Government Incentives for New Roofing are Available
Let's be honest: A new roof is serious business. Many homeowners cringe at the thought of seeing that final bill from the roofing contractors, but they also know a new roof is a serious investment that can add to the safety, security, comfort, and resale value of their home.
Here's a bit of good news: Thanks to government incentives, that final cost of your new roof could be much less than you expected.
Government Incentives for Roofing
The American Recovery and Reinvestment Act (ARRA) includes several billion dollars dedicated to green building, including green roofing. Replace your current roof with an energy-efficient metal or asphalt roofing material and you could be seeing more green in your bank account.
The reasoning is simple: Not only do you get a tax credit for the new roof, but your overall utility costs can go down, too. Energy-efficient roofing products reflect the rays of the sun, lowering the temperature of the roof surface by up to 100 degrees. The cooler the roof, the less heat that can be transferred into your home. This means your heating and cooling systems don't have to work as hard, and that saves you money.
Here are the basics of the energy-efficient incentives offered by the AARA:
- Asphalt roofing with cooling granules is one of the qualifying products. You can also choose a metal roof with the appropriate pigmented coatings to get the tax credit. The roof must be an Energy Star approved product.
- The roof must be completed by December 31, 2010 in order to qualify for the credit.
- You can receive a credit of 30% of the cost of the roof. The total credit cannot exceed $1,500.
- The home must be your principal residence. New construction and rentals do not qualify.
- The credit is based on the cost of roofing products. Installation is not included
There are further incentives offered for green roofing systems:
- A metal roof with a photovoltaic system can be eligible for a credit of up to 30% on the cost if completed before 2016.
- A metal roof in conjunction with a solar hot water heating system can net you a 30% credit, but only if completed before 2016. The maximum credit offered is $2,000.
Look to your roofing contractor to find out what incentives might be offered on the state and local level. As investments in green building and energy-efficient construction grows, many states are jumping on the sustainable bandwagon and offering financial incentives to homeowners, businesses, and roofing contractors who keep the environment in mind.
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