If you are interested in a roof replacement, you may qualify for federal tax credits based on the roofing project expenses. Research is required to identify the tax credits available to homeowners. Here are ways to get the most out of your tax credits so that you can get money back on the amount you spent on a roof replacement.
Criteria for Roof Tax Credits
Homeowners getting a roof replacement should meet the these three criterial in order to qualify for federal tax credits:
- Installation of a reflective metal or asphalt roof which reduces heat absorption increasing energy efficiency.
- Use of energy efficient roof coatings and granules
- A minimum 2-year warranty on the roof
You may get a 10% credit from the total amount of the project or a one-time $500 energy tax credit. Labor costs are not covered by tax credits. These tax credits apply to roofs that were installed between January 2011 and December 2016.
It could be favorable to take advantage of these tax credits. To receive your tax credits, fill out the IRS tax form 5695 with your income tax return.
Also Read About- Top 4 Benefits of Roof Cleaning
Reducing Energy Consumption
Now more than ever, homeowners are seeking ways to help the environment. A roof replacement is one way to accomplish this task. You as a homeowner can reduce your energy usage by replacing you roof with an energy-efficient roofing option such as metal roofing or energy-efficient asphalt shingles. This will reduce the heat absorbed and keep your home’s interior cool and comfortable. In addition, you can qualify for tax credits on your energy-efficient roof replacement.
Choosing a new metal roof is not always easy, particularly when you know little about different types of roofing. Our customer support team is always available to answer any questions you may have about the various types of metal roofing that are available. Get in touch with Roof Crafters today to discuss the various options and find out what benefits they could provide for your home.