Whether you’re building a new home or renovating an existing one, maximizing its energy efficiency is a major concern.
With energy prices constantly rising, a small investment in energy efficiency can save you a lot of money down the line. Installing a new roof is one of the best ways to curtail future energy costs. Fortunately, you don’t have to foot the bill all by yourself thanks to roofing tax credits.
What Are Roofing Tax Credits?
In a nutshell, a roofing tax credit is a reimbursement that homeowners can earn by installing energy-efficient roofs on their primary residences. Federal roofing tax credits offered by the United States government cover up to $500 of the lifetime cost of the roof in question, not counting installation. When tax time rolls around, homeowners can deduct their credit amount from the total owed.
Why Are They Offered to Homeowners?
The main goal of roof tax credits is to encourage homeowners to save energy with roofs that are highly reflective. By lowering the temperature within a home during the summer months, the need for air conditioning is greatly reduced. This lowers electricity costs for homeowners and reduces strain on the local grid. In addition, local economies are stimulated thanks to new construction jobs.
How Do You Qualify for a Tax Credit?
In order to be eligible for the program, one must use only roofing materials that boast Energy Star certification. That means that the roofing is more energy-efficient than 75% of the competing products in its category. For the most part, either pigmented metal roofing or asphalt roofing impregnated with specialized cooling granules is used to qualify for a tax credit.
How To Get Your Roofing Tax Credit
In order to lock down your own roofing tax credit, you’ll need to apply when you file your taxes by submitting a few forms. Basically, you need to show your receipts from your roofing installer to prove that your new roof meets the necessary energy efficiency standards. While this is generally a clear-cut process, the specific laws and regulations governing tax credit qualification can change over time, so check yearly for updates or additions.
A Win-Win Situation
The roofing tax credit is really just one part of a broader effort to stimulate the growth of the Green Economy. As our awareness of environmental issues grows, the importance of creating sustainable jobs that rely on environmentally-friendly goods becomes all the more clear. The roofing tax credit helps homeowners to save money and businesses to grow. As such, it’s a win-win for all concerned.