You can now get up to $1,100 back on installing a new heat pump hot water heater - $800 from Puget Sound Energy, $300 from GE, and $300 from the Federal government. (There are various complications, of course... It has to be installed in an unheated space like a garage, or an unconditioned basement - otherwise you're just heating air with the furnace and then sucking that heat right back out of the air into the water heater... The Federal rebate is a tax credit; it's only good for a homeowner's main residence; and there's "a lifetime limit of $500 for qualifying credits taken since 2006.")

But if you can fit within the qualifications, and you've been thinking that you really need a new hot water heater, this looks like a great deal (especially if you already have an electric one, so you don't need to run a new line for it.) More details are here. (You need to click on the red line at the end of the first section that says "See Details or Change Location" to get a pop-up window with futher information and links to the forms.