Austin Residents Can Buy a GE Ultra-Efficient Water Heater for Next to Nothing

Mon Feb 11, 2013 8:00am EST

* Reuters is not responsible for the content in this press release.

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130211:nBw115190a

* A rebate up to $8001 from Austin Energy plus $300 federal tax credit applies
to the purchase of GE`s GeoSpring Hybrid Water Heater
* Consumers save on utility bills, putting money in their pockets every month
thereafter purchase
* GeoSpring`s hybrid water-heating technology can save consumers on average of
$3,000 over 10 years

LOUISVILLE, Ky.--(Business Wire)--
GE Appliances (NYSE: GE):

http://mms.businesswire.com/bwapps/mediaserver/ViewMedia?mgid=357666&vid=4
When consumers buy the new GE GeoSpring Hybrid Water Heater, they are eligible
to apply for a $800 rebate through Austin Energy, reducing the cost to purchase
the water heater. (Photo: GE)

Consumers in Austin, Texas, can buy a GEĀ® GeoSpring Hybrid Water Heater, valued
at $1,299, for next to nothing thanks to an Austin Energy rebate and recently
reinstated federal tax credit.2 Through Feb. 20, participating retailers in the
area are offering the GeoSpring for the sale price of $999.3 After the rebate up
to $8001 from Austin Energy and $300 tax credit are applied to the purchase, the
cost of the GeoSpring ends up being $199 or less. This does not include taxes
and installation charges. With many utility rebates, professional installation
is required.2

The water heater is the second single-biggest energy drain in the home behind
the HVAC system.4 The GeoSpring ENERGY STARĀ®-qualified water heater will save
the average consumer $325 every year on their utility bills.5 Over 10 years,
this savings can add up to more than $3,000 that can be used toward a vacation,
a shopping spree, a home improvement or a rainy-day fund rather than a utility
bill. 

"With the sales promotion, Austin Energy rebate program and the federal tax
credit for ENERGY STAR-certified appliances eliminating the cost of the
GeoSpring, consumers start saving money from day one on utility bills," said
Francois Lebrasseur, marketing manager, water products, GE Appliances. 

Technology that drives energy and cost savings

The GeoSpring`s hybrid technology is designed to absorb heat in ambient air and
transfer it into the water. Since this uses much less energy than what`s needed
to generate resistance heat-as used in a conventional electric tank water
heater-the GeoSpring is more economical to operate. 

Other features of the GeoSpring include:

* Includes same water and electrical connections as the standard electric water
heater, making it easy to install. 
* Provides the same amount of hot water as traditional 50-gallon standard
electric water heaters. 
* Integrated electronics on the GeoSpring`s control panel offer exclusive
features, such as Vacation mode, which will lower the water temperature to 50
degrees for the duration of a trip, and then automatically reenergize itself the
day before the homeowner`s return. 
* Offers additional control over water temperature by allowing consumers to
adjust the temperature setting in one-degree increments from 100 to 140 degrees
Fahrenheit.

Rebate and tax credit details

To receive the rebate, Austin Energy customers must complete and submit a rebate
application, providing corresponding details and information such as receipts.6

The Residential Energy Credits form must be used by consumers filing for the
federal tax credit.7

As an added convenience to simplify the shopping experience, GE Appliances` new
Rebate Finder allows consumers to easily see rebates by appliance model that may
be available in their area. From GEAppliances.com, simply enter your zip code
and select Water Heaters in the product field to view rebate details and submit.


Availability

The GeoSpring is available at national retailers such as Lowe's and Sears and
national plumbing distributors such as Ferguson, as well as many local retailers
and distributors. For more information on features and availability, visit
www.GEAppliances.com/GeoSpring. 

1.Austin Energy rebate cannot exceed 50% of total installed cost. Up to $800 max
rebate amount.

2.For details, visit GE Appliances Rebates.

3.Dealers set their own prices.

4.Water heating @ http://en.wikipedia.org/wiki/Water_heating and DOE.

5.Based on DOE test procedure and comparison of a 50-gallon standard electric
tank water heater using 4879 kWh every year vs. the GeoSpring Hybrid Water
Heater using 1830 kWh every year.

6.Rebate must be claimed within 60 days of purchase.

7.Please see http://www.irs.gov/pub/irs-pdf/f5695.pdf, item 24a

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130211005190/en/

GE Appliances
Julie Wood, PR Manager, 502-452-5914
Julie_Wood@ge.com

Copyright Business Wire 2013