Leonardtown, MD – Southern Maryland Electric Cooperative (SMECO) is offering customer-members rebates up to $500 on ENERGY STAR® certified appliances, and the state of Maryland is promoting Shop Maryland Energy, a tax-free weekend for certain ENERGY STAR products. Consumers will get a break from the state’s six percent sales tax on qualifying appliances from February 13-15, 2016. Rebate offers and tax-free shopping can be combined with retailers’ Presidents’ Day sales.
SMECO customers can save $500 with rebates on qualifying ENERGY STAR hybrid heat pump water heaters, $100−$150 on refrigerators, $75−$100 on clothes washers, and $50 on clothes dryers. Qualifying refrigerators, clothes washers, and clothes dryers are also tax-free during the Shop Maryland Energy weekend. By combining rebates with tax-free shopping and Presidents’ Day sales, SMECO customers can maximize their savings now and continue to save long term through reduced energy costs for the life of the appliance.
In addition to the $500 SMECO rebate, customers may be eligible for a $300 tax credit on new ENERGY STAR hybrid heat pump water heaters installed between January 1, 2011, and December 31, 2016. Check the ENERGY STAR website for more information. Consult a tax advisor for full details.
Water heaters can account for up to 18 percent of the average home’s total energy consumption. Only a home’s heating and cooling system uses more energy than the water heater. Compared to standard electric water heaters, ENERGY STAR certified heat pump water heaters are at least 60 percent more energy efficient, which represents a savings of approximately $300 per year and more than $3,000 in savings over the lifetime of the unit.
“With savings like that, there’s no reason to wait until your old water heater fails,” said Fred Sackett, Energy and Technical Programs Manager at SMECO. “A hybrid water heater may cost more upfront, but the energy savings will pay back the difference. With the $500 rebate, possible $300 tax credit, and annual energy savings, the ENERGY STAR hybrid water heater will pay for itself in about two years for a household of three.”
ENERGY STAR certified appliances are available at retailers throughout Maryland. More information and applications for SMECO rebates are online at SMECO.coop/appliances. A list of exempt and taxable items is available on the Comptroller’s Web site at www.marylandtaxes.com, or by calling the Taxpayer Service Section at 410-260-7980 in Central Maryland or toll-free 1-800-MD TAXES from elsewhere.
SMECO provides electricity to more than 160,000 services in southern Prince George’s County, and in Charles County, St. Mary’s County, and all but the northeast portion of Calvert County. Co-ops are distinctly different from investor-owned utilities because co-ops are owned by their customers, and these members elect the men and women who serve on the Board of Directors.
Co-ops also issue capital credits to their members. What are capital credits? They are the member’s share of the co-op’s margins, based on how much electricity the member purchased and the rate at which the account was billed. SMECO’s margins—revenue less expenses—are used as working capital for new construction and system improvements. When SMECO’s Board of Directors determines that a percentage of the capital credits can be distributed to members through a general refund, capital credits will be issued by check or credited to members’ electric bills.