WaterFurnace Offers Rebates up to $2,000 During March Geothermal Owners' Event

FORT WAYNE, IN--(Marketwire - March 18, 2009) - WaterFurnace (TSX: WFI), the leading manufacturer of geothermal and water source heat pumps, is now offering homeowners a new incentive for investing in cost-saving, energy-efficient, environmentally-friendly home comfort.

"Now is a great time to invest in a geothermal home comfort system," says Phil Albertson, vice president of residential sales and marketing at WaterFurnace. "WaterFurnace is offering up to $2,000 in rebates to qualified customers through March 31, 2009. The American Recovery and Reinvestment Act is offering a 30 percent renewable energy tax incentive for homeowners who install geothermal, and many state and local utilities are also offering rebates and incentives."

The March Geothermal Owners' Event is a WaterFurnace-sponsored rebate program open to U.S. residents who currently own a geothermal system and replace it by purchasing a new qualified WaterFurnace system. Qualified systems include the Envision, Synergy3D, and Envision Series Split (and Air Handler) system from WaterFurnace. The systems must be purchased on or before March 31, 2009 from a qualified WaterFurnace dealer.

WaterFurnace makes it easy to participate in the rebate program. Homeowners simply use the WaterFurnace Dealer Locator (http://dealers.waterfurnace.com/waterfurnace/) to find a qualified geothermal dealer and schedule a time to replace their existing geothermal equipment. The homeowner can fill out the rebate form provided by their WaterFurnace dealer and mail/fax it to the address/fax number provided on the form by April 7, 2009. Payment will be made directly from WaterFurnace within 60 days.

In addition, and as a result of the American Recovery and Reinvestment Act of 2009, homeowners have another important incentive to choose geothermal. This new bill, signed into law on Feb. 17, offers homeowners a renewable energy tax credit of 30 percent of the total investment for a residential geothermal heat pump installation. Unlike incentives associated with ordinary fossil fuel systems, this tax credit is not capped at the lifetime limit of $1,500, and it makes geothermal systems more accessible to homeowners. Many states and local utilities also offer tax credits and utility rebates to help homeowners see an even faster return on their investment.

Geothermal systems like the Envision series by WaterFurnace capitalize on the solar energy stored year-round just below the earth's surface to provide free, geothermal energy that increases the efficiency of home heating, cooling and hot water systems and reduces energy bills. In addition to manufacturer rebates, utility, state and now federal tax incentives that enhance the affordability of geothermal systems, this cost-effective, environmentally friendly technology offers a host of benefits that includes:

-- Free, renewable supply of solar energy

-- Efficiency ratings up to five times higher than those of ordinary heating and cooling systems

-- Savings on utility bills up to 70 percent

-- Reduced carbon footprint, since the system burns no fossil fuels

-- More even distribution of heating and cooling for improved comfort

-- Improved indoor air quality

-- Quiet operation with no noisy outdoor units to disturb the environment or neighbors

-- Safe operation that requires no open flame or fuel storage tanks

-- Less maintenance

-- Increased system longevity (an average life span of 24 years vs.15 for conventional air conditioners and 20 years for fossil fuel furnaces)

Todd Zeplin, owner of Collier's Heating & Air Conditioning, Fort Wayne, Ind., says: "As a dealer, I'm excited to offer my customers this new 'stimulus package' from WaterFurnace. The rebate becomes even more attractive to homeowners when they combine it with the new federal income tax incentives, state tax credits and utility rebates. In addition to achieving cost savings, homeowners who take advantage of rebates and tax incentives and install an Envision system from WaterFurnace are purchasing the most energy-efficient, environmentally friendly comfort system available."

Phil Albertson, vice president of residential sales and marketing at WaterFurnace says: "WaterFurnace has created this stimulus package to support homeowners during these challenging economic times. The package is designed to help customers update their less efficient systems with new, even more efficient home comfort systems that ensure impressive energy savings, lower operating costs, added comfort and low maintenance requirements."

COMPANY INFORMATION:

WaterFurnace International Inc. is the leading manufacturer of residential, commercial, industrial and institutional geothermal and water source heat pumps. Products from WaterFurnace include energy-efficient and environmentally friendly geothermal comfort systems, indoor air quality products and pool heaters. WaterFurnace (TSX: WFI) was founded in 1983. The company is headquartered in Fort Wayne, Ind. For additional information, please visit www.waterfurnace.com.

Contact Information: Contact: Katie Stafford Godfrey Public Relations 717-393-3831 Email: kstafford@godfrey.com Andy Fracica WaterFurnace International Inc. 260-479-3210 Email: andy.fracica@waterfurnace.com