Tax credits are available for qualifying furnaces and water heaters placed into service between January 1, 2009 and December 31, 2010.

• Facts about propane water heaters and furnaces:
  Each propane tankless water heater installed to replace an electric-powered storage water heater eliminates 35,000 pounds of greenhouse gas emissions over 10 years.
• Expected energy savings over the lifetime of a high-efficiency tankless water heater can equal up to $1,800.
• Energy Star-qualified propane furnaces are 15 percent more efficient than standard electric models and emit nearly 70 percent less CO2.
• A propane furnace can heat air up to 25 degrees warmer than electricity and last 15 to 20 years, which is five to 10 years longer than the average electric heat pump.
• A propane furnace produces a low amount of greenhouse gas emissions vs. electric heat pumps, fuel oil furnaces, electric baseboards, and electric furnaces which all produce significantly higher greenhouse gas emissions.

More information about the tax credits and propane efficiency are available at New Jersey Clean Energy.