Each year thousands of Americans are forced to replace their roofs, and if you happen to be among those thousands of Americans, there is good news! For those homeowners that are replacing their roof with a energy efficient roof- which will provide a much more comfortable living atmosphere within the home, the government is giving these homeowners a tax break and allowing them a tax deduction on their Federal Income Tax return for 2009. The maximum amount of the claim awarded to homeowners is $1,500 when they replace their roofs with a roof that is energy efficient. And, there is even more good news!
The “American Recovery and Reinvestment Act of 2009” is the reason for the Federal income tax credits. By opting to replace your roof with an energy efficient roof, you are entitled to claim 30% of the material costs used to build your new rood up to a $1,500 credit within a one year time frame. Cost of installation is not tax deductible. There are various options which the homeowner is offered to meet the criteria required to qualify for the deduction. EnergyStar web site provides a comprehensive list of roofing materials which qualify for the tax deduction. You will discover a lengthy list of materials such as roofing tiles which offer durability and insulation for home in the south, north, east and west, in various colors and styles, to roofing systems that are foam insulated, to more efficient, longer-lasting asphalt shingles, to insulating, highly reflective coatings.
As you read the list of materials that qualify for the tax deduction, you will want to look at the degree of reflectivity and insulation and the warranty of the materials. You will discover that many of the materials used are the latest trends in energy efficient materials, the warranties are much more in depth, with some having lifetime warranties. This is valuable when replacing your roof offering you the assurance of a low maintenance or no maintenance. An energy efficient roof will create an energy efficient home. Heat exchange is prevented through insulated materials and a tight fit, and the roofing materials should reflect the hot sun’s rays, to keep the home cool in the summertime.
Once you have determined the materials for your roof, you will then need to select a competent roofing contractor that is licensed. Different techniques and processes will be required for different materials. Hiring a certified and competent installer is essential. With some roofs, you will find that the government will deny a tax credit unless the roof is installed by a professional, certified installer. While the materials of the roof may insure wonderful benefits, remember, that the quality of the roof is only as good as the quality of the installation.
It is important to realize that when replacing your roof that you understand the cost that is associated with installing the roof. There will be the cost of the materials which you choose, the cost of the contractor that will include the time it takes to install the roof. You will be able to consult with your contractor to determine the costs involved in the project. The contractor will discuss the time involved. For instance, there may be time that is involved for underlayment of the roofing material or drying times for coatings. The materials chosen for the roof, will determine the amount of time required for the roofs installation. For example the installation of asphalt shingles will require less installation time. For the installation of an insulated metal roof, the contractor will likely require three times the amount of time as he will if the installation was asphalt shingles.
Realize too, that the new materials will have a higher cost. For example, you can expect to pay in the thousands for traditional asphalt shingles, plus a cost of $500 plus to remove the old asphalt shingles. If you decide to upgrade to a higher quality roof such as a cedar shake roof, you can expect to pay as much as three times the amount of the asphalt roof. And, an insulated metal roof will likely cost around $14,000 which will include the removal of the old shingles. The cost, however, will quickly be recovered. For instance: • You are awarded up to a $1,500 tax deduction • The value of your home is increased by $10,000 • You have no or low maintenance on the roof • You have no concerns regarding costs of repairs such as leaks • State approved loan programs will allow you financing at a low interest rate • During the air conditioning season, some states grant a reduction in your electric bill of $0.12 per kilowatt hour • You receive a break on the sales tax incurred through a state rebate of $500 • There is no need to replace your roof in the next 12 and 24 years, saving you $13,500 • You may have a decrease of 20% in your air conditioning costsWhen you consider the benefits of installing a new energy efficient roof, you realize that you will recover your cost quickly and add value to your home all while enjoying a more comfortable atmosphere in your home, with less maintenance and worry and doing something environmentally friendly.