Federal roofing tax credit for energy efficiency
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Goals of the Tax Credit
The 2009 roofing tax credit is a two fold plan rolled out by the United States Federal government. The first and most relevant of goals is to help stimulate the economy by enticing people to re-roof their homes, which of course will in turn create jobs in the roofing manufacturing and construction industry.
The secondary goal of the 2009 roofing tax credit is to reduce harm to the environment by requiring consumers to install energy star products on their homes in order to receive the tax credit. The installation of energy star roofing products on homes help to fulfill this secondary goal by reducing the heat within the home, which will reduce the consumption of electricity needed to cool the residence.
Covered by the Roofing Tax Credit
The tax credit states that the roofing materials must be metal with an appropriate pigmented coating or asphalt with cooling granules that meet Energy Star requirements.Energystar.gov provides a list of some products that are approved to receive the tax credit, but consumers should also check with the manufacturer prior to purchase to ensure the materials qualify.
The government has also placed a restriction on the tax credit that the roof must be installed on the principal residence of the tax payer between January 1, 2009 and December 31, 2010. Principal residence is defined as a home you own and use as your principal place of residence. (where you live most of the time) Principal residences include a house, houseboat, mobile home, cooperative apartment, condominium, or manufactured home.
Amount of the Credit
The roofing tax credit is based on the cost of the materials used. A consumer can receive a tax credit of 30% of the material cost up to $ 1,500. This credit is based on the Energy Star approved materials and is not based on installation/labor cost.
For Example: If your roofing materials cost $ 5,000 and labor is $ 5,000 for a total cost of $ 10,000, you will still only receive a tax credit of $ 1,500 the maximum amount.
The Energy Star Difference
It is also a great idea to use materials that will reduce the heat of your residence, simply to reduce your energy consumption and your impact on the environment. However not all consumers will benefit the same from the use of a reflective heat reducing roof.
Reflective heat reduction roofing or a cool roof is most beneficial in hot sunny climates. If your roof is completely shaded or even partially shaded you may not benefit as much as someone with a roof that is in direct sunlight. However even if your roof is shaded you will still receive the tax credit, receive benefit of heat reduction roofing and get a new high quality environmentally friendly roof.
References
http://www.energystar.gov
Energy Star Roofing Tax
See Also
External links
Energy Star Approved Product List
Draft of Tax Form 5695
Roofing Experts
Green Roofing
United States Environmental Protection Agency