Energy Star Roofing Tax Credit
For those who took advantage of the government’s 2011 tax credit for adding a heat-efficient metal or asphalt roof for your house, you will be greater equipped to fight August’s heat. To claim the $500 credit, file IRS Form 5695.
Tax credit limits and deadlines:
10% of expenditures, up to $500 for the year, for all energy improvements combined.
A relevant roof must have already been installed by Dec. 31, 2011.
Save receipts and labels.
For roofs, installation is not covered.
See Energy Star for guidelines on what specifically is covered. It’s your safest bet for information and facts on tips on how to get the credit.
Be warned that not all roofs, not even all roofs using the Power Star seal, will qualify. Only specially manufactured roofs, as listed on the Power Star website, are eligible.
Don’t rely solely on contractors who may well not know the facts or who promise their goods will get the credit in order to make a sale.
As of January 2012, the feds haven’t extended the energy tax credit for roofs beyond 2011.
The average cost of an asphalt roof, which ought to final 20 years, is about $21,200, in accordance with essentially the most recent Expense vs. Value Report from Remodeling Magazine. Metal roofs are extra high-priced, but will last for 50 years.
What can you save on your energy bills?
In the event you reside within the hot South or Southwest, anticipate to save in between 7% and 15% on your cooling costs with energy-efficient roofing supplies, says Michelle Van Tijen with the Cool Roofs Rating Council.
When you spend $300 a month to cool your home, figure you’ll cut your monthly bill by as much as $45.
Ironically, with roofs there is certainly such a thing as being as well energy effective. In winter months, roofing materials with extremely high heat-deflecting qualities can enhance heating bills. Nonetheless, you are far more than likely to make up the distinction on your air-conditioning expenses. That’s specially accurate if you reside in an area exactly where you run your air conditioner a lot of the year.