One of the more favourable laws that President Bush signed during his tenure was the Emergency Stabilization Act of 2008. This act contained many economic incentives, one which provides a tax credit for improvements to make homes more energy efficient.
There are many incentives in the Emergency Stabilization Act that are intended to encourage homeowners to upgrade their homes. Doing so not only stimulates the economy, it also reduces our dependence on coal fired electricity.
In order to encourage homeowners to choose energy-efficient roofing materials the act gives tax credits to those who replace their roofs in 2009 with a material that helps the home consume less energy. Currently most homes are roofed with dark asphalt shingles that absorb the suns energy, making the home warmer in the summer, increasing the amount of energy used to cool the air inside.
Metal roofing reduces the amount of cooling energy used in the home by reflecting the heat of the sun instead of absorbing it. They also help to reduce smog and air pollution by lowering the air temperature around the home.
The tax credit for roof replacement is only available for 2009, so if homeowners needing to replace their roof in the next few years may want to take advantage of the savings. Choosing an ENERGY STAR qualified metal roof will qualify the homeowner to a tax credit of 10 of the cost of the roof, up to a maximum of $500. If it needs to be done, why not get it done for less?
In order to qualify for the tax credit the new metal roof needs to be installed during the 2009 calendar year. Also required is a manufacturers statement and IRS Form 5695. According to the Emergency Stabilization Act the roof needs to be: any steel roofinstalled on a dwelling unit, but only if such roof has appropriate pigmented coatings or cooling granules which are specifically and primarily designed to reduce the heat gain of such dwelling unit. Essentially this means a coated steel roof that is part of the ENERGY STAR program.
While we are all feeling the crunch of a contracting economy, there are always expenditures that need to be made. If your home is already in need of a new roof then this is the best time to replace it to take advantage of up to $500 in tax credits. Not only that, your new steel roof can save you up to 40 in energy costs every year after replacement and may even qualify you for lower insurance premiums. The money you spend will help to encourage the economy back on its feet again, and after your steel roof is installed you can sit back and enjoy the continued savings.
Did you enjoy this article?