Recently President Bush signed into law the Emergency Economic Stabilization Act of 2008 which, among other economic incentives, extended the tax credit available for energy efficient home improvements. Home owners that are in the midst of planning to make improvements to their homes can do so in 2009 and receive tax credits for improvements that are deemed to make the home more energy efficient.
While the purpose of the bill was and will always be to lessen the blow of the recent economic downturn, one must look deeper to see the many advantages it provides to the common household through tax credits. Anyone who is planning to undertake home improvements should consult the details of the bill to see if the changes they are making qualify for tax credits.
One of the main focuses of the home improvement tax credit portion of the bill was to encourage people to change their roofing material from heat-absorbing, energy-wasting shake and shingle to a substance that reflects heat and reduces energy consumption, such as a reflective metal roof.
The advantage of a change to metal roofing is that it reduces the home’s consumption of energy by requiring less energy to cool the home in the summer, as the steel roof reflects heat instead of absorbing it. A second advantage comes with the fact that since the heat is immediately reflected back into the atmosphere it reduces the occurrence of smog and urban hot zones in populated areas.
Those who need to replace their roofs in the next few years should consider upgrading to a steel roof in 2009 to take advantage of the tax credit before it expires. Homeowners who add a metal roof that is ENERGY STAR qualified can get 10% of the cost refunded, up to $500. That’s a pretty significant savings.
To qualify for the tax credit the steel roof must be put into service between Jan 1 – Dec 31 2009, a manufacturer’s certification statement is required, along with IRS Form 5695. According to the bill the roof qualifies if it is: “…any steel roof…installed 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”. So essentially you are looking for a coated steel roof which meets the ENERGY STAR program requirements.
Check with your Absolute Steel representative to see which of our metal roofing materials qualify and save some money!
While some may not consider 2009 to be the best year for major expenditures on a home, if your home is in need of a roof soon regardless you should think about upgrading your roof in the next year to take advantage of the tax credit savings. Not only will you save money on the roof itself, but every year your metal roof will give you back up to 40% in energy savings due to reduced cooling costs. You should also keep in mind that when you spend money on your house you are also helping to stimulate a lagging economy, and every little bit helps.
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